tenuous overtime and does he participate? a lot of folks will be watching for that. >> you will bring us those headlines as we get them will monitor the white house right now and we saw nvidia, dell and oracle pop into the close around expectations the market, a big story. >> netflix, too. >> "fast money" starts now. ty live in the heart of new york city's times square this is "fast money." here is what's on at that point, netflix and shares of the streamer soaring on a huge subscriber beat. the stock currently trading at record highs. can the gains keep coming, and how does the company keep growing? we are dialed in the call to bring you answers. rotten apple, seeing numbers not seen since last november down 15% from its christmas highs. is there still reason to buy the stock? and later william sonoma on home

depot and lowes get a boost? will it stay on a solid foundation. we'll debate that. we're expecting donald trump on larry ellison, masayoshi son and sam altman. we'll bring you comments as soon as they begin. i'm melissa lee. tim seymour, karen finerman, dan nathan and guy adami. the streaming giant shares surging after revenue jumped to over $10 billion. a record 19 million subscribers, 10 million more that expected bringing its total to over 300 million. the call kicking off about 15 minutes ago. cnbc's julia boorstin has been listening in and has the very latest. >> reporter: melissa, some questions about that huge beat in subscribers and what was behind it. it was driven in part by netflix's lower price ad-supported plans. co-ceos saying that the subscriber boost was not solely

because of a huge influx of new subscribers that came for the jake paul mike tyson fight or the christmas day games based on the success of a broad array of netflix content around the world. and they're making that content more accessible saying the ad-supported plan accounted for over 55% of signups in the fourth quarter in countries where it's available and membership on the ads plan grew nearly 30% quarter over quarter. now with this demand that netflix saw in the quarter, it feels comfortable raising prices. price hikes announced for the u.s., canada, portugal and argentina. netflix is raising prices on the ad plan from $7 to $8. the standard plan by $2.50 to $18 and the premium plan by $2 to $25. adding an extra member increasing by just a dollar. adding an extra member to the ads plan costs $7, and that is a new option. so that's notable because the

company said that a top priority for 2025 is to improve its offering for advertisers so they could substantially grow ad revenue. melissa, that's all about getting more eyeballs so they have the inventory for advertisers. melissa? >> julia, i think that the skepticism will be surrounding that big beat on the subscriber number, and you mentioned they were ready to say it's not because of the fight at the end of december. do you think they'll give us any sort of ideas, the cadence of the subscriber ads throughout the quarter? because if it was because of a broad array of content, it should be sort of even. >> reporter: well, what they said there were subscriber additions throughout the quarter and around the world, and they also said that, yes, they saw some people sign up for the fight, but they didn't cancel right away. the fight was in november. they stuck around to watch the premiere of "squid games" in december. and what they say they're seeing here is this really broad array of content that's very popular all around the world.

they have this plethora of options of local language content that really is paying off, and it's just fascinate to go see the addition of 10 million more subscribers than expected and, melissa, this is the last quarter that netflix is going to be reporting subscribers. going forward they want to shift focus away from this number towards profitability because if you have dual revenue streams, it's not about just how many people are paying the monthly fee. it's how much people are engaging every day and watching ads because that's going to be the driver of that key second revenue stream. now in the past, they said that advertising was not going to be a key revenue stream for 2025, pointing to 2026 when there will be an inflection point there, but with these numbers, you have to wonder if we're going to see ads really kick in as a profitability driver sooner. >> all right. julia, thank you. julia boorstin. nice to go out on a high note on a metric you're no longer going to report. guy? >> maybe it's a one-off, but

it's a record number of subscribers for a quarter, even if you want to back out the fight and say maybe that was sort of inflated. it's still extraordinary. margins a lot better, i think 22%. their ad tier now goes to $7.99 from $6.99. they're going to jack up prices. remember seven or eight years ago they did that. the stock market didn't like it. now they're in a much different place. so i don't think you chase it here. i think we were consistent the last couple weeks. i thought the setup was good. here are levels you should be reaping harvest and that's not an indictment of the quarter. >> not at all. that was your call, guy, into the print. i just think of this as the opposite of what happened in 2022. remember when they were losing subscribers faster than expected and the stock kept gapping lower. 75% of its value. a quarter like this and you say, okay, they just guided up revenue maybe 4.5, 5% or so. okay, like, the price increases, it's just margin.

it's great. the advertising business doubling year over year. it's great. it's just margin. the fact of the matter is when you have this ad-supported tier on the low end, you have to ask how much can this continue? at some point 300 million global subscribers, 30% are here in the u.s. at some point if inflation becomes an issue, again, it will be hard to continue to raise prices at this level, but, again, there's nothing not to like. i don't know how you chase it here. >> i actually think inflation becomes a level they can raise prices more easily, but i think there are so many things to like here. i mean, you talk about a lot of them, obviously subscriber growth is great, but there are so many levers between ad supported -- you talk about the margin when you have a price increase. that's nearly entirely margin. the streaming wars and one of the things i thought was interesting in the letter, we believe less than 10% of tv viewing in every country we operate. so they view that as 90% that they don't yet have, and at one

point that would have seemed ridiculous that they would think not anymore. so when you talked about that terrible, terrible quarter and they lost subscribers, they had just terrible content, miss after miss, but now with such broad content and live sports, there's so much to like here and, yes, it's expensive but i think it's worth it. >> i think this quarter was something that the market was pricing in before the quarter but at the same time i think this quarter was so extraordinary that i think you're going to see the street continue to upgrade. no one is surprised by the operational leverage in their business and that this is a company that, as dan said, is dropping everything to the bottom line at this point. and that's what's exciting about it. so i actually think that although it's been an incredible run for netflix, and dan referenced that low point back in may of 2022, the stock is up almost 500% from may of '22, and there's a lot of different reasons for it. it's about what they're saying in the after hours, their ad revenue is going to double again next year. we started out about 40 million. this number tells you about 80 million. and now we're seeing that that

number will double again, but also talking about how they're not chasing big sports. i forget what they're calling it, big team sports or big guy sports. >> i'm not familiar with big boy sports. >> that they are chasing one off and they are chasing live events. it's going to come back to what's the multiple you're paying for this company, and if the consensus on the street was somewhere around 14 billion for 25 eby the at ebitda which mean traiting at 26, 27 times. no more with price hikes still on the way, more dominance in terms of a global market, like the worst thing we're going to hear, probably, is fx dynamics, and who cares? >> they talked about the dollar, i think, in terms of the strength of the dollar. what everybody said is spot on. do you chase it here 509? the prior high was 542. i think good practice suggests we'll visit that at some point. if you've missed the run, i think that's your entry point,

but it's remarkable quarter on every metric. >> does netflix deserve to be re-rated? haven't we proven the netflix story is sort of teflon in the face of inflation? >> i mean, listen, i go back -- it's funny they're not chasing the big sports. if you look at what they did in the nfl, i think they had 25 million viewers of each of those two games. they have 90 million subscribers here. it's pretty astounding. you can go after that tyson fight. it was brutal. it was a long four hours, you know what i mean, getting to that fight, and it was not a good fight, but what do they have? 60 million people, 20 some percent. listen, it's amazing. i think if they get in a battle for sports rights, that's a battle that they're probably going to have a hard time keeping some longevity to. look at the deals folks are doing for nba rights. an $80 billion deal. i don't think they want any part of that. >> yeah, and that's even bter for the netflix story. you all out there, you go fight over it, spend a lot of money. we're going to stick here and create our own events.

>> who knows better than netflix? this was a company paying to have reruns of, might have been the "brady bunch." >> you would have liked that. >> they were paying so much for content, how much it was going to cost. if anyone has an ability to discern where we want to spend on content and where we can make it by ourselves really cheap, i think this is the company you want to listen to. if they're not chasing big sports, i think, boy, i would be a little worried if i was nbc or even cbs or abc, all these people that are chasing big sports. meantime, we are awaiting president trump set to announce an artificial intelligence infrastructure deal with some major tech players. cnbc's eamon javers has more on what we can expect. eamon? >> reporter: well, melissa, we can expect this event to start at any moment now. we're ten minutes into the two-minute warning, so your guess is as good as mine as you look at the live pictures of the roosevelt room. we do expect an announcement here of a massive multibillion dollar joint venture in terms of

a.i. infrastructure between some of the biggest players in the a.i. and technology industries. so oracle will be in the room, openai will be in the room, softbank will be in the room. the question is exactly how big is the total dollar amount that we're talking about here in terms of this investment, where will this money all go? and one sort of political question is masayoshi son was with donald trump down in mar-a-lago a month ago, promised $100 billion in investment in the united states. does this count toward that, or is this a separate bucket of investment money? in any case, the trump administration sees this as a big win and a way to start off the administration by showing the american voters that trump can deliver on what he said he was going to do which is create jobs, juice the economy and get things going particularly on a.i., which is one of the hottest and most important industries for the future, melissa. >> eamon, i think it's

interesting, though, the backdrop of this is that u.s. steel/nippon steel deal was blocked because of security deals, and yet he is opening the gates to foreign investment in another area that can be argued is much more of concern when it comes to national security. a.i. and data centers. >> reporter: yeah, sure. >> it's not just masayoshi son from softbank, it's also the middle east money that we're getting for data centers, $20 billion, i think it was. >> reporter: yeah, that's exactly right. and so one of the questions here is what is the trump administration's red line in terms of foreign direct investment in the united states? is it just that the u.s. steel deal involved in iconic american name and is it just hands off the big iconic american names or is there some other nuance to this policy that hasn't been articulated yet and we'll wait to see what the white house says about that. but clearly trump is going to be standing here welcoming this direct investment with open

arms. it's japan in both cases, melissa, you talked about softbank or nippon steel. it's a major u.s. ally, a major part of the western world. does that represent the national security threat? clearly trump will say no in this case, but, you're right, where do you draw the line? who do you include in the tent and out of the tent? all of that still tbd. >> eamon, thank you. >> reporter: you bet. >> eamon javers in a very cold washington, d.c., we should note. that's an interesting thing will be, what is the ownership structure of all of these investments? does the u.s. have ultimate control over everything that is built? do we actually own it, because one would argue these are investors and they are shareholders in whatever project this becomes, whether it's -- right now it's reported that it's going to be called stargate. we saw a lot of these stocks rise towards the end of the session on the back of the anticipation of this

announcement. >> a joint venture where the u.s. has interest, money flows into the treasury. you heard that yesterday. your question, eamon, was spot on and if u.s. steel was called lehigh valley steel, we wouldn't -- i'm not even kidding around. i think it was the name that caused some consternation not only for the trump administration but the biden administration, too. any other name, this probably goes through. but you're spot on. where do you draw the line? and clearly there is a line. i just don't know what it is. >> but it's great for the a.i. trade. all this money deployed on chips and servers, right? dell, your dell should be a beneficiary. your nvidia should be a beneficiary. >> yes. i think that's great. i don't know what has to happen for this to happen. i don't know. we shall see. i am so stuck on the first point that you raised about how is it that u.s. steel -- >> my first reaction is that deal is going to go through. i mean, at some point you're

going to work through the politics of what was political season, the height of it, when we decided to shoot this down for no reason and, again, great point, melissa. i think, also, this is, if you're chasing or if you're investing behind these kinds of themes, it's going to be a different theme in '25 than it was in '24. it's not necessarily going to be about the chip names. if you think about underperforming chip names, i would. but if you're thinking about even the constellation energies or the arista networks, this is the stuff that moved today and, in fact, if you looked at markets, it was a bit of a bar bell. you had high end, ultra high growth stuff rallying and then small caps and some of the equal weighted stuff rallying, but it was clearly about a.i. today. >> call me skeptical. i think this is going to be there's no there there. >> they're going to announce something and there's nothing? >> these companies were already committed to spending tens of billions if not hundreds of billions of dollars over the next few years, and i think we're probably going to see this isver the life of the term of

donald j. trump. you think about openai being at the table. okay, that's smart for sam altman. everyone kind of hates them other than microsoft. oracle would love to get more market share as it relates to, you know, the public cloud. right? who is the other one? masa son, he's so far up trump's you know what. how many times have we heard -- >> trump said how about $200 billion? he went from 50 to 100 and then trump said 200. >> i guess my point is, we could walk away. it has a nice name. it feels like infrastructure every week for four years, that sort of thing, and so why didn't nvidia not rally 10% today? why didn't dell rally? i don't think investors who are paying attention to this trade think this is particularly -- >> but oracle did rally 10%. >> look at how oracle traded the last two months or so. they started missing on their growth target for their cloud infrastructure. and so what does that tell you about the folks at the table right now? >> all right. again, we are waiting for president trump to speak. as soon as that begins, we'll

bring that to you live. meantime, coming up, earnings season officially in full force. shares of united airlines on the move after its results. details on the quarter next. plus, gapping higher, shares are jumping and the turnaround plan that had investors giving the stock a try on. "fast money" is back in two. >> announcer: this is "fast money" with melissa lee right here on cnbc. it's time. yes, the time has come for a fresh approach to dog food. everyday, more dog people are deciding it's time to quit the kibble and feed their dogs fresh food from the farmer's dog. made by vets and delivered right to your door precisely portioned for your dog's needs. it's an idea whose time has come. ♪♪

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all from the company with 99.9% network reliability. get the 5-year price lock guarantee, now back for a limited time. powering five years of savings. powering possibilities™. and free panel at four patriots.com. >> welcome back to fast welcome back to "fast money." we have an earnings alert on united airlines, the stock taking off after the company beat top and bottom line efforts. let's get to our phil lebeau with the very latest. actually, president trump has begun speaking from the white house. let's go to him live. it's an honor to be here today. we have the first full day as president. we're back and we had a great first terrell, but we're going to have an even better second term, and i think we're going to do things people will be shocked at. we're starting off with tremendous investment coming into our country at levels nobody has really ever seen

before and very happy with the fact that i won the race and that they feel confident in their investments and it's big money and high-quality people. so my first day back from having a nice life, it's my honor to welcome three of the world's leading technology ceos. and in the case of larry, larry ellison, well beyond technology. sort of the ceo of everything. he's an amazing man, an amazing business person. but to announce the largest a.i. infrastructure project, by far, in history, and it's all taking place right here in america. as you know there's great competition for a.i. and other things and they are coming in at the highest level. we're joined by oracle executive chairman larry ellison, softbank

ceo, my friend, masa. masayoshi son. and ceo of openai, and i would say the, by far, the leading expert based on everything i read, sam altman. that's great that you're coming in together. that's a massive group of talent and money. together these world-leading technology giants are announcing the formation of stargate. so put that name down in your books, because i think you're going to hear a lot about it in the future. a new american company that will invest $500 billion, at least, in a.i. infrastructure in the united states and very quickly moving rapidly creating over 100,000 american jobs almost immediately. this monumental undertaking is a resounding declaration of confidence in america's potential under a new president.

a new president. i didn't say it, they did. i appreciate it. it will ensure the future of technology. what we want to do is we want to keep it in this country. china is a competitor and others are competitors. we want it to be in this country, and we're making it available. i'm going to help a lot through emergency declarations because we have an emergency. we have to get this stuff built. so they have to produce a lot of electricity and we'll make it possible for them to get that production done very easily at their own plants if they want where they'll build at the plant, the a.i. plant, they'll build energy generation, and that will be incredible. but it's technology and artificial intelligence all made in the usa. beginning immediately stargate will be building the physical and virtual infrastructure to power the next generation of

advancements in a.i. and this will include the construction of colossal data centers, very, very massive structures. i was in the real estate business. these buildings are big, beautiful buildings that will employ a lot of people, and physical campuses in locations currently being scouted nationwide. they're making their choices of locations. i think they have their choice. i would like to ask larry, sam, and masa to say a few words and just talk a little bit about what they're doing, and if you have any questions, we'll go into a couple of other subjects, also. this is, to me, a very big thing. $500 billion stargate project. i think it's going to be something that's very special. it will lead to something that could be the biggest of all. so, larry, maybe we'll start with you and we'll go down the line. thank you. >> thank you, mr. president.

we certainly couldn't do this without you. it would simply be impossible. a.i. holds incredible promise for all of us, for every american. we have actually been working with openai for a while and with masa for a while, the data centers are under construction. the first of them are under construction in texas. each building is half a million square feet. there are ten buildings currently being built, but that will expand to 20 and other locations beyond the abilene location which is our first location. the kind of applications we're building, to give you an idea, maybe the most charismatic and the one i think touches us all, electronic health records. not just maintaining electronic health records but by looking at electronic health records, understanding -- the doctors better understanding the condition of their patients and being able to provide health care plans that are much better than they otherwise would be.

a doctor in indian river reservation would be able to see how a doctor at memorial sloan kettering would treat the patient or a doctor at stanford would treat the patient. we actually provide all of that information, all of that guidance to the doctors who are treating cancer patients or patients of any other kind of disease made possible by a.i. i'm not going to take a lot of time. i'm going to pass it to masa, but this is a very exciting program for us to be a part of. thank you. >> thank you, sir. that's good. that's great. i stand tall now. thank you. well, mr. president, last month i came to celebrate your winning and promised that we would

invest $100 billion, and you told me, oh, masa, go for 200. now i came back with 500. because this is -- as you say yesterday, this is the beginning of the golden age of america. this is one great example, i think. right? >> i think so. >> this is the beginning of the golden age. we wouldn't have decided unless you won. and yesterday we agreed to make this happen. so we would make this happen. we would immediately start deploying $100 billion with the goal of making $500 billion within the next four years. right? because of your success.

we are very excited to do this and our partners, of course, softbank, openai and oracle and investing partner with mgx. on top of that we have the technology partner nvidia and microsoft has been very, very supportive and continues to support all our success. this is not just for business. this will help people's life. this will help solving many, many issues, difficult things that otherwise we could not have solved. with the power of a.i. i think agi is coming very, very soon. and after that -- that's not the goal. after that, artificial super

intelligence will come to solve the issues that mankind would never have thought weigh could solve. this is the beginning of our golden age. thank you very much. >> thank you very much. >> i don't have too much to add, but i'm thrilled we get to do this in the united states of america. i think this will be the most important project of this era and for agi to create hundreds of thousands of jobs, to create a new industry centered here. we wouldn't be able to do this without you, mr. president, and i'm thrilled that we get to. i think it will be an exciting project. i think we'll be able to do all of the wonderful things these guys talked about, but the fact that we get to do this in the united states is, i think, wonderful. thank you very much. >> could you just say one word -- you know so many positive things about what it will do for medical research and for solving things, cancer, and

all the different problems. how will a.i. help us with the fight against the various problems, diseases, et cetera? >> these guys can maybe share more about some of the work they're doing there. i think they'll join some of the leaders about driving progress here, but i believe that as this technology progresses, we will see decembers get cured at an unprecedented rate. we will be amazed at how quickly we're curing this cancer and that one and heart disease and what this will do for the ability to deliver very high quality health care, the cost, but really to cure the diseases at a rapid, rapid rate i think will be among the most important things this technology does. >> very good. thank you. [ inaudible ] >> so we're currently working on -- should i step on this? all right. no, no, i'm not that tall. i'm not that tall.

>> you look even better. >> thank you, mr. president. one of the most exciting things we're working on, again, using the tools that sam and masa are providing is a cancer vaccine. it's very interesting. early -- it turns out -- i'll be quick -- all of our cancers, cancer tumors, little fragments of the tumors float around in your blood, so you can do early cancer detection. can you do early cancer detection with a blood test, and using a.i. to look at the blood test, you can find the cancers that are seriously threatening the person. so we can, again, cancer diagnosis using a.i. has the promise of being a simple blood test. then beyond that, once we gene sequence, once we gene sequence that cancer tumor, you can then

vaccinate the person, design a vaccine for every individual person to vaccinate them against that cancer. and you can make that vaccine, that mrna vaccine, you can make that robotcally, again, using a.i. in about 48 hours, so imagine early cancer detection, the development of a cancer vaccine for your particular cancer aimed at you and have that vaccine available in 48 hours. this is the promise of a.i. and the promise of the future. >> thanks. >> mr. president, i have a question. >> let me finish up. these are highly respected guys. i was shocked because i don't think larry even does this stuff. you did a very good job for a guy who doesn't do it much, right? he's so respected and the group, tan really an honor, but for larry to be here and do this is

very unusual because he doesn't do this stuff. and you don't need it, do you? huh? you don't need it. but i just think it's an honor to the country. it's a great honor that this group -- these are the top people that they're going to do it and they're going to do it here and we're going to make it as easy as it can be. 500 million stargate project comes in a separate pledge between $100 billion and $200 billion from masa. we talked about before. also $20 billion from demac. some just announced it. i know them and they're so highly respect them, i would rather do it this way. we're letting the world know what's happening. this is money that normally would have gone to china or

other countries, but in particular china, in total before the end of my first full business day in washington, and the white house, we've already secured nearly $3 trillion of new investments in the united states and probably going to be six or seven by the end of the week, tremendous amounts of money are coming in for many things other than even a.i. a.i. seems to be very hot. it seems to be the thing that a lot of smart people are looking at very strongly. our country will be prospering like never before. i think that's true and it's going to be the golden age of america, as i say. yesterday we had the most ambitious action-oriented day of any administration in history. there's never been a first day like yesterday, as you know. i signed a sweeping slate of executive orders to stop the invasion of our borders. i launched a government-wide effort to defeat inflation and bring down the cost of daily

life and bring down the cost of energy magnificently bring it down. and when energy comes down, larry, generally speaking, when energy comes down, everything else comes down. the prices of food and the prices of everything else comes down. energy is the big -- that's the big baby, and we declared a national energy emergency to drill, baby, drill. going to drill, baby, drill, like never before. we ended destructive d.e.i. mandates across the federal government and returned our country to a merit-based system and a common sense system. as you know the supreme court gave us a decision on merit where things in this country can be based on merit now instead of a lot of different rules, regulations and things that really put our country at a big disadvantage. we permanently stopped government censorship and restored free speech. that was signed yesterday. we renamed the gulf of mexico

the gulf of america. sounds so beautiful. the gulf of america. and returned the name of a great president, william mckinley, to mount mckinley. they took off the name, and he was actually a great president. he was a very, very successful businessman. he ran for governor of ohio. he won and did a great job as governor. ran for president and he won. he was assassinated ultimately in the second term. >> that was president trump speaking at the white house on an a.i. infrastructure investment alongside openai ceo sam altman, larry ellison and ceo masayoshi son. the project could be up to $500 billion in investment. eamon javers has the headlines here. eamon? >> reporter: the president not specifying exactly when we'll see that $500 billion, but masa son of softbank saying he's going to spend it all in donald trump's second term here. trump also saying that this project will create 100,000 jobs

in america, and the ceo of openai, sam altman, saying it's very important for him, this project is built in the united states. that is something the trump administration wants to emphasize with this announcement, this is a made in the usa a.i. event. and especially with the importance of a.i. globally in terms of transforming the global economy, they want to be sure that all of the biggest technical investments are here. as you heard the president say, and not in china, guys. >> all right. eamon, thank you. eamon javers. let's bring in dan ives at wedbush. you've been listening in to the president's press conference. as an analyst who covers a lot of these names, at what point do you start actually modeling in? do you wait until there are contracts or do you acknowledge that there is some sort of expectation and, therefore, you get excited alongside -- you know, we saw the stock react in the late afternoon.

>> yeah, look, melissa, it's something you're going to have to start the model in, not just names like oracle but when it comes to any of these sort of data center innovation plays, the palantirs, microsoft and others, and i think now it's a question of the multiplier, how quick this is going to happen. but we're seeing this off to a fast start, and everything we're seeing on the beltway, this is going to be really positive for more of the data center players from microsoft, for amazon, for google and, of course, for oracle. >> hey, dan, it's dan. when you think about some of the numbers being thrown around, there's no specifics here. microsoft gave capex guidance a few weeks ago, guided to $80 billion in the next year or so. 40 of that was going to be overseas. don't you get to a point where you can only build so much data center infrastructure here in the u.s. especially for the big multinationals who have to serve other places around the world and the last part of this question is, what about power consumption? at some point there's only so

much data centers you can build in the near term because you are power constrained. >> yeah, dan, you make a great point because the reality is we could talk about these capex numbers but it's about you need other names, but if you look on the data center side, there's essentially going to be more data centers under construction than actual data centers. bunow how quickly that gets built and we'll see it in earnings. but from microsoft, for amazon, for google, the capex is there. but now it's about ing how quick. that's what the street will be focused on for the next two, three, four quarters. >> dan, it's tim. so let's do that then. let's act like today didn't happen. as you were looking at the universe of getting exposure to a.i. across a number of different, let's call it, ancillary industries, or straight out of broadcom or

straight to some part of the legacy players we know about, where are you coming in today before this news? >> tim, i think you're looking at not just broadcom but what i believe is sort of the second derivatives. i think this is bullish for software. when you look at salesforce, dotcom, palantir and others, because data centers get built, where are the use cases? that's what the key will be over the next two, three, four quarters. i think it's really -- this is bullish for software because data centers get built out. the use cases are going to be software driven. >> but the use cases aren't clear right now. are we going to be at a foint where we have the data centers in place but the use cases, that part of the equation, hasn't exactly caught up? >> i think right now it's starting to catch up. i think we saw what benioff and salesforce and with service now, palantir, and now the use cases are really going to start to

explode. because these companies, all the a.i. capex it's about the multiplier. for every dollar spent on an nvidia chip an $8 to $10 multiple across the rest of tech, that's bullish for all the data center players, bullish for software, and that's going to really be the focus going into earnings season in terms of playing out the next derivatives of a.i. >> dan, i looked at dell, and i'm like, you know what, on the margins it has to be good for that stock given the fact it has sold off significantly since that huge move we saw, i think it was the fall of last year. >> yeah, i think dell has gotten overly hit. when you think about ones in play, it's oracle, but names like dell, you could argue names like cisco and others will need beneficiaries here because what you're seeing the last 24 hours from trump, it's a green light from an innovation perspective and that's not just going to be some of the data center points, it's all the u.s. tech players. everyone will try to get in on

this massive spending wave. this is just the beginning, and i think dell clearly will be a beneficiary there. >> dan, it's karen. thanks for being on. so for the software players, when do you see the sort of day of reckoning with companies running much more efficiently, not needing so many seats, so subscription potentially being under threat? >> yeah, look, i don't really see cannibalization probably until the end of '25 into '26. i think right now it's really been all these a.i. use cases launching. that's why i think up start to see the palantir first service now and salesforce. i think when you look at names like adobe, names like workday and others, software is really going to be a key theme when it comes to a.i. as it gets launched. you will have, whether it's a day of reckoning or some sort of cannibalization, but i don't think that happens another three or four quarters from everything we see in the field. >> dan, great to speak with you. enthusiasm for your quick take. >> thank you.

>> dan ives of wedbush. netflix's call wrapping up. we'll get all the deiltas here with rich greenfield after this. change for 125 years, always looking forward, anticipating risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power of nuveen. >> good morning everyone. >> ready for the big meeting? >> i have to write this project plan. >> i just need to reply to 40 emails. >> linda. oh, their. >> date disappeared. >> too many emails, messages, docs. that's why i have grammarly. it's ai that helps me write faster and better

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>> welcome bac welcome back to "fast money." another check on netflix. shares are up 14% now in the after hours. the conference call wrapping up. rich greenfield was on the call, joins us now. highlights here, rich. >> stunning. like, melissa, just stunning. running away. we talked about escape philosophy. they're leaving the rest of the industry in the dust. it's hard to imagine. they just added 19 million subs. that's more than they added in the quarter after covid hit in march of 2020. they've never added 19 million subscribers. sure the tyson/paul fight, the nfl on christmas. it wasn't every one was the overall driver of that many subs. they probably added 5 million subs in the u.s. or 4 to 5 million in the u.s. that's a crazy number. they're up to 80 million u.s. subscribers. the cable tf v universe is down

is down sub 70. that's sort of hard to wrap your arms around. >> taking a bigger picture. oftentimes we like to look at netflix in the world of streaming, but in the world of media, rich, who are they stealing from? they're gaining and those eyeballs are spending less time watching or watches, what, seven movies a month on netflix? which seems like a staggering amount. just a lot of time that one has to sit in front of a tv every month. >> you know what, melissa, i think it's really an important point. when you think about what do tech companies do -- netflix, spotify, meta, google, all of amazon, clearly, all of these companies, they are laser focused on one thing. time spent. they don't want melissa and rich -- they don't want us ever leaving. they want to keep giving us more to do, more ways to spend time

on their platforms. that is not what you're seeing out of a lot of the traditional media companies. they're pulling back on the amount of content trying to get to profitability or squeak out profits for wall street, managing quarter to quarter. they are not gunning it for time spent and focusing on making sure you never leave. if anything, here is one episode. come back next week or in six months or whatever it is. there isn't enough context. what they showed is their investment in content is directly driving engagement and leading to more subscribers and an increased willingness to leave more because they're raising price today and i don't think anyone will be complaining about the price increase. >> rich, thanks for being on. first of all, you've been loving this name probably since you were a little boy, before maybe it even existed, extraordinary quarter on so many metrics. but at some point what is

something that sort of makes you think, wow, it's sort of getting too expensive? a metric has to change or a stock price that makes you think, all right, maybe we have to be neutral? >> karen, let's just go back. it was own a few years ago that growth sort of stopped. they hit a wall and they were really starting to struggle. it was a very different competitive landscape. i mean, that was a point in time. i think if you were to look back, the one thing netflix management, and this was more in the reid hastings era. the one thing reid made a mistake on, he didn't expect so many media companies o do something so uneconomic, meaning lose billions of dollars year after year. i don't think he anticipated that, and that crazy amount of spending with no line of sight to profits, i think, was sort of the hiccup in netflix and they retrenched, went in and dealt with password sharing, went back and launched an advertising tier and it's been off to the races since, but there have been what

i would call air pockets that have sort of caused concern and fear among investors. i think what's different now, karen, is that now you're at a point in time netflix is putting more money into content. they just did wwe. they just did the nfl. they're investing more and more. they talked up their desire potentially for ufc. they certainly want more live event content. ufc becomes available later this year for a couple years out. there's more content available. netflix is leaning in while everybody else is pulling back, and so it's hard not to get excited when you see that sort of dispersion and behavior. netflix getting stronger, everybody else recoiling. >> all right, rich, thank you. rich greenfield, stunning is the word rich used, right off the bat. stunning quarter. >> it clearly was. rich doesn't want up or him to leave netflix. >> ou, too, dan. >> me, too.

this is a company whose margins getting better year after year they they slowed down their content creation when they were doing their original content. that was a big drag on those margins, and i always thought they should broaden out horizontally, spotify, in gaming. maybe that happens. here is a $400 billion market cap company that's gotten very profitable. to me, i think they're going to have to look a little bit away from video content and start thinking about how other people are using their time away from this video. coming up, more after hour earnings to get to. we have all the details onhe united shares higher since the close. back in two. the ceo of vodafone. what is your strategy and vision for the future? >> we are changing our culture to really focus on our customers. we need to acknowledge that change is hard, but if people understand it's

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can take the u.s. the whole thing is worthless. with a permit it's like a trillion dollars. so what i'm thinking about saying to somebody is buy it and give half to the united states of america, half, and we'll give you the permit and they'll have a great partner, the united states and they'll have something that is actually more valuable because they have the ultimate partner in the united states will make it very worthwhile for them in terms of the permits and everything else. think of it. you have an asset that has no value or has a trillion dollar value. it all depends on whether or not the united states gives the permits. so what i'm saying is let the united states give the permit and the united states should get half. sounds reasonable. what do you think? >> sounds like a good deal to me, mr. president. >> he can afford it, too. >> president trump also making some comments about tariffs saying we are talking about a

10% tariff on china and february 1st would be the target date for those tariffs. a lot happening in this press conference in the after hour session. we'll see what sort of reaction there is. on tiktok, that's an interesting thing for somebody to buy it and give half to the u.s. in order to get an operating permit. >> yeah, i don't understand how that works. we can handle it on another show. the tariffs thing is interesting. one of the reasons rates went down and the dollar went down is because the concern or lack of concern around tariffs in early february. >> up next, final trades. how management's doing, the profits are ringing up, and the belief that you can spend money to make money. >> mad money next, cnbc. >> back to. >> you ten. >> oh. >> hi, frank. >> hey, goldie. >> sorry to bother you. i'm

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>> solid domestic, wait for it, rasum. airlines with going higher tomorrow, delta. >> karen? >> baba. >> i knew. dan? >> american airlines plays catch-up to united. >> guy? >> dell, mel. >> thank you for watching "fast money." see you back torw omroat 5:00. "mad money" starts right now.ba 5:00. fast money with jim kramer starts right now. my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market some where and i promise to help you find it. mad money starts, now. hey i'm cramer, welcome to mad money, welcome to cramer. i'm just trying to help you make a little money. my job is not just to educate and entertain, but to help you. so call me. the last time president trump was in the white house