inflation might not be dead, that stocks might not get what a lot of investors are expecting that they will. >> we'll have to say. that does it for us here at "overtime." >> yeah. "fast money" begins now. live from the nasdaq market site in the heart of new york city's times square, this is "fast money." here's what's on tap tonight. no deal. shares of u.s. steel sinking on reports the white house may block its takeover by japan's nippon steel. the implications of the move and what it could mean for future cross. border m&a. plus, a crude crash. oil prices falling to negative territory for the year, and energy stocks are dropping, too. we'll debate. and out of office. microsoft customers pressing pause on the tech giant's a.i. assistant. what does this mean for microsoft's place in the a.i. race? i'm melissa lee, coming to you live from studio b at the

nasdaq. on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. we start with the latest wrench in the deal for nippon steel to purchase u.s. steel. reports that president biden is preparing to block the deal in an effort to keep the company u.s.-owned and operated. this morning, u.s. steel warned if the deal falls through, it would have to close its pittsburgh plants and move its headquarters, which would result in more than 11,000 job cuts. and nearly $140 million in lost state and local tax revenue annually. for more on this battle and the potential fallout, let's bring in eamon javers. what's the latest? >> well, hey there, melissa. "the washington post" reported that president biden is set to block this merger soon. i reached out to a white house official to confirm that, but the official would only say that the committee on foreign investment in the united states, which has not transmitted a recommendation yet and this would be the next step in this

process. notice that the white house official did not deny "the washington post" report, so, it may be that presidential action is coming here and they're just not ready to say that in public yet. meanwhile, u.s. steel telling cnbc they haven't heard anything yet on this, but they don't believe there's any national security reason to reject the deal, given that japan is a staunch u.s. ally. and u.s. steel, as you said, the ceo told "the wall street george" earlier today that the company may have to close plants if the u.s. government does block the proposed takeover by the japanese firm nippon steel. the threat to close a plant in the battleground state of pennsylvania really opens another political front in what is already a highly politicized takeover effort. the deal is opposed by both donald trump and kamala harris, who announced her opposition on monday in an effort to reassure american politicians, nippon steel said today that u.s. citizens will make up the majority of the board of directors and core senior

management members would also be americans. united steelworkers union leadership today, they denounced comments by u.s. steel's ceo, calling the company's leadership, quote, greedy and reckless. the union said the deal may enrich shareholders and management, but quote, the merger sells out the future for workers, the retirees, the communities and jeopardizes our nation's ability to produce the melted, poured, and finished steel products that we need for our national defense and critical supply chain. melissa, back over to you. >> eamon, it seems curious to me that they could reject this or the biden administration could ultimately reject the deal based on national security reasons given japan is a member of g7, president biden was just at a g7 meeting, they want to increase relations with g7 countries, particularly japan, east asia. what is the excuse they could possibly give to not approve this deal? >> well, i think you heard it there in the union statement, right? it will be all about supply chains and protecting those for

the defense industrial base of the united states. i think that's the argument that you'll hear. we'll wait and see if that does come through, but look, this is about politics, as much as anything else. this is about pennsylvania, plants there, and unions in pennsylvania. the union doesn't like this deal. they don't want it to go through. both kamala harris and donald trump are making a hard pitch for the union vote in the industrial mild west in this election coming up in november, so, both of them are saying they're against this deal. i think either of these two candidates, if they happen to be the incumbent right now, would find a way to block it. i think you're going to hear that is about supply chain and protectioning the supply chain for u.s. defense manufacturers, but we'll have to wait and see. >> eamon, it's karen. does this -- this, i don't know if this actually has been decided for sure, i know there's -- sounds like they're going to block it, but wouldn't the whole purpose of the review to address this issue of supply

chain, and why not wait until then, are they circumventing that entirely? and if they say okay, can they just say, well, executive order, we're not going to allow it anyway? >> i think we're teeing up a recommendation to president biden not to go through with it on supply chain grounds for the defense industrial base. but that's why the white house official when i reached out today was cautious to say they haven't made the recommendation to biden yet, and so the white house is not going to comment beyond that, as of right now. i think we can see where this is going. look, remember, this is a committee made up largely at treasury, but also u.s. intelligence agencies and other national security entities. it's a very secretive process. and these sort of decisions, you know, it's like watching the vet can, you wait for the puff of white smoke. they issue a decision, and that's it. presidents, of course, appoint, you know, most of the members who are on it, so, presidents tend to get what they want when

they look at these things. >> all right, eamon, thank you. keep us posted, eamon javers in washington for us. so, it appears it is a political issue at this point. no surprise. guy? >> clearly. i mean, and again, it's -- we don't tip ypically go down this road -- i don't get it, either. it will save thousands of jobs, nippon steel probably invest a billion dollars, keep it in pittsburgh, keep it in the state of pennsylvania, nobody else seems willing to step up to the plate here. i don't understand, to your point, i mean, this is a pretty staunch ally for the, you know, many decades, so -- i don't get it. you know, i could understand, you know, former president trump having similar feelings about this, understanding, you know, sort of the ground that he walks, but this makes zero sense to me in terms of what this administration would be trying to do. >> yeah, i think -- it's all about the union worker, right? so, depends on who is going to court the union worker, how you're going to get there. i do see -- i can make the case for both sides, because there is a defense mechanism to it, you

don't want to be reliant on a foreign country developing or making steel in your country. that -- and that's why it's bipartisan. so -- i don't -- i can play that role, too, but i get that it's about a swing state, it's an election year cycle, it's about the unions, it's a hard press for those unions. other than that, what's more important is if it's not carved in stone right now, then you're going to have a grade opportunity to maybe nibble or play it through options or somehow, because maybe it changes with the wind tomorrow. maybe they're just putting out feelers with this. >> you think that it might ultimately go through? >> i don't -- i don't know if it will ultimately go through, i know that it's bipartisan against it. >> yeah. >> but a lot of times you kick the can down the road. they're running out of time to kick the can down. they need support from pennsylvania, you have mail-in ballots that are starting pretty soon. so, all of this is political. >> this isn't about u.s. steel, this is about the state of

pennsylvania. >> right. >> this isn't about gary, indiana, and these other plants. anymore upon said $3 billion will go into these plants, no layoffs until '27, japan is an ally. the real steel problem is china. i mean, this is the most absurd thing, if you want to try to argue in favor for market and strategic forces. and it's as if we haven't make all the steel we want in this country? we sure can. in fact, there's too much. to me, this is all db t-- this now classified information, they don't have to talk to anybody. and i think the bigger now thought for us is, what do tariffs mean for this economy? and what those tariffs that are left over by the trump -- both sides want this. biden kept all trump-era tariffs, it's not as if they got rid of -- remember that u.s. steel 2018 guy, we were sitting on this desk, u.s. steel was a $45 stock, cruising with steel prices higher, and we dropped 25% tariffs on china. this is -- this is more about

china. >> and not just tariffs for steel, tariffs in general, i mean, if this is a protections tone you'll get from either administration, whether it be harris or trump administration, that sort of -- we're getting a glimpse of what that future could be. >> yeah. inflationary. >> yes. >> but -- just going back to just the deal part for a second and the politics, how it's obviously so much a political football more than anything else, fl the committee were inclined to not allow this deal, wait for that as cover and then decide -- >> yeah, exactly. >> well, they've spoken we're not going to let it go through. instead, they want to front run that, clearly -- >> get credit for it. >> and get credit for it, which i understand, and both sides, really have the same -- are in the same position, that's sort of interesting, as well. but i think to your point, what does that mean if we become very seine phobic in terms of manufacturing prowess -- >> we are. >> incredibly inflationary. >> and you could have -- if they don't let the deal go through, as we all suspect they're not going to let the deal go

through, you could have them try to bail out the steel industry. >> yes, you're right. >> which becomes even more inflationary and you're directly buying boats then. so, you're going to have -- if he says, i'm going to block the deal, he's going to bail out the steel industry. >> or maybe cleveland cliffs can come in, they had -- >> they were the last bid. >> borrow money super cheap from the -- >> exactly. and the stock did drop on the back of this news, by a little bit, but sort of indicating that maybe that's a possibility, they could step back in. >> and again, if you go back to those trump-era tariffs and you look at the impact, you know, the numbers are -- we're saying both sides here, so, we're not being political, it's important to point that out. what we've also said is, both sides of the aisle, the lines are so blurred in terms of what were traditionally party lines in terms of fiscal dynamics, none of it is deficit friendly, or party specific. the trump-era tariffs kept by biden, from 2018 and 2019 were a tax of $80 billion on american

taxpayers in 2020. that's what the numbers say, if you feel it or not in your pocket, that's the rheaeality t we're talking about, if this is where we go. >> if we could put a chart up, tim mentioned 2018, throw a longer term chart and you'll see what he's talking about. u.s. steel was lower left upper right. those things get announced and the stock got cut in half in the course of a couple of months. what if a u.s. company wants to make an acquisition in japan, what's going to happen there? >> shut down. >> again, that's why i don't run for anything. this doesn't make any sense to me. >> do you run from anything? >> never, tim. >> yeah. >> is that the name of a song? >> i just wanted to know if he runs from anything. i would never think he would. >> van halen, though. >> from an m&a perspective, if this limits the potential acquirers and acquisition targets out there in the world, if a g7 country isn't a friend enough of the united states to buy a u.s. company, then who is? i mean, that's the ultimate question. >> yeah, it is surprising,

right? but i guess you could -- there might be other industries that haven't so fraught, but -- it's -- if you're a banker, this is not a good thing. >> china's dumping steel all over the region. all over the place. >> yeah. >> and this is, again, japan doesn't have any interest here. japan wants to work here, they want to grow here, they want to be able to compete against china, which you would think would be the bigger goal in the steel industry. >> yeah, just -- not even to push back, but just to broaden the conversation out, if china is the reason, how does this help the situation or does this just push the situation off the table to another day? >> you want the u.s. steel industry to shrink? do you want the u.s. steel -- >> it has. >> right. >> further. >> as it should have. >> so, if you get -- as it should have. as you get -- as you get -- so, the u.s. steel industry has not adapted, they have not -- there's no efficiencies. >> right. >> so, that's why nippon has to

come in to buy them out so they forward them the money, but we haven't -- there's a bigger reason why -- what's the reason why they haven't been adapting? what's the reason why they haven't changed? that's just kicking it down the road again, if we let the thing go through. >> all right. we've got a news alert we want to get to on nvidia. the company denying reports it's been subpoenaed by the justice department in its anti-trust investigation. seema mody has the details on this. >> melissa, nvidia confirming it does not receive a subpoena from the department of justice, disputing yesterday's report that claimed anti-trust officials were looking into the chip maker. nvidia went on to say, nonetheless, we are happy to answer any questions regulators may have about our business. we did see shares of nvidia close lower on the day by 1.6% and remain about flat afterhours. the stock is still down about 24% from its june high. what semiconductor investors will be looking for next, broadcom earnings, then we have

taiwan semi, monthly sales figures. that's going to be an important barometer for the entire industry. and then we count down to jensen huang, who speaks at a goldman saks meeting next week. >> thank you, seema. karen? >> this one -- this subpoena, the not subpoena, i don't think -- that was not was responsible for the downfall, it was more, okay, what is the promise of a.i. and the growth trajectory and what not. we'll see what he says. i mean, jensen is a good speaker. he's obviously -- he's a master at multiple things, but the ability to speak to the market in a way that the market likes to hear things is one of his sort of super powers. >> technically, the stock probably stops at a moving average, probably where it should have stopped. that's the good news. bad news, all around nvidia, chips are starting to -- c3.ai, a.i. is the symbol. look at that. a series of these companies are

seemingly falling by the wayside, in terms of their stock performance. so, if you are starting to connect the dots here, you say, hmm, just a matter of time before similar is going to happen here. this is a stock that went from $140 to $90 over the course of a couple of months. we're at $110, so, i'm leery about the trade. >> that was verrone's point last night, all the companies around nvidia, around the picks and shovels, the market's gone after them, so, the next stop is potentially an nvidia. >> yeah, and then, you know, you have a broadcom, and -- announcing tomorrow after the bell, and again, they're not quite -- nobody's situated like nvidia here, but this is a stock that has been rocketing, and the dynamic is ultimately what are you willing to pay for broadcom's earnings? if you look at the semiconductors, at least midday today, they were only about 6% above the august 5th, so, remember, the day we went straight down and semis were the biggest -- you know, they're only about 5%, 6% above where

they closed that day, which tells you the pressure that we're talking about in the space. >> i've been short-term trading this, and when you look at the 100-day moving average, it's $110 and change. until the stock gets back above that level, i don't think you should be trading it, because you could possibly see a fade to the 200-day moving average which is $88 and change. big move from here. september, not a great month for semiconductors, not a great month for the overall market. >> did you sell some of your position? >> i'm completely out. i've been trading it 100%. sold it in the 120s, dipped in again and sold it again on friday. i haven't been in it this week and i don't plan on being in it until it stabilizes above the 100-day. oil prices continue to crumble. the lowest level since last december. the pull-back fueled by fears of weak demand. energy was also the worst performing s&p 500 sector today. guy? >> going to be interesting to

see what happens tomorrow. tim probably sees this, as well. there was a huge draw -- there was a $7 million barrel. we'll see if that credits some support. the weakness is clearly on the back of global weakness, specifically in china, but here in the united states, as well. the ism data has not been good. as much as the geopolitical risk is out there, the supply/demand is being bullish. people say it's a positive for the consumer, i say, yes, maybe on the margins, but the biggest story -- >> the energy sector is in your blicep. >> chevron, i feel comfortable with. it gets back to -- i don't think really as much about demand concerns as it is supply side, which is what it's always about in oil. so, the moment of truth for opec is, first of all, if they're raising output, that's a good thing. just to be clear. but the problem is, this is happening at a time when the u.s., canada, and other western

h hemisphere producers have been increasing output. do you fight market share or prices? this is the conundrum they're in. around 70 bucks, we break lower from here, we've got some room. i would argue, and certainly until this week, i think it was an argument i'd win, that oil price volatility has been extremely low over the last six to nine months, but now, i mean, it's game on. >> it's also in your acronym. >> it is. >> helm. >> yes. >> it's not the ticker, just to be clear. it's energy. e for energy. >> right, right. e for energy. >> totally not the way you play the game. but putting that aside. >> oh, my -- okay. putting that aside. you know, this -- i don't know what is going to happen in the short-term with energy prices, but i have always believed value will out. which means that there's a price these things trade at -- you can make a lot of money as an oil producer right here, so -- i think ultimately we will see

value created, that hasn't happened. >> if you could get special dispensation to amend your acronym and remove the c from clam -- >> why would you want to do that. >> would you at this point? >> my clam, i'm steadfast, i'm sticking with it. i have no issue with the c in the clam. and i'm with tim on this one. if you -- exxonmobil, i think, closed at $114 and change. it hasn't been great, it hasn't been horrible, either. oh, by the way, warren buffett continues to add to his energy. so, he sees something, i think, the market is not seeing it yet, but you get a rotation out of technology, it will find its way into energy. coming up, a rough day in retail. dick's and dollar tree dropping after their latest results. what has investors checking out of these names? plus, a big call on live nation, as wall street gets bullish on the name. why this company has a backstage pass to profits. don't go anywhe.er don't go anywhe.er "fast money" is back in two. with its customizable options chain,

easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy to-use tools make complex trading less complicated. s toolpower e*trade's easy helps you plan your trades and stay on top of the market. e*trade from morgan stanley check in time is 3:00. it's 2:55.

i know. is this what he's doing now? [binder slams on the table] as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. [lawnmower engine running] (♪♪) [spa water running] (♪♪) [bell dings] meanwhile, at a vrbo... meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself.

pete g. writes, “my tween wants a new phone. how do i not break the bank?" we gotcha, pete. xfinity mobile was designed to save you money and gives you access to wifi speeds up to a gig. so you get high speeds for low prices. better than getting low speeds for high prices. right, bruce? jealous? yeah, look at that. honestly, someone get a helmet on this guy. get a free unlimited line for a year when you buy one unlimited line. plus, get up to $800 off google pixel 9 phones. switch today! welcome back to "fast money." two retailers getting slammed after posting results. dick's sporting goods dropping almost 5%. the company issuing weak full-year guidance. shares had been down more than

10% afterlows. and dollar tree plunging. missing on the top and bottom lines. results echoing dollar general, which fell last week. that stock posting its lowest close since 2015. so, that really tells you, at least for the dollar tree segment of this story, what's going on in the much lower end consumer. >> that's what i believe. now it's -- now it becomes sort of a trend. i mean, dollar gen, dollar tree -- >> five below, throw that in. >> i think it's concerning. and we rarely use a word like this, but dollar gen crashed. dollar tree has crashed. you'll see what i'm looking at in the chart. one has to ask themselves what is going on here? clearly, there's a pull-down to walmart. good for walmart, but then people are trading down from the dollar stores to what? i understand part of it is probably inventory and prices, i get it, but i think one has to ask themselves, what is going on with the economy where the stores are going so poorly?

>> the commentary of going to buying as needed versus buying as wanted. and people throwing fewer parties. >> more serious about our work here. if you look at dollar gen, dollar tree, this is a seminole moment. because i think these are structural questions, and maybe existential questions about their business model, about the format. so, between inflation and, i think, again, cost both in labor that aren't getting better, but also the product line -- there's only so much they can charge and -- the dollar store is now the $1.25 or how about the section that's five bucks and below store -- that didn't just cut eps, they destroyed it. and this was after nine months of already preparing for this, and cutting rates. so, i think it's not a time to chase these. >> and plus, dollar tree is still trying to deal with closing some stores from family dollar. >> uh-huh. >> so, i hear what guy's saying about what happens to that

echelon of income, but i think walmart has just stolen share from all of these. good for walmart, as he said. but i think people are just shopping at walmart and this whole sector is on a limited time basis. >> yeah, does make walmart look that much better. >> it really does, right. i think -- kudos to walmart, because they are just getting it done. the scale of walmart is so huge. the logistics build out of walmart is gigantic, and it's hard to compete. and -- but also target has been able to do a better job you as well. so -- disappointing. >> the only issue with walmart, as someone who has owned it and loves the story, what are we paying for walmart? at 33 times -- you know, i mean -- this is brick and mortar. i don't know. >> all right. there's a lot more "fast money" to come. here's what's coming up next. >> front row seats for your portfolio. why analysts say live nation has

backstage passes to profits. and the upside they see from here. plus, a miss for microsoft, as its office a.i. plans hit a snag. the issues causing customers to press pause on integration. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this.

what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. >> i made a promise to my daughter that i would get my college degree. i had 20 years of experience as an hr professional. i had reached a ceiling, so i enrolled in umgc. umgc removes every barrier. everyone treated me like a person with individual needs and met me where i was. i would not be the person that i am today, the mother, the business owner, had it not been for the partnership with umgc. [ music ]

welcome back to "fast money." the s&p notching back-to-back losses to start september. the nasdaq also falling 0.3%, but the dow managing a small gain. shares of nasdaq hitting an all-time high today, dating back to its ipo 20 years ago. c 3 a.i. mrplunging after posting a smaller lass than expected. b of a securities showing bullishness for live nation today. analysts initiating the stock at a buy, with a price target of $125 a share. that's 30% higher than today's close. b of a seeps long-term growth as the consumer shifts to spend more on experiences. you've owned this for a long time. >> i have.

the evolution is extraordinary. they were able to combine ticketmaster and live nation, to -- >> and extort -- sorry -- >> and it's sort of a fly wheel. they own venues, they do ticketing, they do sponsorship, advertising, and they sell merchandise and the bigger they get, the bigger they get. and obviously we know that the ftc is looking into this situation. it's an easy one to sort of say, wow, the ticket prices are just insane. that is true, but it is an extraordinary -- powerhouse in this business. it's not cheap, but -- just in terms of strategic position, there's nothing like it. >> sounds like you just made the case for lina khan. >> well, she's after everything right now. if, you know, capri can't merge with coach handbags, then -- >> but again -- >> live nation will have a problem. >> right. >> it's not about a monopoly, it's about distorting and the competitive landscape that you're controlling, and if you think about the control over the

arenas, it's not just -- it's not the add-on ticket prices, and the argument is, if the market's cheap enough, the artists are the ones -- and those that are setting the prices have left a lot on the table. it's the fact they control the venues that are then the places, and the venues that can't get away from live nation. what are they going to do if they decide to go independent? and we know, and there are history dynamics around this that are the issue. this would be a massive outcome. and i think it's still something that's a probability. >> sorry. >> go, go. >> regulation is the problem, but usually regulation ends with some sort of a fine paid. they do have 70% market share. so, i'm more in karen's camp where eventually this thing will explode to the upside, but that regulatory risk that tim talks about, it's very real and it will probably end up ending in a fine. >> series of lower highs since march. you get above $98, you might see that move to the upside that people have been waiting for. coming up, microsoft's a.i. plans hitting a speed bump, as

customers hit pause on its office a.i. assistant. and with markets still swinging, where can you money hide out? the sector showing strength as volatility picks up. "fast money" is back in two. missed a moment of "fast?" catch us any time on the go. 'rllow the "fast money" podcast. wee back right after this. to duckduckgo on all your devie

duckduckgo comes with a built-n engine, like google, but it's r and doesn't spy on your searchs and duckduckgo lets you browsel but it blocks cookies and creepy ads that follow youa and other companies. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing.

welcome back to "fast money." microsoft's office a.i. assistant may need to take an out of office, according to the information. companies are getting mixed results with the 365 co-pilot. while it can summarize recordings and draft emails, they find it underwhelming when it comes to creating presentations. the company is setting bujtd limitations as the reason for low adoption. steve kovach has more on this. it's relatively early days for this product, right? >> yeah, we're approaching the year mark, melissa. this information report that you're talking about today, it backs up a lot of what i've been hearing from ctos and i.t. professionals, the folks that actually go out there and buy this product. now, over the last few months, i've spoken with a number of

them, and they are telling me the same thing. co-pilot is just too expensive, and the ending payoff is just unclear. and also, microsoft has been quite opaque about how well co-pilot is actually selling. now, they talk about plenty of customer wins from -- and that they like to point out in earnings calls, they also noted that 60% more users are on co-pilot this quarter versus last quarter, but there's no detailed indication as to how well it is actually selling. i've been told there have been tests at these companies with small groups of employees, but then they end up not deploying it company-wide. others are making their own a.i. chat bot, they use open source mo models. and there are concerns about company data being analyzed by co-pilot, though microsoft guarantees that's going to be safe. and then, of course, the lawyers got to get involved, concerns there over transcription feature for teams meetings, don't want that coming up in discovery sometime later.

and this is becoming commoditized. anthropic announced a new product, and google and meta offer similar products, too. it's not the end. we're less than a year out from the launch, but more details are coming soon. microsoft is going to be holding a virtual event on september 16th to go over the latest co-pilot features and maybe some more details about how well it's performing, mel. >> microsoft has not released any numbers? when they say up 60% year on year in terms of -- quarter on quarter, it's not off a base. >> we have no idea what that base is. and then they'll pick out a customer here and there, you know, thousands of seats here, hundred thousand seats there. big picture, we don't know how well it's selling. >> all right, steve, thank you. steve kovach. are you concerned? >> yes. unde underwhelming is something i'm very familiar with. and the stock has been underwhelming since early july. it's probably down 15% or so

from its all-time high and a broader market outside of a couple of days it's done well. you read stories like this, we've talked about sort of the end use, and if they're getting the return on the investment. they're not seeing it. yeah, i don't know if it augers particularly well for the quarter, which is coming up middle of october. they just gave guidance. it was fine, but it's still expensive. it's one of the five most important companies in the world. and it happens to be very expensive still. >> i don't know how much was built in for this quarter, since we don't know the base. i think we've seen a range, but -- this is too important of a product for them not to fix. and i think they'll throw whatever resources they have to to do it. the bigger question is, competition and adoption, right? but i think they will fix it. >> all right, for more on what this could all mean, let's bring in "fast money" friend gene munster. gene, what is your take on the report? >> melissa, first, i want to get some context to a question you had with steve, which is, how many of these users did they

actually have, i think it's about 5 million. there's about 450 million office users. and so, this is still just scratching the surface, just want to put some context around it. and that small base should be taken into consideration when you look at the company's positive comments about the product over the past six months. on the april earnings call, they talked about 60% of the fortune 500 companies are using it, and on the -- the june quarter, which they reported in july, they talked about the usage doubled quarter over quarter. now, of course, off of a small base, that's relatively easy. i'm going to answer your question now, melissa, what do i make of all this? i think this is just simply growing pains. and ultimately, the question comes down to, will these products, and no one's going to unseat office, so, we're going to continue to use office. will they deliver enough value for people to increase what they're spending from $100 to $360 a year. and i think the answer is that we don't see it today, that's

the rub against a.i., but also, i think we're going to see it. and i just generally put this into the category of growing pains, and eventually they'll add up the features and consumers will get very excited about it. >> gene, how about the resegmentation kind of reporting they announced earlier in the week, or last week. i don't think that's terribly significant except for the fact that part of this is trying to back out the azure growth relative to the a.i. component, and it kind of looks flat. so, i'm curious your thoughts, is there any smoke and mirrors here, do you care? is this significant? >> well, you're right, azure piece, if you back out the a.i., it's not as exciting, but what's exciting going on right now is a.i., and i think that from my perspective, we're still very early in that. we've talked before, my belief that we're in a three to five-year bull market powered by a.i. and so, i think that that's okay.

i think it's okay that's where nvidia's growth is coming from. i think my central question is, what is, you know, how long will that grow for? and i'm in the camp this is going to grow much longer than people believe, and i'm of the belief that this is going to be bigger than the internet. and if that ends up being the case, i think we will see these features being powerful enough to get people excited. i think what we're going to see on september 9th with apple, same kind of idea, how they're building apple intelligence and getting people to buy hardware, i think microsoft will be successful at getting that to happen. and so tim, i understand that, you know, the parsing of those numbers, but i think it's okay that all that growth is coming from a.i. >> gene, when -- i know you're a meta man, but new money put to work right now, microsoft, meta, obviously meta has outperformed 9 to 1 on microsoft. new money getting put to work right now, where does the dollar go? >> i think you have to look at the valuation piece and deepwater, we do own meta. it trades at 20 times.

basically a calendar '26 number. that seems like -- pretty far out there, steve, bau year from now, that's what we're going to be talking about. if you look at microsoft on that same metric, it's trading at 26 times, so, you have a 26 multiple, a 20 multiple. both of the companies are going to have huge exposure to a.i. close to 100% of their business is ultimately going to be impacted by that. and so, my money, if you want to -- ultimately, our portfolio reflects that we view and we don't own microsoft and we own meta. >> gene, what is the thinking behind microsoft charging a subscription, basically, a fee for its a.i. assistant, instead of incorporating it into its software and making it a must-buy for offices? it seems curious they can charge another layer on top for this additional feature, when it seems like the consumer expectation is that it is incorporated to the software they buy. >> ultimately, it's going to come down to the value. if we look back at other tech,

as you get more value, prices can go up over time. and so, i think -- iphones are a great example. they came out $400, the average price now is $850. so, i think that if they can deliver, which -- i eventually they will, i think consumers and businesses, enterprises, are going to pay up for these. and so, i'm okay with them charging more. i think -- i think it's going to be a good thing longer term. >> gene, good to see you, thank you. gene munster, deepwater. >> thank you. >> karen? what's your take? >> so, i have a much bigger meta position, we've talked a lot about how they seem to be in a clear way monetizing that we don't see elsewhere, and the valuation still supports that. microsoft -- extraordinary company, but it is expensive, and -- this isn't great, but i think this shall pass, and -- but i have a tiny bit of microsoft. >> the bulls eye on mark zuckerberg's back, not withstanding, $660 price target.

it's like 30% upside, so, that's the one that -- look, have trouble at these levels a couple different times, but this is the one that's the most compelling. we do have a quick programming note here. do not miss the reveal of cnbc's first ever official nfl team valuations. >> wow. that's hot. >> starts at 6:00 a.m. on cnbc. that's ahead of tomorrow's nfl kickoff. the ravens taking on the chiefs on nbc and peacock starting at 7:00 p.m. eastern time. why are you laughing? you know that i had no idea that was happening until i just read that. >> so absurd. >> she was fired up. >> tim, no, she wasn't. >> what do you think the discount of the jets is to the giants? >> 28%. coming up on "fast," a new cnbc survey says 8 out of 10 ss respondents think retirement will be hard er than their parents. we'll have a closer look next. plus, low volatility trading in a high volatility month. we'll dive into the areas of the

market that do best in these seasonally turbulent times. more "fast" in two.

at aes, our energy solutions have powered the world forward for more than 40 years. and as demand continues to scale, so do our solutions. introducing maximo - our new ai-enabled solar robot. max makes construction faster, safer and more cost effective than ever before. and with max doing the heavy lifting, even more people can join the team. solar energy is changing the world, aes is changing the world of solar.

welcome back to "fast money." a mixed day for the usually defensive areas of the market. utilities and consumer staples

higher today, while health catl. steve pointed out, these areas seem to do better in september, which is historically the worst month of the year. >> yes. when you look at health care, which underperformed in -- in a rough tape, basically, or for the month, that's another bipartisan issue, where there's a lot around drug pricing on both sides of the aisle. but i think the other two, staples and utilities, probably path of least resistance. you get a good dividend yield. you get some defensive names in a month that is not very bullish for the overall market. >> yeah, i think utilities -- i want to stay long and there's growth drivers there, too, and they've been part of the a.i. trade. i get to just the concern about growth overall for the market, and we have a huge payroll number on friday. it's amazing how people are parsing through data. some people are arguing that slightly stronger data yesterday on the isms and what not was something that was negative,

because -- trust me, if we get 50 bips out of the fed because of numbers like this, i don't think that's a good sign for the market. i would just reiterate, we had jolts numbers out today, which -- we're at three-year highs in terms of job openings. we have some dynamics at least around where we are with payrolls that i think are the most important thing that the market has seen. more important than fed commentary right now. >> longest inversion in terms of the yield curve ended today, i think, ish. today we went to flat. that's, to me, the red light is, we've been steepening now and getting into normalization. and look at it -- and tim's talked about this for awhile, but con edison chart, this is trading like a tech stock. it speaks to, i think, again, some of the unrest below the surface that people aren't paying attention to. coming up, ready for retirement? what a new cnbc poll says about how americans feel about life after work. and the hurd rls they'll need to

clear before calling it quits. that's nt.ex that's nt.ex more "fast money" in two. your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. rn up to 90 undergraduate credits for relevant experience and 3 vitamins. and get the support you need from your first day to graduation day and beyond. what will your next success be?

let's say you're deep in a show to g or a game or the game.d. on a train, at home, at work. okay, maybe not at work. point is at xfinity. we're constantly engineering new ways to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island? welcome back to "fast money. cnbc poll out today finds that more than 80% of american workers say it will be harder to

retire comfortably than their parents' generation. still, almost half say they are cautiously optimistic about meeting their retirement goals many workers are now rethinking retirement our senior personal finance correspondent sharon epperson has more >> melissa, this poll surveyed 6,600 american workers in early august and about 40% of u.s. workers say they are behind on retirement planning and savings. primarily due to debt or getting a late start still, in assessing their futures, 44% of u.s. workers are cautiously optimistic about reaching their retirement goals, and 27% are realistic about getting there. that may be because many americans, for many of them, retirement may not look that much different than working. in the poll, more than half of adults who are not retired, 53%, said they plan to work in retirement, either to supplement their income, that was 27%, or because they want to

that was 26% and even among retirees, more than a quarter, 28%, said they are currently working to supplement their retirement funds, because they have to, that was 11%, or they want to. so, maybe retirement itself is being retired. that's what jill coughlin, the head of the age lab at m.i.t. says he says that often within a year or two, retirees find out they need more money or they need something to do, and then they go back to work. well, you can find out a lot more about this survey on cnbc.com/yourmoney melissa? >> do the feelings about retirement and how prepared people are, does it break down differently according to age brackets >> well, certainly, i mean, i think a lot of younger people are not even thinking about retirement, they're not really even using that world, they're thinking about financial freedom, and the opportunity to work in ways that allow them to do what they want to do now and in the future. and so, that might be working several different jobs, and that

also means that that requires savings several different ways looking at what many people should be doing, looking at a self-employment retirement plan, if you have access to that, and then taxable investment account, those are ways to save for retirement, but they're thinking of it as a way to get to financial freedom. >> sharon, great to see you, thank you. sharon epperson. >> good to be here >> and of course what struck me, people just got a late start, right -- >> living longer, yeah and they may have to care for people who are living longer, so, it's -- what are you going to do when you retire, guy >> he's here >> i knew it was coming. >> i'm cup use, what do you got? what's it going to be? >> i like to fish. >> okay. >> actually -- before the show tonight, gentleman asked me to play chess >> you might do that >> play chess. >> times square. >> great place to play chess >> by the way, that mount r rushmore, she's getting rushmore votes.

both of them the whole thing. up next, final trades. shopify's point of sale system helps you sell at every stage of your business. with fast and secure payment. card readers you can rely on.

and one place to manage it all. whatever the stage, businesses that grow grow with shopify. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley when we started feeding bogie the farmer's dog, he lost so much weight. pre-portioned packs makes it really easy to keep him lean and healthy.

in the morning, he flies up the stairs and hops up on my bed. in the past, he would not have been able to do any of those things.

time for the final trade. tim? >> i like walmart. i think target over walmart is your pairs trade here. >> all right. karen? >> all right. match.com. i think they are starting to get it together with free cash flow generation and it's really not expensive here. >> steve grasso? >> short-term defensive trade, xlu, but i am concerned with a double top back from september 2022, look at that $78 level. >> guy? >> mets -- >> concerned about the yankees bullpen. >> i am a little concerned. >> i would be concerned about

that. >> mel was talking about that before the show. my the way, mel's mom was here. adorable. >> thank you. >> thank you. >> apple on the tree, the whole thing. international business machines, that's ibm. >> first stock i ever owned. thank you for watching "fast money." "mad money" my mission is simple, to make you money. i am here to level the playing field for all investors. there is always a bull market somewhere. i promise to help you find it. mad money starts now. hey, i'm kramer. i i'm cramer my job not just to educate, but teach. on a day that the dow inched up 38 points, .06%, nasdaq de.