tech names >> yeah, big part tech and how much more can tech do, i guess, is a question here, especially the marketing piece, which has been holding up for adobe in the cloud era much better than it ever did, when people were buying cds and boxes. >> yeah. meantime, fed in the background, ecb decision tomorrow ahead of that that does it for "overtime." >> "fast money" starts now live from the nasdaq market side in the heart of new york city's times square, this is "fast money. here's what's on tap tonight housing headache inflation may be moderating, but one crucial component remains stubbornly sticky. and scaling the summit shares of one bio tech company have nearly doubled just this week it's only wednesday. we'll talk to the co-ceos of summit therapeutics to get the latest on their lung cancer drug trials. plus, a read on the consumer from affirm's ceo. i'm melissa lee, coming to you live from studio b at the nasdaq

and we start off with a major market reversal on wall street today. the dow clawing into the green by the close after falling nearly 750 points at the lows. the s&p up a percent, and the big winner, the nasdaq, gaining more than 2% today led by some monster gains in nvidia we'll dig into that later on in the show but all this action coming after this morning's august inflation report, consumer prices rising 2.5% from a year ago smallest increase since february 2021 but several key parts of cpi remain persistently elevated rent up 5% from a year ago day care and preschool up 6.2% and auto insurance more than 16% above year ago levels. all expenses that are hard, if not impossible, to cut fromming budgets. for more on the inflation breakdown, let's bring until steve liesman. really no wonder why the consumer doesn't feel to great, even though the economy is largely good >> i think that's right. the inflation offsets a lot of the other stuff that's going on.

melissa, this somewhat hotter than expected cpi giving markets a choice whether to fade the number of, of course, to run in fear most have decided to fade it with the understanding that most of the gains came from that stubborn continued high levels of housing inflation take a look here shelter rising at 5.2% the broader shelter index. that compares with 2.5% overall and 3.2% by the core and maybe residual seasonality for airline fares. private sector data shows actual costs rising at a slower rate. it could take more than a year and a half, of which we're sort of into that process a bit already, for the private sector data to be picked up in the cpi. and citi saying, given the slowing in rents and house prices and lack of response of mortgage purchase applications to the drop in mortgage rates, we think the pickup represents volatility around a cooling trend, rather than a shift back to faster housing inflation.

markets have embraced this idea of fading it, but they did see today's cpi as a greater indication for 25, rather than a 50 for the fed to start. they continue to price in very aggressive rate cuts over time 100 basis points by the end of the year, and now, the market's priced for 250 basis points over a full year, bringing the fed quickly down and even now pricing below neutral, melissa >> so, on the back of the number this morning, steve, the 50-basis point cut was basically dead, according to the probabilities, right it went down to almost zero. did that shift sort of to within this year, but later >> well, just to quote monty python, not quite dead yet we've got a 15% probability, but you're right, i just couldn't resist the quote, sorry, 13%, probability down from 30%. you're right that -- what happens is, they shift it, now they're debating whether or not the november number is 50, but ultimately,

they have that 100 basis points, 4.25% to 4.5% by the december meeting is a 100% probability priced right in right now. so, that's where the market is priced they think the fed comes in steps, 25, 50, 25, is the pricing right now. and they've been very consistent about that, the market pricing, anyway the fed has not been but that 100 basis points this year, which really interesting to me, i don't know if they have that september 2025 fed funds contract in the back there, but that's really been aggressive now. it used to be 3.10, 3.15, now it's down to 2.89. >> steve, a couple of these components are intertwined rent, we know, very sticky, but you lump insurance on top of that, landlords need to pay the insurance, they pass it onto their renters. that doesn't seem like it's sort of rectifies itself any time soon so, the stickiness there seems like it's going to stay that way

for quite some time. i don't think the fed can combat that, but thoughts on that sort of silo? >> yeah, it's a bit of a cycle, you are absolutely right one thing you can notice, though, melissa read the 16%, remember, it was 22% so, sequentially, it's coming down the auto insurance thing is reflective of the rise in auto costs, and then, that sort of has stepped down a little bit over time here as they play catchup. the problem is that these insurance contracts, they only renew, what is it, 1/12th of them every month and as the price of the auto ruses, the price of the repair goes up. eventually, the thinking is, you catch up to the prices we have seen some car inflation, but you're right about the home insurance side of things, which, by the way, is a disaster in several of these disaster areas that is a completely different topic when it comes to things like home insurance and -- in

iowa or florida. >> karen >> steve, it's karen thanks for being on. so, do you think that forward-looking that we'll get 100 basis points this year will be -- is -- if this comes in the same every month for the next three months, is that still what you think the market will price in for that? >> yeah. i -- i think the first 100 is an easy 100 i think that the fed wants to give the economy credit, or put another way, bring the rate down to a place that's more commence rate with the current rate of inflation. if you think about it, the 5.38 was set when inflation was higher and address an issue that is no longer out there, which is that we weren't close to the target we're close to the target now, so, you can get 100. that next 150 and getting back to neutral, i don't know i think what you're saying is, if you stay in this 2.5% to 3%

range, by the way, you all know this, if you don't, i want to make sure that you do, that the cpi runs a half a point or more hotter than the pce, which is what the fed bases inflation on. so, we're darn close to the target here. you don't need such a restrictive policy whether you need a somewhat restrictive policy is exactly the answer that you just gave us, karen which is going to depend whether or not we start trending back down to the target range. >> steve, great to see you thank you so much. >> pleasure. >> steve liesman the reaction of the markets, fascinating today, because immediately it was like, this is terrible, right? we sold off. and then a huge reversal to finish at the highs. >> especially in the leadership parts of the market that at least those that are tracking the market itself wanted to see. semiconductors from 10:36 a.m. go up 6.2% to the close. what was that? some of it is, i think, you know, dip buying and dynamics where if you look at some of the biggest stocks in the market,

nvidia up 8% you have a case where i think there were people out there with shopping lists i also just think that yesterday was a day where we had this dynamic where this was credit overhang coming from this barclays conference, the jpmorgan m comeants,cocomments and i think that played into today. and you get a hotter cpi, at least on its core, and i think that's kind of what took the market it's also interesting that commodity prices in that core cpi were lower for the fifth time in six months, and i'll repeat, i think bonds, so, treasuries and commodities tell us we have a hard landing coming, where as credit and equities tell us game on >> and i think, too, it's important to keep in mind that there is a big difference between the cpi and the pce, particularly on the shelter metric, like, the way they collect shelter is through owner equivalent rent, which is literally calling people up and being like, hey, you own your house, what if you wanted it, how much do you think it would

be why don't they just ask me if i love my kids it's a silly question. it's a strange metric. the zillow data is much clearer that, for sure, we see a lot of softness in shelter. and so, i think a lot of investors have digested that i think if we had seen cpi increasing on other metrics like food, that would have been more concerning >> if i'd seen 150 handle reversal from high to low, i'd make a big deal of it, so, i have to make a big deal -- >> on the opposite >> it's a huge move. i mean, it's extraordinary, actually, but we should bring up, i mean, look at what dollar/yen did today tim was talking about it, as well traded down to 140.70, the lowest we've seen in quite some time much lower than the dollar we saw on august 5th. i think some of the reversal today in the equity market might have been on the back of that. the point being, this dollar/yen trade, this unwind of the carry trade, is not over, so, more volatility ahead, i think.

>> i sort of thought that -- a lot of what happened early in the market was this sort of knee-jerk response to the idea of harris doing better and the idea of a democratic presidency being less favorable for the market i felt like that was a pretty big -- pretty big driver i don't know why, you know, that would have been the same at 10:00 a.m. as it would be at 3:00 a.m., but i think that was just sort of the knee-jerk reaction i'm not sure -- i was in the 50 basis point camp, i had left 25 basis point camp, to be in the 50 camp. this is too hot for that and i think -- >> so you drove back to 25 >> yeah. >> how does it feel over there >> i liked 50. >> not that different. >> halfway there >> might go back, though >> yeah. you know for more on cpi, let's bring in andy wall dodon. thank you for being with us. going into this number, there's so much expectation that the

shelter component would come down based on the private sector surveys we had seen. if it was so well-known that it takes a year for that to read and go into the data, why wasn't it expected they would not come down >> it's a good question. you're right if you look at any of these other numbers out there, you look at the true rent numbers, the latest home price index, it says prices have been cooling in the last five months there's some wonkiness in that number, the way that it's calculated certainly a lagging indicator in terms of what's truly going on in the market. >> andy, if i look at housing overall and i hear some of the comments from what we've heard on the credit side from the consumer over the last couple of days, talking about student loans, auto loans, can you give me a sense of how this is building we know where supply dynamics are, so, we know there should be a bit in the housing market. but we have not really gotten to the side of the strength of the consumer and the housing balance sheet. >> yeah, when you look at

delinquency rates, they're still historically very low. they're a full percentage point below where they were kind of leading up to the covid pandemic in recent months, we've had a nearly 20-year low in terms of seriously delinquent mortgages and foreclosure activity is through the floor. you're not seeing a lot of concern. now, the one area that we do have our eyes on, more recently originated loans we know folks were stretched from an affordability standpoint we're seeing a modest rise among the fha and the v.a. loans certainly seeing gradual rise in delinquencies there. but broadly speaking, you're still seeing very low delinquency rates in that mortgage space >> how do you think through the drop that we've seen in mortgage rates? i mean, mortgage rates are at their lowest since february of 2023, given that the strange sort of, you know, supply/demand

dynamic that we have here, a lower mortgage rate doesn't necessarily mean -- how do y you -- how do you sort of factor that into housing prices >> yeah, you're slightly right if you look at the mortgage rate yesterday, it was 6.2%, that's down a full percent from where we peaked out in may so, it's certainly moving the needle from an affordability standpoint any time we see rates fall like that, you've seen a corresponding return in demand and so, i think that's the big question mark, from a home price perspective. we've been in a cooling cycle this year. the question is, does that speed things back up and when you look at purchase loan applications, when you look at purchase rate locks, we've seen four of our strongest weeks of this year here over the last few weeks. but it hasn't been as strong of a reaction as we saw, even early this year when rates fell to a higher level, or more specifically, in early 2023, when rates fell below where they are right now. we're not seeing as strong of a response so, we may see some firming of prices, i'll have my eyes on inventory data when it comes in

for september if it starts to buy down inventory levels, but i wouldn't expect the same reaction that we saw in 2023 but again, that's to be seen here over the next few weeks and next few months out there in the market >> andy, despite the fact the unmrament rate has gone up to 4.2%, it's still pretty much at history eck lows what is the rate where the housing market starts to take notice >> i think you gradually see that impact both mortgage performance, mortgage delen quin quincies, as well as demand in the market i don't think there's a true trigger point. but obviously one of the key components to being able to afford to buy a new home or afford the mortgage on your existing home is having a job, right? so, there's kind of this corresponding impact, as unemployment rises you're going to see both metrics impacted i don't think there's a cliff point where we get to a certain point and you see a massive incremental impact >> andy, great to see you, thank you. >> you bet, thank you. >> all right, so, with the way andy described the consumer, doesn't sound too, too bad in

terms of delinquencies not being as high as past peaks. >> right yeah, i mean, well, i think it was a much more conservative underwriting that we've seen, certainly a couple of cycles, so, there's that, and there's the really low mortgage, and so, the affordability from those -- that vintage, right? but i'm really curious as to when that -- all that locked up existing home inventory has to hit the market we know, obviously, much lower rates would make it hit the market, because then the cheap mortgage you have, you could get another one to buy another house. but when people need to either age out or have to move or -- i don't know how long that's going to be, but those loans are probably, what, three years old now, the really cheap ones >> yeah, i mean -- at least. right? it has to be three >> yeah. i don't know when we'll start to see that >> it's like all the governments that were out there issuing 50-year paper, you know, at 1% in emerging markets. it's pretty crazy to think about how you were able to -- it's also crazy to think about how

the fed has only been issuing short-term and not really issuing on the long end to massage who is a really difficult refunding dynamic. pretty good ten-year auction out there. i just -- you know, i think it's a case where the -- the consumer, i would choose to focus on the credit side of things and i would focus -- i understand, again, back to the home builders, we know they're in very good shape, other than lennar, that is discounting heavily to clear through inventories. we kind of understand where they've been able to hold margins even at higher rates, even while financing some of the underlying purchase. it's just -- you know, if the household balance sheet takes the kind of a turn that we're getting these metrics on, i think that's the issue for the housing market it's not right now >> and do not miss cnbc's first ever interview with billionaire investor john paulson, who bet against the u.s. housing market during the financial crisis. that's friday, 11:15 eastern time right here on cnbc. coming up, shares of nvidia bouncing back. what jensen huang said about

spending and chip delays, next plus, some heavy hitting new data for novo nordisk. don't go anywhere. "fast money" is back in two. this is "fast money" with melissa lee right here on cnbc

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nvidia stock soaring 8% today. jensen huang speaking this m morning and spoke about when the new blackwell chip will be rolled out seema mody has more on what he had to say in conversation with goldman sachs' ceo david sol low man. seema? >> melissa, jensen huang said the cost benefits of artificial intelligence will incentivize big tech to spend. he also reiterated that blackwell ships out in the fourth quarter, and that the market needs to think about gen a.i. not just as a tool, but a skill that expands beyond data centers. think digital assembly workers when solomon asked about taiwan, though, and the geopolitical

risk, the ceo made the point that the company is dependent on taiwan semi conductor and credits the asian manufacturer for its surge in revenue but said if something were to happen, performance may be impacted >> maybe i -- you know, we won't be able to get the same level of -- of performance or cost, but we will be able to provide the supply and so, i think the -- in the event anything were to happen, we should be able to pick up and fab it somewhere else. >> unclear where else nvidia would fab its chips. taiwan semi is still behind getting its arizona plant up and running. and intel is dealing with its own set of issues, melissa >> that's right. seema, thank you seema mody jen he mentioned competition for the chips out there and he's got, quote unquote, more emotional customers before, because they're all fighting over the chips, so desperate to get their

hands on them. >> it's like, they're so emotional. i love that description. >> crying. >> yeah. but it is, right and the real reflection. the other thing i thought was so fascinating that he talkedabou was, you know, their ability to continue on moore's law. we kind of found the end of moore's law. so much of what is important about a.i. is, can we get the cost down? and what's unusual about a.i., unlike other technologies is that in order for the models to get better, you actually have to spend more money so, we're not getting that deflationary tech that we typically get in most tech transitions, so, that's kind of the critical question that i'm still waiting to understand. >> the 5 to 1 payout, in other words, for every dollar spent, you get five back, that still has to be proven >> yeah. >> i don't think we're there yet at all but it's fine that he can say it but unambiguously, the reversal today on what was very biglume . you know, we traded back through a moving average, which is encouraging. i mean, it gives you reason to think technically maybe this thing has some further upside

over the next week or so >> i was just -- we were talking about the oracle call, two days ago, which -- i was surprised nvidia had such a muted response to that yesterday, because i thought it was wildly bullish, and i would think this should have been the response so, i do feel like the -- there's still a big question about the productivity, the return, right? but i don't think there is a demand question. and i don't think blackwell being delayed -- it's delayed, not denied, so, i think it will happen >> and just to get into the performance of the group overall today, i mean, if you look at the market, the s&p was certainly struggling to hold above that 100 day and challenging it for the first time, really outside of that august 5th downdraft, going all the way back a year. with the nasdaq, you were testing the 200 day. in the case of semiconductors, they wery looking to bounce and getting a bit of a bounce this morning, obviously, they did ultimately get the bounce but the performance of the group

is critical. and if you look at where semis have been relative to the market, they've been making lower lows against the s&p, going all the way back to that cpi in july, july 16th, july 17th, which i thought was -- again, it was a very big moment for the rates market, and what the fed was going to be doing. it's ironic that that market triggered a downdraft in the high end multiple high tech growth trade. there's a lot more "fast money" to come here's what's coming up next. an easy pill to swallow. know novo nordisk gaining on it latest weight loss drug data how it stacks up against the competition, and what it means for the obesity drug wars, next. and, sticking in the drug space, one bio tech stock surging this week, as new lung cancer data beats out a key competitor the co-ceos lay out the details, and what it means for the company's future you're watching "fast money," live from the nasdaq market site in times square. we're back right aft ts.erhi

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welcome back to "fast money. shares of novo nordisk gaining more than 4% today on early trial results from its glp-1 pill the company presenting phase one trial data, saying the patients

taking the pill lost up to 13% of their body weight over 12 weeks. patients taking the injectable lost 6% over the same period side effects reported to be similar to the injectable versions the pill has not yet been directly compared to drugs in a lab and the phase one trial has not yet been peer reviewed, but so far, the indications look promising, also the fact that there's no plateauing towards the end of week 12 indicates there could be more weight loss even beyond week 12, which would make it even more effective than the current blockbuster they've got in the market. >> well, it provides at least some support and reassurance for the competitive nature of this product relative to the peer group. i don't know where lilly closed, but it was not suffering on the back of this news, either. so, really, again, i think it becomes more about the addressable market story that's where we go with the story. that's where the analyst community has the ability to slap almost any number they want to for the next couple of years, the earnings are intact. i think there's going to be plenty of competition. >> you would think with this

positive data that the competitors, the upstarts, they would trade lower, but they did not. viking traded higher and i thought immediately that viking would be down on the news >> i think it's just a case of the more that this market can expand and become accessible and part of that is having it in a pill format makes it much easier for people who are squeamish having to do auto injectors or go into an office. you make it easy to access this, it expands the well market i think now we're still in the very early stages of competition, and it really feels like a gold rush >> speaking of squeamish, francisco alvarez just hit a three-run omb, it's now 6-1 mets, who were getting no hit before and guy was giving me heat >> how is that relevant? it's not >> i think -- >> it's relevant, because the mood swings that i'm feeling here >> oh. >> because i was, like -- on such a high before the show, the mets were getting no-noed, now they're up 6-1 it's one of those games, you're

going to look back on, say, that was a big deal >> yeah. springboard. forget the drug business i think it's important -- >> forget the drug business. put us up. >> yeah, smile versus not so much >> all right coming up. shear shares of summit therapeutics up nearly 100 % this week. the bio tech's new lung cancer drug shows huge promise. the kco-ceos will join us next. and we're going nuclear. your rain yun jumping as russia looks to cap exports what our traders think about the heavy metal moves, when "fast money" returns missed a moment of "fast?" catch us any time on the go. follow the "fast money" podcast. we're back right after this. ♪♪ citi's industry leading global payments solutions help their clients move money around the world seamlessly in over 180 countries... and help a partner like the world food programme as they provide more than food to people in need.

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nate likes what he sees... and he places the trade... talk about easier investing. welcome back to "fast money. stocks bouncing back after an early selloff. the dow, which dropped 700 points at its lows of the day, closed up more than 120 points the s&p up more than a percent and tech leading the charge. the nasdaq jumping more than 2%. shares of william sonoma getting a bump, up 3%. analysts upgrading the stock to a buy by jeffries. the stock now up 33% this year i guess sales of dutch ovens are

strong. and check out trump media, sinking 10% today on the back of last night's presidential debate now at its lowest level since going public in late march. now to follow up on a story we brought you on monday summit therapeutics up 85% so far this week, even with today's 1% pull-back the huge move follows new data on the company's experimental lung cancer treatment, which beat keytruda in a head-to-head trial conducted in china for more on the path ahead, we're joined by summit's co-ceos. great to have you both with us in terms of the stock reaction, it is really because your drug is now being viewed as the keytruda killer. can you walk us through? because this trial was specifically for nonsmall cell lung cancer. what other indications do you think this could be used for >> thank you very much, melissa. actually, as you saw the development plan of our partner

is over five phase three and seven additional, if it's head and neck, breast cancer. so, the drug, like keytruda, has a lot of potential in multiple areas, and right now, we are over 20 clinical trials, over 2,000 patient enrolled and we have our efficacy and safety profile in this drug >> so, the assumption of the market, bob, is that it will be, i mean, keytruda treats at least 18 different kinds of cancer that this drug will have a similar profile, and so, therefore, will achieve that sort of level of blockbuster status >> yeah, melissa, good to be on with you live, i've watched you for many years and i've always enjoyed your coverage that's the blueprint the reason we partnered, you know, a company from china, big pharma wouldn't do it. we were excited, because we saw the opportunity.

we have a good background in china, but the blueprint for where this drug can go is laid out. we went head-to-head, decisively had a victory. we expect that to continue, and we'll go after, you know, a number of therapeutics simultaneously so, the work is out there. it's not going to be easy, but it's a plan that -- a program that is pretty clear >> the one, you know, note of caution regarding the data is that the trial was done in china, and there's some differences in the patient populations in china versus the eu and the u.s. in terms of various sensitivities to different -- the gf mechanisms can you walk us through how you will address that, and if that is an area of concern? because that's what -- if you wanted to nitpick, that's what investors are nitpicking >> bob, you want to -- >> yeah, melissa, let me just touch in on that both of us have long backgrounds in china, we know the population quite well

we are, on our current trial, two-thirds are china patients, approved by the fda to have two-thirds trials going forward that we've discussed with them, we're looking probably about one-third. asian population is -- has to be at least 30% to 35% on the entire planet. it would be terrible to leave them out we feel that it's very adequate, all previous examples of drugs being dosed have worked out quite well, so, we see no data that we should do anything other than what we are we're confident that the plan is vetted with the authorities that it should be, both in china and in america >> i'm sorry, please, go ahead >> i just wanted to say that at the end of the day, we have already finished, we are in the process to finish our phase three, the first one enrollment, and we have a second one already ongoing, and all in the u.s., european patient, as well as chinese patients, and we are

doing it in the united states and we already enrolled patients in united states and europe, so at this point, i can say that it's not only chinese patients, we are in the process to bring it for the rest of the world >> yeah, only would not work, but partial is very workable >> well, bob, you have a fascinating story. you bought this off the scrap heap, you sold it to abvie for $20 billion. my question is, are we -- can you go it alone, or, you know, is this at some point a takeover candidate? >> well, you are an insightful investor and i'm sure you run a pretty good portfolio yourself, so, you know the parameters, but my competition usually -- where's the exit what is the exit and when is it? that's not my view my view is, how do we impact patient lives, make a significant difference for the better, focus on that, the money will come off the trees, and that historically has worked, and i'm not changing my approach this late in life.

>> i've got to ask you about the bio secure act moving closer to being passed by the house. you both, as you mention, have long track records in china. you also have played in the development of a drug whose critical ingredient is manufactured in china. what is your take on the bio secure act and what the impact would be on pharma and the development of drugs >> yeah, very interesting. this opportunity, when you look at it, globally, we are importing product from china, we have the ability and the capacity and the approval to make it in the u.s., sell it in the u.s. around the world, over 85% of the returns and even higher will come back into america as revenue and profit. there will be employment gained in the united states this is a wonderful opportunity, where china is contributing with us, and our citizens will have access to, now, what is

decisively, you know, the -- we think the best coming drug in nonsmall cell lung cancer and quite a few others so, we're really happy that they decided to open the door up, and that we stepped in and took advantage of it. inflation reduction aside, drugs go generic eventually, and they're a nickel on the dollar you and i, our homes never go to a nickel on the dollar, cars don't go to a nickel on the dollar nothing does except in the capitalistic system run by big pharma and we're happy to be under that pressure we think we have a great opportunity here and many of our partners in china have american passports and tso we will work our way through and around any acts of congress, but we know, we're in good keeping to capitalism we are on the right side of the fence here and we think eventually the law will regulate in that direction. >> akeso is not mentioned in the bio secure act, but you're talking as if this act would

directly impact your ability to wring this drug to market. would it >> no. >> no. >> no impact whatsoever. >> okay. glad to get that straight. >> we make it in america >> yes thank you both for joining us. bob, maky. >> thank you so much. coming up, radioactive trading what is behind the big move of uranium. and up next, shares of affirm down. the ceo will join us where he sees his company heading next. and do not miss an interview with republican vp candidate j.d. vance, form on "squawk box," 7:45 a.m. eastern time, right here on cnbc meantime, more "fast money" in two. with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond.

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welcome back to "fast money. uranium stocks surging today after vladimir putin asked its government to consider export caps on the heavy metal. back in may, president biden signed a bill prohibiting russian uranium imports which has accounted for 35% of all u.s. nuclear fuel imports. u.s. producers like energy fuels encore, nexgen, all seeing big gains today. tim? >> it's been an unbelievably

volatile period in the uranium sector these kind of headlines are indicative of the geopolitics and the bid there, but really, the squeeze bid is part of where this is. and the squeeze bid exists even without russia threatening to retaliate on sanctions against them good luck. and, you know -- that's just the way is world is. i mean, the world is not only doing, i think, to russia what they should have coming to them, but also, what the world is doing is recognizing the importance of nuclear power and enriching on their own and not being reliant anywhere so, we're talking about germany, which was moth balling, japan, which had a scare, but has completely reversed field. and you get back to this country, and you look at major utility suppliers, there are people who are short, and that's part of the story here i stay long over long periods of time, but it's not a simple trade. >> no, i think for long-term investors, uranium just makes so much sense it's impossible to make our targets without non-based load power. wind and solar, it cannot do it all the time what we have with nuclear is the

potential for base load with no carbon emission. and i think that's why you see, you know, investors like sam altman coming in there with their own, you know, nuclear startups, right, is this recognition that energy demand is going up. >> the etf, a pretty big selloff since may. you're getting a shot here i think camico -- >> camico. >> that's 22%. and the uranium etf is ten that's an interesting way to play it. coming up, affirm's ceo will join us. how the buy now, pay later company is positioned and what the future of fin tech looks like more "fast money" in two

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but she had no idea how. is there anything new in that notebook? actually, i have been working on a little something and i'd love for you to read it. thanks for being in my life because you've been more than just a mentor. you've been a source of inspiration in my journey to becoming a writer. welcome back to "fast money. affirm shares soaring today, climbing back into positive territory for the week the fin tech stock now up more than 20% since a lowout earnings report last month the company has plans to expand over the next year our kate rooney is live with the ceo from the goldman sachs conference in san francisco. kate >> hi, melissa thank you so much. and max, thank you for being here >> great to be here. >> i want to get your take on the consumer we had some big news yesterday from ally financial. said that inflation, in

particular, and the job market is really weighing on consumers. what are you seeing from affirm's borrowers right now >> we are not seeing that. i think -- so, not a direct quote, but close to what i read in a transcript was they noticed a deterioration of consumer credit quality, credit performance over the last few months -- we have seen an improvement over the last few months, so, our consumer, and we span fairly large part of the u.s. at this point, is not struggling to pay our bills. lots of structural reasons why we're very different, we're unsecured loans, much shorter term, always centered around point of sale, so, a fairly different type of product, but apples to apples, we're not seeing it. >> is that true across all income levels for you? >> yes of our users, yes. >> really. wow. i mean, that's so different from what others in the card space have said.

other than visa, mastercard, who said the consumer is strong. that might surprise a lot of people >> i think structurally, it's really good to remember, we are fundamentally advantaged very short-term, relatively speaking, every transaction is priced for the risk it represents in the moment of underwriting we are compensated for the risk we take. as a lender, we do take risk, but we don't allow it to run away from us ever. so, our results are not an accident >> so, i want to ask you about the apple partnership. there are things you probably can't talk about, but in terms of extending it -- expanding, excuse me, i wonder as you look at credit quality and sign some of these big partnerships, how are you keeping that in check, or is it really apple sort of, maybe in some cases being the bad guy and saying, no, you're not eligible to pay in four here for an iphone? >> on the apple thing, super excited to bring it to life. when that happens. too early to comment on that but you actually hit on a really key point. a really important reason why

folks partner with us, from the littlest to the largest, we a are -- really genuinely are the right party to ask, hey, should i bouy this thing, service, whatever because we are very honest when we tell you yes, and here's the rate, or, no, we think you are overextended we won't screw you, we won't kick you when you're down, we're on your side, so, when we tell you no, it's a genuine compassionate -- you probably are overextending yourself it is much easier to outsource that to someone like us who will not late fees, will treat the customer right, than doing it yourself we are the responsible lender. >> letting them down easy. i want to ask you about interest rates. big fed meeting next week. what would lower rates mean for affirm >> better growth our margin target is 3% to 4% to be delivered on that, have been delivering on that intend to deliver on that.

but whenever -- over time, not immediately, the fed rate cuts trickle into our cost of capital, it will allow us to approve that marginal consumer where we would have otherwise said, we can't afford the risk >> profitability picture has looked a lot better for affirm, as you reported in earnings. i want to ask you, you are a founder of paypal. some of your colleagues recently, from the paypal era, at least, have switched sides when it comes to their party or presidential bid does this represent, in your mind, a broader shift to the right in tech in silicon valley? >> i'm very far from politics, couldn't opine on that opining on the politics slice by silicon valley, that's well beyond -- i'm very busy trying to lend money to help folks buy couches and bicycles i think we serve both the red states and the blue states and intend to do so, including things in silicon valley >> any big policies that you're watching for november? >> i was very excited about the

attack on late fees. i really do think it's a bad thing, and i'm glad regulators are taking a hard look at it, and, you know, it's being challenged, as you might expect, but i think late fees should be at the very least tapped, and if not eliminated if i have one wish to politicians listening, kill deferred interest. it is such an evil product we rage against it, and it's less talked about than it should be, and it's just a bad thing. >> interesting we'll have to leave it there thank you for your time, and mel, send it back over to you. >> all right, kate, thank you. kate rooney. what a stock, since its last earnings you mentioned it was really a blowout. >> that was like a mic drop kind of -- i mean, what about extraordinary quarter, and to get, you know, to be approaching gap profitability, that sort of makes them already obviously much more than a unicorn, but unusual for some of the others of that era of 2021 ipos that kind of went berserk and money was free, it was sort of a different game and yet they've done an

extraordinary job. >> yeah. >> well, look, they are clearly the go-to in the buy now, pay later space. and the question is, you know, really gets back to the consumer, because before that blowout number, karen's right, profitability, fiscal fourth q '25 is certainly no one expected in the u.s. gap measurement. if you look at how far they were down, about 40% year to date and how far down they are from when money was free, essentially, that's the dynamic you're wrestling with, no whether max and his team haven't built a great business i don't like late fees, either but if the consumer is falling apart, i don't want to o twnhis stock. up next, final trades.

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(man) these men of means with their silver spoons. get your business online in minutes what will become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash? ♪ they would descend into chaos. time for the time trade. let's go around the horn tim?

>> yeah, 9/11, never forget. cameco >> karen >> yes googl. >> julie >> wms >> guy >> ah, newmont mining. gold still works here. and it is one of those days that, you know, we have a lot of fun here, and we should have a lot of fun, but you know, mile and a half down the street, you think about what happened 23 years ago -- and everybody has been affected it by, so, we still think about it >> and on that note, as we leave you tonight, we do want to show you some images from today's somber remembrances in lower manhattan on this 23rd anniversary of september 11th. america remembers, and we will never forget ♪

♪ my mission is simple, to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere and i promise to help you find it. "mad money" starts now. >> a, i am cramer. welcome to "mad money". i am just trying to make you money. my job, not just to explain, to entertain, teach. call me, 1-800-743-cnbc. it keeps happening and it is beginning to drive me even crazier than i