we talked about tesla to start the show. now we are finishing by talking about space x, john. >> yes. and in between we talked about adobe. we talked with the adobe ceo. that stock is lower in bank exp to cut, ecb expected to cut. that does it for us here at "overtime." >> "fast money" starts now. live from the nasdaq market site on another rod-breaking day, this is "fast money." here's what's on tap tonight. a major milestone for the nasdaq, topping the 20,000 market for the first time. doubling in the last four years. can anything stop this rally? we'll debate that. plus, mining for opportunities. we'll travel to the far reaches of canada for a look at the world's largest uranium miner. what they are going on underground and how they've positioned itself as a big winner the space. and later, ro inking a deal

with eli lilly. we'll talk to the ceo about the deal. 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 off with that big round number for the nasdaq. the index closing above 20,000 for the first time ever. today's nearly 2% move comes courtesy of some of the biggest names, pinging resh highs of their own. amazon, apple, meta, netflix, and tesla all hitting intraday records. and today's milestone comes about 4 1/2 years after the nasdaq first crossed 10,000. the biggest gainers in the nasdaq 100 over that period, nvidia, up 1300%. super micro just behind that. tesla, broadcom, palo alto each up 400%. so, does today's action give the all clear for that tech trade, guy? >> all clear, i love that all clear. for -- the six names we just had up on the screen, i was trying to figure out, where i have been

on some of these things. apple, missed the boat, tesla, no question. netflix, facebook and google, we've done a decent job. so, all clear -- i don't nope. valuation on three of those names, you can still make a case for it, despite the fact we've seen these unbelievable moves. the other ones, i'm not so sure. and couple that with the fact that yields on what people were saying was a soft cpi number, actually went higher today, which -- one has to keep in the rear view mirror, without question. >> yeah, cpi, i think, probably gave enough for the bulls to feel that the fed is in line for december. disinflation certainly maybe is taking a pause, but inflation is not running amuck. you have the ppi tomorrow. back to big cap tech, what's exciting is thatof megacap tech, really outside of tesla, and yes netflix is great, but the other mag six are ones that i think, you know, give or

take had not been giving us the leadership. what we saw today is semiconductors did lead the way again, a nice bounce on a relative chart to the s&p. so, we were at some relative support yesterday, i brought that up. i just think, if you are getting the kind of move we are getting from some of the names and they all have little catalyst, if you want to believe. i mean, apple and broadcom today talking about a server chip, they're own way to get into the game. broadcom reports tomorrow. i think some of the cyclicality of their business could be decent. so, if you -- today was as good of a day as you could have asked for, because these are the names that are the horses. >> karen, you've been away for awhile. welcome back. >> thank you. >> what do you make of this rally? >> i mean, it just seems like animal spirits, you know, kind of running amuck, which -- mag seven was clearly really strong, but a lot of other things. with the exception of industrials, not. financials kind of -- they've had a big run, but kind of lukewarm today. bitcoin, again, topping 100,000

after pulling back. so, i don't know, i feel like it's just animal spirits, and i feel like animal spirits, they don't stop at fair value. they continue to go, you know? so -- i mean, i'm long, this is really fun. it will end. i'm sure. the vix is really low now, probably decent time to buy some protection, which i haven't done yet, but i feel like for right now, sort of -- i don't know. >> yeah, when you talk about animal spirits, they're going after the biggest stuff right now. normally, you would expect there to be a lot of crap. and i'm not exactly buy what tim's serving up here. i look at the equal weight -- >> bring it on. >> put them up! >> look at the equal weight, i mean, it's up 16% on the year, right? and you look at the nasdaq, it's doubled up that performance. so, what is that telling you? it's telling it comes to get us here. so -- >> so, let me -- >> whoa! >> there it is. >> semiconductors haven't made new highs since july.

the nasdaq hasn't made a new mile here to the s&p relative since july. so, the horses haven't really been bridled and running. i agree, we need these stocks. you doesn't tell me they have led the market -- >> hold on a second. every one of the mag seven is at all-time highs. apple is up, nvidia up 181% on the year. microsoft underperforms and it's up 20% on the year. google up 40% on the year, amazon up 51% on the year, tesla up -- >> you're talking on the year. >> this is, like, $15 trillion or more in market cap, and it's half the weight, almost, of the s&p 500. it's definitely half the weight of the nasdaq. so, if you just look at the equal weight -- >> on a relative basis, these stocks have actually underperformed the s&p. they're starting to pick up steam if you look at the qqqs, they haven't made a relative -- >> i don't know if a lot of our viewers are thinking about relative. >> well, that was my point. my point is that the rest of the

market's rallying. if the stocks want to rally, they're going to take the market higher. >> we split you guys up, finally. >> clear as day. clear as day on that. so, i mean -- >> going to talk that up again? >> otherwise, the market's going to run into a problem. and you're saying that we have the leadership and the market has a problem. >> i'm not saying the market -- >> you are both saying -- >> he's not -- >> i'm saying the markets are ready to go higher. >> yes, you are. >> you finally have participation from companies -- we know what they've done, but they haven't performed relative to the market. they haven't led the market higher for three months. and we all know that. so, you look at the chart, the relative qqqs to the s&p, when did it peak? >> i thought you said that we need the titans to run in order for the markets -- >> he's saying the opposite. i just don't agree with that. i just don't agree with that. >> you don't think we're broadening? >> look at the equal weight s

and p. look at the russell 2000. the banks are kind of stuck in the mud here a little bit. nvidia's stuck now a little bit. what do you got? >> banks have rallied, they've outperformed ly -- >> i don't disagree with that. >> you listen to me, haven't i been saying since july, the rest of the market has outperformed what are being the stocks we're talking about today, and i'm saying that's great news, because it's showing the kind of leadership that can take the market higher. >> are we split up still? >> you are still split up. >> i don't know. >> someone else come in here. i feel like i'm speaking another language. >> guy? you speak -- >> i don't -- >> you speak -- >> in tongues a little bit here. >> tim's been pretty consistent for a long time and he's been spot-on. i've tried to punch holes in this thing and it's been unsuccessful at best. >> i'm not even punching holes. look at the price action today.

>> google's rallied $20 in a few days. they were sort of really underperforming, right? even meta had been cheaper -- >> let's talk about apple for a second. you just mentioned the broadcom thing. i saw the story, that's great. by the time they develop this chip and integrate it and apple intelligence is working, we're talking late '26, maybe '27 sort of stuff. so, the stock, apple didn't rally -- >> they're up 15% in 34 days. >> single digit expected growth. iphones are not growing. apple intelligence is a zero. apple's rallied 30% since june 10th when they introduced apple intelligence. the super cycle upgrade, not happening here. so, both things can be right. runaway breakout. so,xpense. animal spirits are taking over this market . i'm saying if you're chasing these things right here, and

you're just getting -- >> okay, so, let me ask this question. let's say, whatever it is -- >> what are those, by the way? >> animal spirits? the spirits of animals. >> abandoning risk and just going forward. >> part of this is the expectation of policy that is supportive of the market. mergers are going to happen, all sorts of -- >> regulatory. >> taxes will go down, element set tra. at some point, that's going to meet the reality of what actually does happen. and i'm wondering, in your view, when would these animal spirits break? >> what would be the breaking point? >> inauguration? what -- >> if it keeps on raining. you know, i'm probably the wrong person to ask, because i thought it was going to break for such a long time for a myriad of different reasons. none of which have come to fruition. i do think that valuation at some point is important, and it's not that you trade on valuation, but the more expensive the market gets and if

you look at that buffett indicator, which is now 209%, the last time we saw anything close to that was pre-dot com crisis in '99, 2000, it gives the market less and less room for error. so, there's my concern. >> to me, it's probably tariffs. a lot of things that you named are really sort of unequivocally -- une give ka bly good. we have low regulation, that's good, merge eshlg r mania, that. tariffs, i think, will be cold water on -- wow, these are -- they are going to be inflationary, they could be, you know, we could enter into a trade war and all of the, you know, tit for tat that goes along with that, and then fear. which is not there right now. so, to me, it would be the first tariff discussion of which -- >> which is interesting that you point out tariffs in particular, because we've seen a glimpse of what can happen. china has, you know, rare earth, no. we're doing all these things here sort of a preview of the

tool box of china that beijing could use in response to a trump-induced tariff war, and nobody cares. >> well -- there's no question that we have a lot of unknown in '25. we're talking about, right now, i'm talking about seasonality, i'm talking about market leadership and i'm talking about -- there's no questioning that the s&p multiple is at a level on a forward basis that we haven't seen in a long time. there's also a question that the five biggest stocks or the seven biggest stocks have never had a bigger weighting, and these are 35 to 40 pe stocks. by the nature of how the index is structured, you're going to have and s&p that looks expensive. they are also the ones that are growing the most. so -- >> i was just looking at the spx, the s&p 500, if you look at the after money straddle, a call premium, plus the put premium, it's 1% between now and december 31st. if you are bullish, you can make under 1% at the money bull call for the next 20 days, you know,

into the -- that seems unusually cheap. there's nothing that's going to unhinge this market at this point. i think you make the most important point. what is built into the market about policy? and so, i actually am going to go the opposite way. i think there's not going to be a trade war. not in 2025. they're going to keep jawboning it. you get the extension of the tune current tax, i don't think they go much lower. some of the m&a, maybe it was put off for a couple of years, it's not going to change the market structure or any specific industry. maybe some of the ftc and the doj suits go by the wayside for big tech, but i think everything is kind of in place to continue to do what it's doing, except for the fact that what sort of performance have we pulled forward. all the excitement, generative a.i., if it's quantum computing, if it's -- whatever the heck. that's kind of the issue here. so, i don't know. >> in terms of policy, the most important policy is fed policy. today, we got at least some --

some green light for a december cut. there's nothing going to stand in the fed's way here to calibrate a little lower, which i think is steve's world of yesterday, it was great to have steve liesman here. the fed, to me, is the biggest impediment to '25 right now. because all the other things, geopolitics, in one of the worst years of all time, the market went screaming higher. i'm not saying there won't be a comeuppance at some point, i do believe all of this expectation of trump policy that we still have to see rubber hit the road is a very much unknown. but most importantly is equity markets have the fed as their friend. and the labor market stays strong and people have jobs. and we actually have growth, it's great for equities. >> i think the fed is a friend is more priced in than how friendly they will actually be, right? i think that seems like a sort of, you know, fore gone conclusion they'll the cut 25 basis points in the end, i don't think that will matter. i think powell will have a hawkish tone, nd i think -- we'll see, unless things change

dramatically, what -- why do we need to cut with the market where it is with the gdp -- >> supposedly still restrictive. >> restrictive how? i don't see it. i don't see it. so, i continue know, unless things change dramatically, the fed will not be your friend, but -- i don't know. maybe market doesn't care. >> i think just to tie a bow, i think, tim thinks the employment picture -- it has. it doesn't come to fruition this year, but the unemployment rate starts to move in a way the market's not prepared for, that's a concern. and interest rates going higher, i'll say again, you now, today's the day where the tlt should have rallied in a meaningful way, given that number, which was better than i think the whisper number that people were looking for. the fact that yields are sort of headed back up in my opinion is concerning. we have an earnings alert on adobe. shares are sinking. seema mody is dialed into the call and has all the details.

seema? >> melissa, solid results, but a conservative setup for 2025. that's the take away from matthew swanson, who has a neutral rating on the stock and a $610 price target. ceo telling cnbc that currency headwinds are to blame for light guidance. oracle talked about the negative impact of the stronger dollar earlier this week. he reiterated it is making progress in finding wails to monetize artificial intelligence with enterprise customers. adobe's a.i. assistant continues to accelerate. french and german recently being added to the platform, which says will help increase bookings, not just here, but overseas. he says demand is increasing in ing markets. but wall street has been a built more cautious on this stock, with shares underperforming its software peers this year, though it has rallied in recent weeks. one of the concerns out there, melissa, has been competition from openai. back to you. >> all right, seema, thank you.

seema mody. currency that's an interesting excuse for weak guidance. >> never love currency as a -- >> yeah. >> i know, and it's not like -- >> we've seen where the dollar is going. >> better than expected, they say constant currency. i know guy is going to say this. i'm shocked that the stock is down 8%. it's not a particularly big miss. it's 2% at the midpoint for both, you know, earnings and sales. so, to me, it's just fascinating. we talked about all the stuff in the nasdaq that's going berserk and this is down 8%? down on the year? >> it's been a tough run for a couple of really what were the software juggernauts for years, but i will say, in terms of fx dynamics, s.a.p., who is a competitor from abroad, has pointed out that actually fx is a tailwind. if you think about multinationals around the world, something that would be competing on some level, it is good news. >> if our crack staff in ec can pull up a longer-term chart, you'll see we've been in this downtrend in adobe since the

all-time high in november 2021. the uptrend has been in place since early 2022. this pennant formation, which has been created -- like what i did there? >> the only pennant you're going to see. >> so, this is important for you to watch. and dan is right about the guide. it wasn't a disaster. but given the magnitude of the beat this quarter and the fact they sort of racheted ed back next year, it's concerning. coming up, why a u-turn from gm on its robotaxi project is sinking shares of uber and lyft. plus, companies are increasingly turning to uranium to help power the serge for data centers. we have a look at the cigar lake mine in northern saskatchewan. pippa? >> demand for uranium is rising amid the nuclear renaissance, and cameco is in northern

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see how much you can save. welcome back to "fast money." we've got a buzz kill on uber and lyft. both dropping on new signs they are falling behind in the

robotaxi race. gm saying yesterday it would no longer fund autonomous vehicle development, citing the increasingly competitive market that right now is dominated by tesla and waymo. gm had spent over $10 billion developing the driverless ride hailing service cruise. it will combine cruise's operations with technical teams and shift focus to self-driving in personal vehicles. now lyft was added to the bicep to make blicep, tim, but do you still see the promise here a need for an interface, a platform for these robotaxis? >> i'll wear whatever egg you want to throw at mech. i'm not sure i demanded lyft to be the l in blicep, but there it is, and it's been there all year in good times and in bad, and these are bad times. so, i think it's a case where, first of all -- selling gm on this news is crazy, okay? because gm has zero cruise in their valuation. in fact, if anything, i would have thought it would rally on

this news to stay focused and profitability needs to be where it is. lyft, i think the short-term fundamentals are more important, which is taking back market share from uber and driver normalization, and even some of the regulatory headwinds that were at least reasons to sell the stock. i get that this is a big, longer term concern, but i would -- i will stay long and keep it in the blicep. >> you made the point that waymo is using waymo one, which is its own platform when it enters cities, like phoenix. >> i'm sure they're going to get it right and uber has to get autonomy right at some point, but i don't think it's this year or next. and i think you can kind of take the over as far as when, you know, tesla roe bow tack ty is going to be on the road and threatening uber. i think uber is a lay-up here, down 30% since the day it closed up at an all-time high after that tesla robotaxi event. it's getting killed largely for the same reasons over the last two weeks. you look at the expected growth, i do not think any of the robo things are going to be weighing

on their growth. >> i agree with you on gm, it shouldn't matter. >> it was up yesterday and today it was down. >> well, we were talking today about remember when gm talked about, there were rumors of gm -- >> spinning out cruise and how good that would have been. >> the valuation would have been huge. >> now it's just absorb it and have it quietly go away. seems the right thing to do. coming up, the nuclear renaissance is here. power hungry a.i. data centers pushing companies to find alternative sources of fuel. our pippa stevens joins us next from the world's highest grade uranium mine for an inside look. >> we're in this elevator descending ,600 feet to the world's highest grade uranium mine. we got an exclusive look at its operation, and we'll take you inside. that's coming up next on "fast money."

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apart. no matter when and no matter where, life is a gift best shared. harry & david. life is a gift. share more. welcome back to "fast money." uranium miners have been rushing to meet the surge in demand to keep a.i. data centers running. pippa stevens took three planes, traveled more than 2,600 miles over more than 15 hours to remote northern saskatchewan, canada, to get an inside look at

the world's highest grade uranium mine. also, she's standing in minus 18 degree weather. pippa? >> yeah, melissa, and if you can believe it, it was actually colder earlier in the day. but down in the mine, it's much more comfortable. a relatively balmy 40 degrees. and we got an inside look at just how cameco mines is valuable, but very challenging your rain yum uranium deposit. this big drill blasts about 2 to 4 meters every single day, and after that happens, all of that rock has to be brought back up to the surface. cigar lake developed a specialized jet boring system to access this very high grade of uranium. the system runs along these tracks so they can move it along the length of this tunnel. this is the jet boring system, it was developed for cigar lake, and this is the only place in the world where this type of machine is used. behind me is the water pump

station, the specialized jet boring system developed here requires highly pressurized water in order to access those ore cavities. it's traveling at 15,000 psi. this is where all the ores slurry that contains the uranium is pumped. this machine called the clam dropped down and picks up the uranium from the bottom and then sends it back for grinding before it's eventually pumped up to the surface. and melissa, that tower over there, that is mine shaft one. that's the elevator that we were in. it can hold up to 40,000 pounds, and all those shots underground, all of those are right below my feet here. >> this is just spectacular, pippa. it's amazing reporting here. how much can cameco decide to just turn up production, and how much of the mining is thanks in part to technological developments, we've seen that and you cover the oil industry,

we've seen that in that industry, as well. more accessible because of technology. >> well, it's about 18 million pounds per year here. they have no plans to increase the amount of output. they do have the lease here until 2031, with plans to extend that to 2036. however, at the mcarthur river plant which is close by, that is the largest in the world, it's currently at 18 million pounds per year, it could go up to 25 million pounds. i did ask the ceo about that. it seems like there are some plans in the works there, but nothing quite set yet, thanks to there not being enough of a pricing signal just yet. on your second point, so, the jet boring system that you saw in that video, that was sandstone above the ore is too weak. so, you can't access it from above, most mining, most tracking comes from above or the side. this one goes down below. and so all of it is done

remotely, all done by a.i. also after they mine each cavity, they move to other tunnels to look for ore that can balance out how rich that ore they've already mined it, so, when they send it to the mill down at mclean lake, it's a relatively consistent product they're sending. so, they are using a lot of technology, a lot of a.i. to really inform how they're drilling this location. >> so, everything is done remotely. you made a point in an earlier hit, which i heard, pippa, that the wifi down there is great, and that's probably because they have to operate all the machinery, using wifi? >> that's right. yeah, so, they're connected everywhere, and there's a really elaborate safety system, so, everyone is always in touch. it's not just the wifi, there's the old school walkie-talkies, just to make sure all systems are go. but it really is, you know, a glorious mine, as one person told me, he calls it the rolls royce of mines. simply because it is so high tech and there is so much light, the air ventilation system is of such a high quality, because when you do mine for uranium, you worry about the radon that

is being released as the material decays. so, the air ventilation system is working overtime to make sure everyone down there is safe. and they even have sidewalks along the roadways, and so, it feels a bit like the new york city subway. >> except no rats. pippa, thank you. tremendous reporting. >> much cleaner, yes. >> pippa stephens. >> thanks. >> for more on the investment opportunities, let's bring in john champalia. great to have you with us. >> thanks for having me. and i've been to cigar lake, and thankfully, i went there in july. >> that makes probably a big difference in terms of the temperature. in terms of production, what was surprising is that there's no plans to increase production at a time when there's so much demand. i would imagine that's on purpose, but you know, why not increase at all?

>> yeah, you raise a really good point. it's all about supply discipline. this is an industry that was on life support after fukushima. a lot of the egs be mines, including mcarthur river that pippa mentioned went on maintenance for a number of years. so, the producers are very careful to ensure that future production is balanced with future demand. so, as they build their contract book, which is selling uranium to utilities, they then release more production. so, it's a careful balances act to maximize value. and i think it's just about being disciplined and really maximizing the revenue and earnings that are able to generate in the cycle. >> hey, jon, it's tim. congrats on the work that you've done in this space for a long time, and now you are really in the center of all of this. >> thank you. >> my question to you, the demand side of this, how much o? and new to, you know, your view, at least, in terms of the a.i. and the server and some of that,

you know, computing dynamic, versus really what are global clean energy needs? and ultimately, are the geopolitics part of this, are really probably going to be pushing long-term contracts, which i know are key to how you're valuing a lot of this, much higher? >> yeah, i mean, there's really three big drivers that we see. first of all, just growing, from emerging markets, china, india. they still consume very low levels of electricity per capita, relative to the rest of the world. so, that's a big driver. western countries pivoting back for energy security, decarbonization and growing load growth. and finally, i think the cherry on top is going to be really the next part of the bull market, which is really going to be about the development of small modular reactors, which thankfully big tech companies are really stepping up to the plate here with capital, really helping to validate this

technology and get it off the ground, which we need. you see the uranium price both in the spot price, as well as the term market, slowly moving up over the last few years. it was a very dead in the water commodity back in 2019 and 2020. the price is clearly following kind of a staircase type of situation, where pricing is grinding higher, and that's just because there is this demand building and we need to get higher prices to incentivize the camecos of the world and other miners to expand production and build new mines, which is really critical in order to develop the fuel that the world will need in the coming decades. >> john, great to see you, thank you. >> thank you for having me. >> guy? >> they're the gold standard, no pun intended. the heavily weighed cameco, 19%, that's quasi-underperformed. i think, and i'm sure tim agrees

with this, this is about to break out in a meaningful way. supply constrained, demand is there. production disruptions. ccj is the way to play it. >> if you look at where some of their sales came in, they're up 25% year over year. the dynamics, and we hear this all the time in terms of russia -- they and a couple other countries nearby, uzbekistan, they're close to 50% of global production, so, some of those dynamics are part of what's going on here. nothing cheap about ccj, by the way. but i do think because the quality of these mines and because they are so much in the center of this, i think you're staying long. coming up, it wasn't just big tech hitting records today, but after some big runs, how should you play the stocks? don't move a muscle. america's favorite game, trade it or fade it, is up next. "fast money" is back in two. herg to be anything... -left over? -yeah. oh, absolutely.

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as unh continues to drag it down. shares of ges have vernova jumping. it announced a dividend of 25 crept as share and approved a $6 billion share buy-back. shares are up more than 160% this year. and bitcoin rallying back above the $100,000 level. well, it wasn't just the mag seven hitting records today. from streaming to banking to retail, all-time highs were hit across sectors. we thought it would be a great time to break out an old fashioned game of -- >> trade it or fade it! >> that's right. we're bringing america's favorite game. yep, yep. >> still as confusing as ever! >> but it rhymes, so good. okay. >> so, we're kicking it off with costco, it went back to its 1985 ipo. up 51% so far this year. so, guy, trade it or fade it? >> can't believe i'm about to say this, but you got to trade

it, mel. and you're out of your freaking mind at 50 times next year's numbers. you get a whiff of what walmart's done, you want to throw costco in that camp. i think costco can surprise, despite the valuation so, you still trade this one. >> yeah. karen, what do you think of costco at these levels? so high, but i thought that for hundreds of points. and i do have walmart, so, it's sort of the poor woman's costco, i guess. >> all right, let's get to netflix. the streaming giant gaining 2.5% today, up 92% this year. dan? >> let me fade it. i had a blanket response to this game on the email. i was like, fade everything. i mean, like -- >> don't bother me. >> i just feel like if you are long stuff and keep riding it, a lot of folks are going to dona, if you are looking to clip some stuff or whatever, but i just think -- you said 93%, this is a great company. they've been executing so well. think about how poorly this company was regarded in 2022.

stock was down 75%, you know? i mean, so -- am i buying it up 100%, no. >> tim? >> they've got pricing power. they've got scale. they've got growing margin, they're going to make 30 bucks a share in '26. not expensive. >> all right, let's get to blackrock, trading at record highs, back to its 1999 ipo. karen? >> yeah, i mean, i just think this is an asset-gathering behemoth that nobody's even close to what they can do. doesn't seem crazy expensive. i know pressure on pricing, but scale for them, they can run more efficiently. i would trade it. >> dan? >> yeah, you know, fade it. i mean, like, you know, i'm just like -- >> wait, wait. so -- you would fade everyone? >> listen. it's been a great year. it's been a great two years. it's defied every logic. when we came into 2023, there were so few real bulls here, so i don't know. you had a ball here. >> have at it.

deckers, 84% this year, all-time highs. ? >> i wear hokas, i don't wear uggs. i think you still trade deckers here. >> karen? >> you know, i know -- i know that hoka's been phenomenal. it's close to 40% of sales, and that deserves a big multiple. they already have a big multiple. we've seen how shoe companies can be in favor, out of favor. i would fade it. coming up, options traders with a big alphabet. we'll go inside the numbers with professor mike khouw after the break. but first, ro inking a partnership with eli lilly to bring lower priced drugs to the platform. their ceo will join us next with all the details. more fm fl "fast money" after t.

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walmart and drinkcirkul.com. welcome back to "fast money." ro is making it easier for patients to access lower cost versions of eli lilly's blockbuster weight loss drug. they announced a partnership with lilly direct, bringing single dose zepbound vials on the mralt form for the first time. zach, great to see you. >> thank you for having me.

>> this is good for consumers that will pay less. what do you get out of it? >> ro is founded on the principle of helping patients get the most effective treatments at the most affordable price. i'm biased, but i already thought we were the best place for patients to start, right? we offer a free insurance checker, where patients can check their insurance, see if they're covers and we'll handle that whole process. if they're not, this is another amazing cash pay option for them. right, so, why would patients like the zepbound vials in the first place? as you said, it's lower price, so, it's the most affordable branded glb-p-1 on the market. there's less nausea with zepbound, and it's in stock, and there niece supply shortage. so, you put that together, it's a cheaper product, a faster product, it's in stock. >> do you have exclusivity? i mean, you are directing patients -- if i go to ro and i'm looking for this version of zepbound, you direct me to lilly

direct. >> if it benefits patients, it benefits ro. the main way it benefits patients, it creates that seamless area. now, they have to go to labs, pharmacy, doctor's office, and now, from the comfort of their own home, they get all of those in one place, right? and so, the reason that's possible is because we at ro integrated with lilly direct's online platform and so that's why they can have that seamless experience. in terms of the financial arrangement, which i think -- there's no financial arrangement. >> nothing? >> we don't make a dollar off -- >> do you have exclusivity to this zepbound version? >> this is the first time of this integration. ro is the only place that offers -- >> is that guaranteed in this agreement? or can ims say, hey, we can do this, too? >> right now, we're just focused on serving our patients. >> all right, zach, happy ro

customer over here. but -- >> love to hear it. >> the pens versus the vials. the pens -- you did on the big shot, and -- >> thank you. >> you know, you talked a lot about the compounding, the vials and that sort of thing. talk to us about the benefits other than cost for the vials over the pens. >> why would someone choose one over the other? >> yeah. >> first, glad you are a happy ro customer. but that's really one of the main value propositions of ro. we're going to help that patient figure out what is best for them. they're going to come to us. if they want to get started right away, they don't even want to check their insurance, they go straight for the vial. that is going to be the most affordable branded glp-1 on the market, immediately with the vial. if they want to check their insurance, again, as we shared before, about 45% of our patients are covered, and when they are covered, they are really, really covered. the average copay is $50. you pay $50 for the pen, that's 10x better than paying a couple hundred dollars a month. that's 45% of people. if for 55% of people that aren't

covered, it's going to be the most affordable product. and it's in stock and there's an -- as are the injectable pens, but there haven't been any supply disruptions with the vials. and it's shipped directly to a patient's door. >> are physicians who operate on your platform, are they obligated or are they encouraged to prescribe this? i'm trying to understand, you know -- >> not at all. that's been very, very important to us and it was very, very important to lilly that our providers on the platform, the ro-affiliated providers, maintain independent clinical judgment. we want to streamline the process, figuring what's best for the patient, based on their coverage, their health background. that was very, very important that providers are not incentivized in any way. >> if novo came out with a similar product, would you offer it, or are you precluded from

doing that? >> it does not. our focus is, again, on making sure that when a patient comes to ro, they can get the most effective products at the most affordable price. we don't play any favorites in terms of what a patient gets access to. we're constantly fighting for them. the fascinating thing to me, and, again, the reason we're so excited about this integration is, if you zoom out and say, what has happened over the last three, your fears, four years came out, $1,300. zepbound, based on the head-to-head trial last week, 40% more effective, 20% lower price. that was in november last year. january, lilly direct comes out, increasing access to that product. nine months later, the vials come out. 50% reduction in price. right? within nine months of a product coming out. so, i think we are seeing and i think that the steps that lilly has taken here are quite innovative to reduce the price. >> you talk about this as an

integration, there are senators who want to look into the telehealth companies run by pharmaceutical, like lilly direct, because it's -- a patient goes there and will be prescribe prescribed a lilly drug. so, does this integration get lilly off the hook? >> i think they can, by the way, when you go to a lilly direct partner, ro is not one, but you can be described any particular drug. it's not only lilly products. so, again, i think that's really an important note that providers intelehealth have that independent clinical judgment to determine what is best for the patient. the fascinating thing for me is, the reason i was going on that -- describing the reduction in price over time, especially with the added scrutiny, is we've all been talking about, how do we get these prices cheaper for patients? the only patients that we're paying a list price for the ones that weren't covered. and the fascinating thing is, three years ago, the list price was $1,300.

today, we're announcing an integration with a patient can pay $399. there's two companies in the announcement, not 12. that's why. it's because -- because of this integration, has removed the middleman in that process, removed insurance companies, it's fighting for patients by removing those intermediaries. there might be scrutiny here, but the most important thing to take away is that this is what's best for patients and providers to have independent clinical judgment. >> zach, thank you for coming by. coming up, big tech bringing the nasdaq to new heights. how options traders are playing one of tech's biggest names ead. more "fast money" in go. (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street.

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welcome back to "fast money." big tech powering the nasdaq above the 20,000 level for the first time ever. as we mentioned, one of the names now at all-time highs is alphabet. the options are attracting a lot of interest, too. mike khouw's got the action. hey, mike. >> yeah, so, alphabet was the third busiest single stock option today, trailing only nvidia and tesla, with about 2 million contracts traded between google and goog, the nonvoting shares. calls outpaced puts by more than 3.6 to 1. the busiest contract in both the

voting and the nonvoting shares were the january 200 strike calls. we saw between those two 110,000 contracts trade for $4.20 a contract on average. buyers of those calls are betting that there is at least 6% upside over the course of the next month. >> all right, thank you, mike. mike khouw. up next, final trades. since starti the farmer's dog, bogart has lost so much weight. and he has so much more energy. he's like a puppy again. ♪ (banjo playing) ♪ c,mon bo! this is a before picture of bogart. such a big boy. pre-portiod packs makes it really easy to keep him lean and healthy. and look at him now.

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cla - cpas, consultants, and wealth advisors. we'll get you there. y'all see this, patrick mahomes is saying goodby patrick! patrick! people was tripping. where are you going!? he was actually saying goodbye to his old phone. i'm switching to the amazing new iphone 16 pro at t-mobile! it's the first iphone built for apple intelligence. that's like peanut butter on jelly...on gold. get four iphone 16 pro on us, plus four lines for $25 bucks. and save on every plan versus the other big guys. what a deal. that's a lot if you ask me. ya'll giving away too fast t-mobile, slow down.

time for the final trade. tim? >> not cheap. going higher. long-term. ccj. >> karen? >> yes, i've come around to boeing. i like it. got a ways to go to the upside. >> dan? >> we're in a four-box. i cede to my friend tim over here.

uber looks good to me right here. >> guy? >> if people could only hear what goes on in the commercial break. >> they might want watch anymore. >> they might. >> urnm. >> all right, thank you for watching "fast money." see you back here tomorrow at 5:00 for more "fast." don't go anywhere. "mad are nm, melissa lee. >> don't go anywhere, "mad money" with jim cramer starts right now. 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. hey, i'm cramer. welcome to "mad money." welcome to cramerica. either people make friends, i'm just trying to make you money. any job is to explain to call me at 800-743-cnbc or tweet me at jim cramer. the age of anti-trust