and so, you think a.i., oh, is it worth it? is bitcoin worth it? well, there are some possibilities there. what do you believe, morgan, about where this goes? >> we're going to have to see. we're also going to have to see what we hear on the call with nvidia. we have trading lower in sympathy, but not some of the big moves we've seen in the past. >> that's going to do it for overtime. fast money starts now. live from the nasdaq market right in the heart of new york city's times square, this is fast money. here's what's on tap tonight. nvidia, shares 1% lower after the latest reports. the conference call just getting underway. we are dialled in to bring you the details and the trades. and way off target, shares the discount retailer crushed after posting its biggest earnings missed in two years. while the company is struggling against walmart and the rest of its come met or thes and what is the strategy to turn things around.

plus, sell it ail. the chart master's call for this high flying crypto play. the microstrategy coming up. on the desk tonight, karen, guy, and rebecca, former chief strategist at bridgewater. we start off with nvidia's big q3 earnings report -- from a year ago as its a.i. chip business accelerates shares which have tripled this year heading into the report. cnbc's christina is back here was on set and has got the numbers. >> you just talked about it. 94% increase in ref news. 112% increase in data centers. gross margin, 75%. they beat across all fronts, including categories from gaming, i mentioned data centers. the stock fell 2%, then down 1%. there's been an emphasis on guidance. slightly higher than what the consensus was but lower than the

whisper number, the number provided to clients. that's the same thing we saw last quarter. the stock sold off 6% the day after. the focus is on blackwell shipments. the cfo said she had comments on the website. both hopper and blackwell systems have certain supply constraint and the demand for blackwell is expected to exceed supply for several quarters in fiscal 2026. what is that doing? that is letting us know that maybe supply is going to be an issue for several quarters. we were expecting the ramp to happen in this upcoming april quarter, and maybe it's going to be pushed out longer, farther. that's part of the reason you saw more of the stock drop. really, that's going to the focus on the call is blackwell chips, the latest iteration. are this going to be delay, overheating, which people have debunked at this point, but is that what's going to happen going forward. >> the constraints on hopper, was that expected? there are some thoughts if blackwell was constrained, hopper would pick up that demand

and offset that data revenue push. >> -- previously on last earnings call they said that there were no issues. so perhaps that's a good sign that the demand has shifted straight to hopper right now. but so much so they aren't able to keep up with it. excellent point they put that in the same sentence. >> do we know supply constraints are due to the supply not being there or the demand overwhelming the supply. >> excellent point. we know in the last quarter in the summer it was, you know, they had to revamp the production and change the yields at tsmc. so that created a little bit of a delay. but according to the company when i caught up with them and chatted, it's not a delay, it's just normal process because the latest chip is so complex that you have to change things and the -- issues at tsmc, i'm sure they're going to say no, that's

not the case. because they're quick to react to those reports. >> first of all, it's great to have christina back. >> of course, yes, welcome back. >> for the first time back here with us. number two, the magnitudes of the beats, listen, the numbers are huge, but in terms of percentage, smaller and smaller. a $50 stock this time last year. revenues and eps growth 80% year over year, but the stock has tripled. any thoughts on that? >> that just means everybody's getting a lot smarter and realizing a year ago i think it was a 20% magnitude difference and now it's 5%, 6%. 48% of the daily flow is retail traders for the last five years, which means that they understand the fundamentals of this company and have stuck with it. i think we need to eventually come down. you can't keep climbing at that same magnitude, which is what we're getting with colette with these comments. she's setting the tone that we can't keep going at that magnitude.

we are doing well. demand is insane as jenson wong as said. in this report he said the age of a.i. is full steam. there's all these wonderful, floury words, but i think at one point there's not necessarily a plateau, but we can't keep going, to your point. >> if i told you what the quarter was going to be and what the guidance would be and said guess what the stock reaction would be, would you guess down half a per innocent. >> i would have thought down 5% or so. >> right, exactly. her point is that expectations were high that, you know, whisper number, that is among the buy side. they get a sense for what consensus is and this is the number they have to get above. again, it shows you investors want to be exposed here. very u few ways in which to do that. do you take anything away, you just said that demand, obviously, is there. they keep talking about capacity constraint, but at some point

isn't there a quarter where -- down a little bit. and like that would be my fear. >> but then that's like i guess a year and a half or more out given what we saw from all of the hyper scalers and the massive increases in spending. that spending is going to be reflected for several quarters for nvidia positive. but no doubt this can't keep continuing. then you can argue look at aws creating their own chips. they're going to compete with them directly. and that's going to be an issue with nvidia. nvidia will say we have software, we have networking. right? networking's a big portion. gaming is 10% of revenues. it's not just about these particular gpus. it's more complicated. they're providing the whole kit and caboodle. >> christina. we were talking in the green room before the show about how important this one stock is to a stop stelation of trades that make the stock market go higher

or lower. >> it's hard to think back over literally centuries and find a single company that had so much sway over the global economy or the global financial markets. i don't think there is one that hasn't had any backing, per se, from a government. even like -- >> san francisco in 1990. >> not as big as this, relatively speaking. so it is incredibly important not just for the people trading the tick by tick right after the earnings and the call but also when you take back a step and think about the macro picture. and honestly, this is the heart of u.s. exceptionalism. when we talk about why the u.s. outperforms for decades or more, this is it. the weight of tech in our equity market. it's the fact we have company, the mag seven over the next 12 months will invest half a trillion dollars in capex and r&d. it's just the scale of

our dominance and nvidia is the cornerstone of it. so whether they disappointed or not, to me it's the fact you have this structural advantage. >> right. let me make one point about that. i think that's really interesting. that's the estimate for half a million in capex, in r&d. if it comes in at 450, what happens to these stocks? if you go back to microsoft, 19% customer of nvidia. we talked about capex, how much it went up. it didn't go up that much after they reported. we're not seeing the function we saw three quarters ago and that kind of thing. one of the reasons they didn't have higher revenues. their cloud business is growing 31% year over year, which is fantastic. taking market share from aws. i feel like we're going to go from capacity constraint to capacity over built. when you're coming in and

reading these numbers, just by a hair, and the stocks are sticking around, it shows you investors still want the exposure, but sooner or later i think it's going to be one of those thins where you see a couple quarters of declines by not just the picks and shovels but the hyper scalers. >> i think that's a ways off though. the hard part of owning nvidia, if everybody knows six quarters from now -- i don't know, there's the rub. >> for more, let's bring in chris roland. chris, great to see you. >> hi. >> somewhat do you make about the comments about being supply constrained, not just in blackwell but also in hopper. >> i think that the vegas line here was probably 38:39. they missed slightly, but that supply constraint comment that probably means they probably could have done 40 or maybe even more. we don't know what the supply

constraint is of late, will it's memory or coauxo. my guess is memory, but i think clearly nvidia could have shipped more here had they had all components. >> in terms of how we're supposed to dissect that supply constrained comment, part of it is understanding what was going on with blackwell. have we gotten anything? any commentary about the overheating issue? is that part of it? >> i don't think that that's part of it at this point. they talked about a successful new mask set helping yields for that product. so i'm not sure it's that chip. i think it could be an additional component like memory. it also could be these racks

that are incredibly complex. we don't know about transceiver availability. we don't know about all the thousands of components that are going into these racks. if any one is constrained, it could constrain shipments overall. >> they're going to do about $190 billion of revenue next year. that's sitting on top of a company that's basically trading, you know, $3.6 trillion market cap. you know, their earnings where great, but they seemingly they're outearning their revenue. my point is, like, when does that catch up? because either they're going to grow into that price to sales, which i'm hard pressed to believe they can, or something's got to give on the margins front or the earnings front, thoughts on that? >> i think first of all we'll seek out north of 200 for next year. secondly, you have to look at gross margin for this company in the mid-70s. it's u truly incredible. when you look at, let's say, ev

to rev, it really doesn't get more profitable than nvidia. >> taking a look at some of the line idem beats, obviously all eyes on data center, chris, but automotive was one of the biggest beats, and i'm wondering just in terms of, you know, trying to extrapolate that trade, was that tesla? >> that was definitely -- well, i think auto is more about the vehicle itself as opposed to tesla's data center. and tesla does their own a.i. i think this is somebody else, maybe it's an early ramp with mercedes, for example, but colette did talk about self-driving as the huge motivator there as opposed to intotainment.

>> another question about the -- sorry, just lost my train of thought for a second -- the competition, who do you think is, how far, actually, in front do you think away are we from real competition ? how long are you going to have this market to themselves. >> well, amazon sounds like they're ramping supply. amd had a hot start. they're still going to have growth year over year, but that seems to at least that really high end, $12 billion kind of number for next year seems to have faded. so it's a mixed picture out there. i would say that this pie is growing very quickly for all and that i think nvidia can still grow even with guys like amazon, guys like microsoft doing more of themselves, they can still grow meaningfully even into this diversification. >> chris, great to get your take on the quarter. appreciate your time.

>> thanks, guys. >> chris roland and nvidia shares down 0.08%. not too bad of a reaction considering the ramp going into the quarter. you would have expected down, i don't know a few percentage at least. >> i think the market vis-a-vis the move was expecting a $1 billion move one way or the other. i think only 35 companies in the world are that big in the first place. back of america is a $310 billion company, the fact the market was expecting a move of that magnitude and not getting it, a lot of people are sucking wind on options. we'll see how that plays out as well. >> what do you think? >> there's so much nuance there we will start to get. i would doubt we end up here flattish at the end of the call. >> mel, your question about tesla is an interesting one. do you remember two or three quarters ago tesla diverted a half a billion worth of gpus to,

is xai. xai was valued at $50 billion -- full self-driving and then autonomy, they're going to rely dramatically on building out data centers, you know, to train those cars so. that's probably something that could definitely be a bit of a tail wind for nvidia. >> think about the full self-driving federal framework which could be a boost, and then the cryptotrade, that could be a boost. then the a.i. stuff going on too. a lot of different areas nvidia can capitalize on. >> there are many examples, though, productivity gains. >> right, right. >> we keep talking about is the promise of it there. and i think we're early in seeing productivity gains. i think that would help as well.

>> meantime, the dollar strengthening over the last several weeks, especially against the japanese yen. rebecca, this is something you flagged to us. you're watching the potential parity against the euro. >> a pretty buying move in such a short period of time. when i think about where it goes from here, the market has removed some fed cuts for the u.s. the fed is looking for more rate cuts from the european central bank, so that rape differential, you could air, that's in. -- whether we're talking about the tax cuts, deporting immigrant, tariffs, all of those things are inflationary, so that could remove even more fed cuts from expectations. right now we have three between now and the end of next year.

so that's a biggy. europe is just hard time getting out of fist gear. germany's going the have two years in a row of negative growth. there's not a lot to pull capital into europe right now. and they're a lot closer, sadly, to the ukraine/russia situation. my one positive will be in q1 next year. there's the election in germany and the potential new chancellor, mertz, is talking about less fiscal austerity. actually spending money in germany, which would be a big deal. >> they don't call it that. >> no, no, they call it less austerity. be more german. but if we don't get that, you know, i don't see a lot of bright lights any time soon. i do think parity is not a crazy thing to happen in the next few months. >> i hope it's not an outlier, but if the ukraine situation is resolved, i would think that would be a positive for europe. >> i would hope so. i would hope so. i think allot is going to come

around what does that peace or resolution look like, are sanctions lifted, is germany allowed to start buying cheap russian gas again, i think there's a lot of questions around what to landscape looks like that tells me where we're going from here for europe. there's going to be a lot of money that needs to be invested in ukrainian reconstruction too. good for growth but it's a big expense, and they don't have the money. >> i noticed something interesting. yen has been weakening at a significant rate. like japanese bond yields have been going higher, there's something amiss there. and i think market's not focus on it here, clearly. i think they're focused on it over there. thoughts on that? >> absolutely. in japan, the large corporations really want currency stability so nay can plan their expenses,

their investments. -- it slows down longer term spending for japanese companies. that does feed through into their earnings. they want to avoid that. i wouldn't be surprised if we see more intervention, verbal or actual intervention from japan in the coming months just given speed of this move. and obviously, japan is very exposed to the united states. and if we do have a trade war, they're going to get caught in that crossfire. >> coming up, microstrategy shares hitting a high today. the trump master isn't loving the -- major moves and media seem to see parent company comcast set to spin off its buneessiss. the details and whether it could spark anymore mma action. fast money's back in two.

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welcome back to fast money. comcast shares up almost 2% after the media giant announced plans to spinoff its cable networks, which includes cnbc. julie has all the details, and of course, this is a big story out there and also internally. >> that's right, melissa. one source telling me that comcast spinning off its cable networks isn't the end but the beginning as the new company looks for new deals and new revenue streams. the spin off includes cnbc,

which is what we're on right now, and msnbc, along with channels with sports rights, usa, and the golf channel, and entertainment assets, usa, e, and oxygen. potentially looking at warner brothers, discovery's tbs, tnt, hgtv or the food network. starz is about to create its own spin from lionsgate. but this new company could also license its networks beyond peacock to all the other streaming platforms like hulu or max. and sources tell me that this new company will look for new revenue streams such as paid events. now, meanwhile, comcast is expected to look for more opportunities to grow peacock, which will benefit from having nba rights starting next year. now, this deal is set to close in about a year, and in the meantime, we'll see what commercial arrangements that

these two companies decide to strike, melissa? >> julia, you know, for a long time we've always thought about, you know,peacock as part of the family, our content appears on pea ecaulk, et cetera, et cetera, under this new arrangement, where does peacock -- and could that actually prevent this new spin cro? >> we have to remember these media companies are frenemies. nbc universal has a studio that sells to other networks. comcast is retaining nbc as well as bravo. nbc has nbc sports, which includes the nfl, and now nba rights starting next year. and then you also have all that reality tv content from bravo. so traditional, regular nbc, including nbc news, is going to remain part of this original company. the companies that spin off from

that, including cnbc, may license back content to be on peacock, but they might also now have more flexibility to license elsewhere as well. >> do you get the sense that this was really put into motion in a very sort of more directed way after the election? seeing that there might be fewer regulatory barriers to, you know, combining these cable companies? >> well look, there are no regulatory issues to the split. there's no regulatory challenge there. and i think that's why they floated this well before the election. i also think that in splitting off these cable networks, the new company, the spin co, is small enough they can do acquisitions that probably wouldn't have been really problematic in the prior administration, though it is true the trump administration is expected to be more flexible with bigger deals. i think this is something they've been working on or thinking about for quite a while. sit remarkable they first floated the trial balloon less than three weeks ago and then

announced it today. in the interim is the election. so it makes sense to think that might have accelerated things a bit. >> playing the role of skeptic, julia, does it -- i mean, are we just staving off the inevitable in terms of cable companies combining in order to gain some lev erage over retransmission fees? i mean the way of the world is going away from cable. that is the ultimate problem. >> it's true. i mean, in fact, that's why they're spinning off these cable networks so what's remaining in the studio, in the theme parks is not going to be weighed down by the challenges of the linear tv ecosystem. that's what's happening. cord cutting is hurting the linear tv system. but the fact that brine roberts is going to remain a l croing shareholder of this new co as he is of comcast, the fact he's going to control a third of the shares indicates he has confidence in this. they could have spun off assets and sold them to private equity. that is one scenario that could have happened, but instead they said we're going to spin them

off and operate it as a separate publicly traded company. down the line could they decide this is a losing game and they want to sell it off? that's definitely an option, but it sounds like for now they'll try to figure out if there are more efficiencies to sweep in other assets and perhaps get a good deal on them. this is going to be a well capitalized company. >> right. julia, thank you. the optimistic take on this is it shows that comcast, the parent company, the main company, shows that it wants to focus on growth. and so therefore it is a good thing for comcast shareholders specifically. comcast stock, though, did not respond to robustly. >> david did a great interview with john malone. i don't know if you saw it or not, but he was comparing -- john malone was comparing netflix -- they're going to do $40 billion in revenue next year with warner brothers/discovery, who's going to do $40 billion. netflix will do $24 earnings against that and warner brothers

will lose money. people are coming to the realization it's netflix's world and we have to do something. you know, as the old saying goes, best time on the planet was 20 years ago, the next best time is today and today is that day. >> i think so much of it depends on the structure, right? how much debt is going on with this, if not a lot, then you can see this as a cash flow machine. we talked about at&t, going to zero. that didn't happen, right? so i'm not as maybe pessimistic as you sound, although i think mom and dad are getting divorced, they just wanted to spin it a different way. great, we'll have two christmas, one here, one there, it doesn't work out that way in the end. >> when were you going to tell us? >> this is it. kind of hinted a few months ago, you know. >> it would have been nice to get through the holidays with mom and dad. >> tom rogers, by the way, the kids will be okay. when he heard the news. to continue the metaphor. >> the kids are all right. >> there's a lot we're -- here's

what's coming up next. >> your strategy on microstrategy. why the chart master isn't loving the meteoric rise and if you should offload the bitcoin loving stock. plus, target sounding the alarm bells and rolling back the guidance it raised just three months ago. what changed since last quarter. and is this a target specific problem? you're watching fast money live from the nasdaq market site in times square. we're back right after this.

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welcome back to fast money. microstrategy soaring 10% for its third straight day of double digit gains trading at record highs. benefiting from the post-election crypto surge, having more than doubled since then. the chart master thinks the top could be in. saying directedly, pointedly, sell it all. carter, what are you see something. >> yeah, i mean, look, this is a very unusual circumstance, and before you look at the charts, we know that it has a relationship with bitcoin, but therein is the issue. here is a fiech-year comparative chart. just to think since the august low, that was the low for the s&p, the low for apple, naz dang, since the august low, this

stock is up 5x, bitcoin has simply doubled. it's diverging to the point where regardless of what it is, it's no longer tethered to what is the story, apparently, bitcoin. but let's look at two charts of microstrategy. here is a five-year chart. it's log scale because you wouldn't be able to see it, how much it's moved. second and final chart is with the 150-day moving average. it is as far above trend as you're going to get. listen, steep and uncorrected can always get steeper, but parabolas -- i would say that's the kind of thing that happens here and now. >> is there a support level for microstrategy? >> well, not particularly, right? when you're literally -- the expression is going up to and to the left. you've got to put the bar out to

the right when you have a bar chart. it's going to fall in on itself, so to speak. i don't know what's driving it. perhaps you all have talked about that or have the answer, but you know, one client, and this is, you know a big client, he heard this literally, the more expensive the stock gets relative to bit koip, the more money they can raise and then buy more bitcoin. like a wheel effect. that's insane. >> before we let you go, carter, nvidia, what do you see here? >> well, it's -- it turns out, and obviously in a way that's important. -- if it had missed and done bad things post -- and i would point out, and this is important at least by my work, here is a one-year chart of nvidia. two moving averages, 150-day, and the stock is touched to the penny -- hasn't touched the 200-day once. >> it upped the size of its

convert, the money to be used to buy bitcoin. >> carter makes -- lin, say what you want. brilliant. but with that said, this was a $100 stock in september. last i looked, it's november. it has gone from $100 to $500. you can do that math. bitcoin has not had that magnitude of a move. my point is if bitcoin would have turned even in the slightest, mstr is going to take a hit. not an indictment of the stock just the move. >> coming up, shares of target plummeting. what it's telling us about consumer spending habits and whether the entire retail sector will get hosed this season. >> you didn't do that. >> just did. fast money's back in two.

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i'm gonna need to charge you for three people. over year. shares at jp morgan -- saying the stock is now fairly valued. and shares of williams-sonoma surging to record highs. the home goods retailer beating earnings and revenue expectations. that stock is up more than 73% this year. it's like an a.i. stock virtually. here is the secret for the quarter and for williams-sonoma in general in terms of its run. it's selling more full-priced items. go figure. it works. >> it -- and it -- we'll talk about target, i'm sure. i know you talked about walmart, but it juxtaposed everything you heard on the other side of the equation. it might be getting itself a tad expensive and probably had an eight times normal volume day today, which suggests upside capitulation. they're operating better than everybody else in the space.

>> we're talking about two different economies in america. very, very clear. kohl's making new multiyear highs right now. obviously, dollar general is making ten-year lows. oh, by the way, kohl's making new lows, excuse me. you know, the same thing for some of these other department stores. so it's just kind of weird. i mean, like i get it, man, buy your, what do you call them, dutch ovens? >> this fall season. >> nobody needs a dutch oven. >> a braised, you know -- >> the way some of these stocks are moving up 27%, you know, target down 21%. lot of weird action. i mean, i don't think that sort of single stock volatility speaks of a very healthy market. >> well, speaking of, target in freefall. down 21% for their third worst day on record. the retail giant posting its biggest earnings miss in two years. it was just three months ago that the company was raising its forecast. target though struggling to bring traffic despite steep discounts and early holiday sales, saying it expects fourth

quarter same-store sales to be flat. just a day after its main rival walmart beat expectations, hiked guidance, hit fresh all-time highs. it really underscores the differences between the two. it got saddled with inventory. they wanted to buy a lot ahead of that port strike to be better positioned. it cost them a lot of money to carry that. >> in their gross margin, which was the problem here, is that cost of shipping and so that's hard when you lose that. you know, it was kind of a fairly sizable loss on gross margin. the operating expenses were fine in line, but relative to walmart, i mean, the execution really was not nearly as good. also some of the categories that are really more important to target, that didn't do as well. i'm intrigued, though, by the magnitude of this move down. now, it's a three-day rule kind of thing. i'm looking for another, you know, two days, but it is

getting very inexpensive even with a miss. walmart trades versus target, to me it's an interesting pairs trade. i do have some walmart. it's not cheap. they're executing great. that was a great report yesterday. it's just really expensive for itself and compared to everything else as well. >> what target said about the consumer is interesting, rebecca. i wanted your take on that. in terms of the consumer will come out but is very careful. and they cited circle week. the biggest on record, but there was a noticeable dip in sales prior to circle week and after circle week. so consumers are really sticking to their budgets in this environment. >> yeah, i mean, dan said it. we have a bifurcated consumer. so if you own a home, if you own lots of stock, you're feeling pretty good. you're buying your gravy base at williams-sonoma. if you don't have lots of stocks and you don't have a home, then you're being very nervous right now. and i think that's probably going to get worse next year. because a lot of the policies that are going to get initiated if the proposed becomes reality

tend to work against the lower income con u super more. >> yeah. you can never have too many gravy bases. >> they're really -- no, i buy it every year. it's good. >> no, it's good. >> since i'm not looking to make any friends, and that's been -- i mean, i'll flat out say it, they're horrible operator, and that's been going on for -- pull up a chart. this was a $260 stock three years ago. it's been cut in half. look at what walmart's done over the same period of time. you can say it's different consumers, yeah, not that different. look at their inventories. they zig when they should zag. it's been a disaster. i think the bank just lowered their price target, downgraded the stock $105, and it feels like it's going there. they're this period of time -- and karen's right to bring up valuation, that's been a story for the last year and a half, two years, and it hasn't worked. >> coming up, commerce secretary giving cnbc her first interview since the election. what she had to say about the chips act funding and the current administration 's race against the clock. that is ahead. mock dmdz looking to bounce

back from the e. coli outbreak with a new offering for the new year. the mcvalue deal coming in 2025 and whether it's enough to lure back cusme. 'lta about that right after this.

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welcome back the fast money. mcdonald's preparing an mcvalue offering for the new year. an attempt to appeal to customers grappling with high costs. this as the company looks to bounce back from its e. coli outbreak. >> i reported earlier today that mcdonald's is working on that new mcvalue approach for next year that involves keeping the $5 value meal offer it launched this sum ore ton menu for the first half of the year, along with introducing a buy one, add one option far dollar more. now, that option includes a double cheeseburger, an mcchicken sandwich, six-piece nuggets and a small fry, or then breakfast options of a sausage mcmuffin, sausage biscuit, or sausage burrito and a hashbrown. that's according to a person familiar with the matter. operators are still voting on these 2025 value offerings. the initiative, though, looks likely to pass. that's according to two people familiar. now, in a statement, mcdonald's said, quote, we and our franchisees have heard customers loud and clear when it comes to

keeping prices as affordable as possible. from the popular $5 meal to numerous local and in-app offers on the food they love, we went big on value this summer and fall. as we look to 0 #25shgs we're cooking up something even bigger. we can't wait to share what is in store. executives have been talking about this value platform and expanding upon it for the new year. that reporting giving you a first look at what looks to be on the table for 2025 and mcdonald's. >> kate, thanks. kate rogers. so more value meals. the mcrib is coming back in december. something new coming in 2025, guy. everything's coming up roses. >> good for them, by the way. they handled that whole -- when did it happen? october 25th or so. stocks down. earnings were okay. analysts raised their price target. i think the average price target now is 3.22. the good news is it hasn't created -- >> coming up, the

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welcome back to fast money. -- hosting a global a.i. safety summit today featuring leaders from private and public sectors. our kate rooney sat down with her in the last hour. she joins us now with more, kate? >> hey, mel, great to see you. the secretary took the stage in san francisco. she warned about a.i. safety, in particular talked a little bit about the up side of things, like curing cancer, and then did also talk about the downside. talked about extinction level risks here. we also did talk about the chips act. i asked her about that. she says she does not expect that to be repeeled in the trump administration. also says despite some fears on wall street, thinks that intel, the american chip maker, is going to get that funding. take a listen. >> intel has struggled for years. you know, not just since the chips act. they lost their way, but they're finding their way. you know, and they're making

incredible progress. it is an american champion, and i -- i'm counting on them and believe in them to be a leader in making a.i. chips in america, making leading edge chips in america. >> and mel, i also asked her about the timeline. companies have been complaining that they have not got ton money yet. here's what she said about that. >> obviously, these companies wish that we would just hand over all the money, no strings attached. i can't do that. you know, i have to protect taxpayers. >> president-elect donald trump also nominated howard lutnick as his commerce secretary. raimondo telling me she called him yesterday and she says she wished him good luck. says she's there if he needs it but interesting stuff, guys. back over to you. >> all right, kate, thanks. kate rooney. so sort of dispelling those fears regarding intel, which some have said is too big to fail. if america is going to have supremacy at all or leadership in chip manufacturing, intel has

to work. it seems like raimondo thinks intel is finding its way. wall street does not necessarily think intel is finding its way given its decline. >> i thought this one kind of washed out a little bit. i think the commentary with qualcomm a couple months ago -- they actually referred to the rumor. they spoke to it. they said we're going to wait until there's a new administration. then you look at qualcomm, their guidance today. it got mailed. i don't think that deal is going to happen anymore. i thought intel was setting up for a good move into the chips act cash, but who knows. >> i want to go to the beginning of raimondo's comments. i think people who haven't bothered to dig into this seem to think it's just regulations slowing innovation, and that's absolutely incorrect. so they are trying to partner with private sector companies and other governments so they collaborate and they can share leading edge technology. they can make sure they're talking with each other so it

goes faster. so they support innovation. the safety part, as they said in the clip, it's to avoid massive fraud, massive hacking, exploitation of minors. if we think that's bad and want to get rid of it, i'd like to have that conversation. >> there's not that time left for this administration to get this chips act funding done. or anything else for that matter. >> right, there's the question. so even if, you know, she talked about we can't just write a check. they have to, you know, prove -- i don't know what happens at the 11th hour if they haven't paid the money yet. >> again, it seems unlikely that president-elect trump would get rid of that. it benefits the economy. it benefits a lot of red states as well as blue states. he's pro -innovation. yes. >> which he likes. >> it is, but he could also put it in the doge department of government efficiency. maybe. >> no handouts kind of thing. >> sort of. >> intel may be too big to fail. it could be one of those industries, one of those sectors

too big to fail. >> too important. >> yeah. >> not too big. >> not anymore. >> it's not too big. >> right, i understand they absolutely want it to succeed. that would be fantastic. >> but the notion that it can't fail, yeah. >> too important. and listen, maybe qualcomm's out there in the new year with differenrelaont guti, allowing for it. we'll see. >> up next, final trades. you can get your shots together too. ask your healthcare provider about getting this season's covid-19 shot when getting your flu shot, if you're due for both, as recommended by the cdc. ♪♪

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awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. quick check on nvidia. they will deliver more blackwell chips than previously estimated. shares are down by just about 1.25%. time for the final trade. rebecca patterson. >> i'm going to look for the

euro to -- >> i think there's room to go on the up side. >> i think off the nvidia could sell the smh. >> -- should as well. >> tnkfor tcnghas wahi. back hey, i am cramer. welcome to mad money. friends, i'm just trying to make you money. my job, is to teach you, to educate you. call at jim cramer. there is something happening here. what it is, is