haves and the have nots. certainly there have been cracks in the subprime credit card market. those people have been extended for about a year now. whereas you point out the, you know, the affluent are doing great. you know, this is the same as we saw in the card companies. so the banks have done really well in the retail side of things, and that's been great. >> all right. thanks. >> all right. hugh thank you. fomc next week big tech earnings chinese lunar new year as well. that does it for us here at overtime. >> fast money starts now. >> live from the. >> nasdaq market. >> site in the heart. >> of new york city's times square. this is fast money. here's what's. >> on tap tonight. >> marvelous meta shares of the tech giant at. >> record highs as it plans to pour. >> billions and billions of money. >> into. >> ai infrastructure. is this the kind of spending that will keep the market rally rolling? we'll debate that. plus, a shot in the arm for shares of novo nordisk, the pharma giant seeing its best day since march on positive weight loss drug trials. is this the start of a turnaround for the company? still 40% off all time highs.

and later crypto prices trading near records. we set the table for a very big week of big tech earnings and the long term impact of wildfires on the housing market in southern california. i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight. tim seymour, steve grasso and former bridgewater chief strategist rebecca patterson. welcome, rebecca. we start off with a presidential pop for the markets, the s&p 500 hitting another record early in today's session and notching its best first week of a new presidential term since ronald reagan in 1985. that's when the musical stylings of wham! were topping the charts. marty mcfly was going back to the future and the doc's delorean. and speaking of the future, megacap tech is setting its sights on just that. the group fueling this week's rally as investors bet on continued ai spending this year. meta hitting a new high today after announcing a plan to spend $60 billion to grow that business. let's get to julia boorstin with more on that company's capex plans julia. well meta ceo mark zuckerberg announcing. its ai roadmap. and

spending. >> plan for the year, saying. >> meta will invest between 60 and. >> $65. >> billion in capex. >> this year. >> to drive growth of their ai offerings. now that 60 to 65 number is up from the 38 to 40 billion in capex last year and far ahead of the spending in the low $50 billion range that analysts expected. zuckerberg saying he expects meta ai to serve more than 1 billion people. >> this year. >> up from the half billion users that meta i had at the end of the third quarter. zuckerberg also announcing they're building a two gigawatt data center and developing an ai engineer tool. now, one place they're going to be deploying some new ai tools is the addition of advertising in threads, head of instagram adam mosseri announcing that meta will start testing ads in threads, giving brands ai powered controls as well as filters. now with this news meta saying threads has 300 million monthly actives and three out of every four people on the platform follows at least one

business. that's seen as a good indication of potential for brands. now, to put that 300 million number in context. startup blue sky reportedly has 29 million users, so i'm sure we'll hear more from mark zuckerberg on ai, how it's going to impact all the different parts of their business, as well as some more details on threads monetization when meta reports earnings, that's coming up wednesday afternoon. melissa. julia. thank you. julia. boorstin. so is tech spending like this enough to keep the market rally going. because that has always been sort of the key test. will these giants continue to spend on ai. will it continue to rally on big cap tech. we're going to find out a lot next week. so is this a good indication that the tech spend is the race is still on? >> i think so. i mean, i feel that this, this first month of the year has felt a lot like the first month of last year, except. for you removed political overhang and you actually have the rest of the world trying to be more like america. at least beck has talked to us about davos because it's fascinating. i think the impact that trump's having on

the rest of the world. >> but yeah, i. >> think so. and if you think about meta, they were the first one. >> really a year. >> ago to get out there and talk. >> about it was probably about it was probably about 18 months ago. but they. >> started to talk about the capex. >> plans, and they were in the year of efficiency. it was a question of. >> well. >> suddenly the stock. >> that was rewarded. >> for cutting back on capex in the metaverse is going to be rewarded. and they absolutely have been. and in fact, they've outperformed the mag seven aggressively so far this year. so i like this story. i like the message this week from both the white house and policymakers is we're not even sure who's going to fund this. we've got a few people that have stepped forward to be to be shepherds of this process. but it was a week where a i and the prospect of spending and again, the broadening of that trade. so i think it's very good for infrastructure. i think it's very good for some of the chip players that build the infrastructure. and i think this is a very important announcement. and i think kudos to meta for getting out there first, because other i think other folks want to do it as well. >> it almost felt like, you

know, larry ellison was up there with softbank and, you know, announcing stargate and mark zuckerberg was like, you know what? i'm in it too. $100 billion. you know here i am. and so this comes you know, there's a series of announcements here cadence at this point. so if there are any doubts about the ai spend and whether or not that would power the rally, i don't know. has that been put to bed in your view? >> i think it's. >> been put to bed, you know. >> you know, it's always short term. it's always look. >> through that. >> lens of. maybe a month out, maybe two months out. but the good news about capex is that it's deflationary. so you have more productivity. you have more efficiency. so it actually brings down inflation. so if we can get capex going where we think it's going, inflation should come down as well. >> i hear. >> what you're saying, i think there's a time element. i agree with you that if ai and everything related to it can increase productivity. i think that's where you're going. >> inefficiencies. right. it's right. so that that inherently inflationary. >> but in the short term we're building infrastructure. we're building data centers. we don't have enough workers. we don't have enough materials. i see that as being inflationary. so

reflationary right. good for growth and pushing up inflation. >> so i'll put a button on this. and so if you can increase growth. >> we're not going to just fight it out all night. >> no no no because because we're both got my vote i'm going to have the last word. and then we're going to keep moving on. yes, yes. so if you can increase growth by 3 to 4%, you could actually bring inflation down ultimately by a percentage point as well. so if you could increase growth to where we need to be with all the capex spending, you could get a percentage point out and actually reduce that percentage point in growth that you got to the upside in inflation to the downside. so ultimately i think inflation, it will be deflationary. but i understand your inflationary worries. >> yeah i think there's it's just timing. and if we're trying to get interest rates down because trump declared that will happen and inflation down. >> he knows a lot about interest rates apparently. >> i don't think that's going to i don't think it's going to happen. >> in the short term. right.

>> more than the guy in. >> charge. >> i think. is technically what. >> he said. >> but yeah. >> yeah. >> well anyway, back to meta. >> yeah. >> i'm with you, rebecca, in terms of order of operations. and i do think that is important. right? it's important to math. i think it's important in economics. and for us to kind of keep in mind how this whole situation functions. along that same line of thought, i do think that the, the, the posturing has kind of shifted to are these hyperscalers getting too far over their skis in terms of capex spend to now? i think there's fomo in terms of are my competitors going to actually outpace me, outproduce me, outscale me, and reach those efficiencies that steve was talking about before i do, creating more of a moat for them and a competitive disadvantage. >> for me. is that a bad a bad thing for the big cap tech trade? not for a long, long time? >> i don't think so. and particularly not for the chip makers. i know you're going to ask me about nvidia. i mean, i think, you know, the concerns that we've had, you know, the stock popped about 7% and then it's been kind of trading off a little bit. but i think it kind

of reinvigorates that trade that perhaps some of the concerns about sales growth going forward perhaps are a bit overdone in the short term, at least. >> for a name like meta. we will be able to see those efficiencies. right. we see that. >> they were the first ones. >> exactly. to actually outline this is what we spend. this is what we get back for a lot of other companies. we have yet to hear that. so, you know, in terms of your point about there is a time element to it, to the investment and then what follows, right. are we going to hang on to this trade during that period? >> i mean, i guess the question. is what else looks attractive and has a catalyst for growth, right. so these companies are, i think most would argue, richly priced if not outright expensive, and everyone owns them. so that makes them risky to the downside. but if you put your money somewhere else, where else are you going? and we can talk about overseas. and is this finally the moment or small cap? but it feels like a lot of people want to keep a good leg on this stool. yeah, that makes sense because long term it still seems like the right play. >> yeah, i think stargate might

have bolstered this. this, you know, the emphasis on what meta said today. i think if anyone's earned the right to get out there and say it's meta, and if you think about the ability that they had first over anyone other than nvidia to say, hey, we see a benefit here. and again, if anything, the pushback on the capex spend is not necessarily been around the hyperscalers. it's been around what's the competing factors with some of the biggest players, the hyperscalers with nvidia to develop their own chips. but again, in the short term, i don't even think that's an issue for nvidia. i think i think this is all great for nvidia, by the way. it was a week when semiconductors, they had a tough day today. but if you look at the semiconductors trade, semiconductors are doing what they did last year. they're up over 11% year to date. the dynamic around those that are really involved in the infrastructure build out. and it's been broadcom all over again. but i think this bodes very well for next week. and remember meta is out on the 29th. and they will tell you a lot more about this in the profitability. >> so then therefore this should bode well for the markets overall. >> yeah i. think well the markets are. reliant on mega-cap. tech and mach seven.

so whichever way they go they ultimately the market goes. but to your your question, google has a path for the spend. amazon has a path for the spend. apple has a path for. the spend. there's only those tertiary names that don't. so you can make a case that they're just fostering. if the market is reliant to the tune of 40%, 30 to 40%, resting on the back of the workhorses which are mega-cap tech, this is good news for the market. this is good news for the tech sector. >> so which of the big cap tech companies is your favorite at this point? >> i still think it's nvidia, particularly after this news. i think they're squarely i mean, i know they've been knocked down to what is it third now. but i think that they still are the engine that is that is leading to this growth. i will admit that, yes, you worry about the hardware. i do think they've integrated themselves such that there's really, you know, a program or programmatic build out around that. but at least for the time being, i do think

nvidia to me has like the most upside. >> when you think about what's going on in the ad world and the ad revenue world, it just comes back to google and meta. and if you think about what meta is going to report next week, street's somewhere around 40 to 42 billion, 43 billion on on first quarter revenue. that's going to be up 15% on a huge number. and again, off a really difficult comps. if anything, these q1 comps are part of what's going to hold these companies back because they're going to be really tough to beat. this is where i just think you have to get back to the names that it's very difficult to argue with the multiple that you're investing in these companies at at this point, when they are so well positioned to see their business broaden. and the thing with google and we started to have this conversation on our call today. so a little insight into our production call is that, you know, there's there is a report out there saying that maybe google is, you know, the sum of the parts argument that we've all talked about. there's been corporate governance dynamics. there's certainly been regulatory governance dynamics around google. but but ultimately there are so many levers that they can pull, whether it's youtube, whether it is core search, whether it is what they're doing in ai. so

these are the two names going into next week. i mean, these are the names that i think have the most opportunity for runway in a world where others are a little bit challenged. >> and are the lowest pes lowest valuations. >> meta has outperformed. i think tim just said it. meta has outperformed the rest of the group, by and large. by by a large extent. and julia said that they were servicing 500 million users. now they're preparing to service a billion. that's why the spend is double whatsapp, facebook, instagram. no one has the product lineup that meta has. and it's clear, it's concise and it's direct. and i think that's your best bet still. >> all right. let's get more on the impact of trump's policies. rebecca, what are you we were just discussing how this week feels like an exhausting week, even those four days, just because of the whirlwind of news that we're all digesting, coming from the white house. >> right. well, we knew that a trump 2.0 would hit the ground running. they were much more prepared. they had lots of policies and people planned, so we knew it would be a tsunami. and it has felt like a tsunami this week. i'd say my biggest

takeaways from it. i'd say the biggest takeaway is that you need to focus on what you know for sure. that's lasting and all the headlines and the noise. you have to find a way to process it and then just put it in a box and just say, i'm going to come back to that and know the timeline. so what do we know for sure that's going to last? the consumer is still very strong, especially at the upper end. we've seen that in earnings this week. we see that in data. we know that business investment, especially in the big cap tech space, is incredibly strong. i mean think the chips and science act was 60 billion, $50, 60 billion. this is multiples of that. going into the economy. we know that the job market has moderated but is strong. inflation is sticky. we have a fed on hold. so these are the components that i'm going to stay focused on. and all the trump headlines i'm going to know what he's saying what could happen. but i'm not going to overreact to each headline because i know tomorrow it could go the other way. >> but how much of what the market has has done is because

of what is in that box, as opposed to what we actually know, because i feel like a lot of it is, is based on the hope. and a lot of the bank ceos were talking about on their calls, the euphoria, you know, the distinct sort of improvement in confidence since the election specifically. >> well, i mean, since we've had good data in the 1950s, every single election cycle, as soon as you get through the election, whether you like the candidate or not, you have certainty of knowing who the person is, what the policy is, and then you can plan more or less. and so what we've seen historically,consists go up roughly 15% in post-election years versus pre-election years on average. i think this year could be the same or even higher, depending on what happens with with regulation, you see more m&a activity. so this is not surprising that people are more confident. i think one of my boxes is tariffs. i think that's the biggest, most important box or downside risk. and we know nothing's happening until february 1st. maybe canada

mexico, maybe china. but the big one is april 1st because a lot of the investigations are going to be announced. the outcomes of those then. so if we're going to get tariffs it's a little surprising we didn't get them day one because that's what he said he'd do. and that's some of the euphoria this week. but it doesn't mean it's not coming. it's coming. we just don't know exactly what it's going to look like. but i would feel confident it's coming. >> well, and what's fascinating, rebecca, is that this was a week also that the rest of the world actually outperformed the us. and there's a lot of there's a lot of rhetoric emanati of davos that that again, trump's influencing the world. it's not just the story here, but it's the sense. and i don't think they would be admitting this in public. and maybe this is you know what people over here want to believe. but the sense that the regulatory, you know, handcuffs that have been on a lot of the european companies and the european economy over the last decade, or something that european leaders are looking for to loosen up on. so there's some sense the outperformance is coming from also, frankly, a weaker currency is great for export markets.

it's been a weak one actually that's been highlighted. but the dax has outperformed the s&p significantly. so i'm just curious your view on the rest of the world here. >> i would say this week the rest of the world is outperforming in part because they didn't face tariffs immediately. right? china, europe, canada, mexico, etc. would have gotten hit so much harder if he had followed through on that day. one pledge some of that bad news was baked in. when it didn't happen. you got a bit of a relief rally. now i think there are some green shoots to watch in china. the housing market is still slowing, but it's starting to slow at a slower pace. right. so second derivative is improving. and we've seen in some of the earnings this week, especially in some of the luxury makers, that the chinese are starting to spend a little bit. i would call china a trade, not an investmen, because i think tariffs astion o the degree, you know, the ecb, the european central bank will probably cut rates next week. so there are some reasons why some of the overseas stocks could have some legs for a few weeks. again, i just i wouldn't count on it to be the trade of 2025.

i'd still be happier in the us. okay. >> coming up, novo nordisk shares surging on brand new weight loss drug trial data. the skinny on whether the biotech stocks latest effort could tip the scales in the obesity drug war next. plus, the crypto craze scores one against the sec inside a major rule change that could transform the industry right after this. >> this is fast money with melissa lee right here on cnbc. >> bitcoin is the best. >> performing asset, but. >> its volatility has kept many on the sidelines until now. introducing the world's. >> first 100%. >> downside protected bitcoin etf capture bitcoin's upside potential while staying protected. asset management at a time of disruptive change. calamos today for tomorrow.

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xfinity internet customers, cut your mobile bill in half vs. t-mobile, verizon, and at&t for your first year. plus, ask how to get the new samsung galaxy s25+ on us. for its best day since last march. the company out with positive trial results for its weight loss injection targeting the same gut hormone as novo's existing obesity drug. plus amylin, a pancreas hormone affecting hunger. patients on the highest dose, losing an average of 22% of their body weight after 36 weeks. for more, mizuho health care strategist jared halls joins us here on set. jared, great to have you with us. and for a long time, you know, we thought maybe novo was out out of the game, you know. but here it is. and at the same point in time tirzepatide tirzepatide had less efficacy than this new drug. so that's promising. at the same time,

there are a lot of big questions about this early stage trial. so what are some of the doubts in your mind still? >> yeah for sure. >> thanks for having me. yeah, there are a lot of doubts. there are a lot of opportunities when you kind of coalesce all of the data that we got today, and it was unexpected. i think that's the first thing. we really didn't know we were getting this this early. so i think there's some upside surprise. that's why you saw the stock do pretty well. and of course it faded throughout the day, but still a decent day. we just don't know what the endgame is for this drug. right. it's a it's an additive to semaglutide. we know that. we know it gives you a couple percent better efficacy over less than a year. so it looks like this could be novo's best injectable. but they didn't include a lot of data. we didn't see patients that may have dropped out. they were kind of not cagey necessarily, but they did not include every patient from the trial, only the ones that had stuck through the entire 36 week time frame. so there are some, you know, reasons to be skeptical. but the drug looks good. >> so we don't know anything

necessarily about tolerability at this point. and that seems to be the biggest question mark, given that the company had released the initial oral data for the same drug and it was greeted with fanfare. and then months later, they came out and released the tolerability profiles, which were horrible when it comes to nausea and vomiting. right. so is there any extrapolation that we can make or is this completely different and an injection makes it more tolerable, etc? >> i think what we've seen out of the injectables is that they seem to be more tolerable than the orals when you look at them head to head. now, apples to apples trials we haven't really seen. but when you kind of take into effect what we've seen from novo nordisk and what we've seen from some of these other companies, pfizer is looking at, you know, dose discovery and just trying to figure out is there a dose that they can put forward that is tolerable? there have been a lot of abnormalities with what we've seen in the injectables do look better. and i think the company was fairly you know, you got to take them at their word to some extent where they said that the tolerability profile of this drug is similar to what they've seen with some. so like that's

kind of what we have to go on here. >> i don't i don't based upon the reports i read today, it seemed like most people on the street said, i mean, the tolerability is similar in line with other glp one. so therefore it brings it back to me, the great parish trade. which which side do you want to be on at this point? because ultimately, you know, novo has been destroyed over the last six months. and again, this there's certainly enough evidence in today's release that this is a best in class drug, and yet they've not been treated as if they're even close again yet they were last year. so i'm just curious what you do now. you're not a trader. you're an analyst. but i think there's some sense of where there might be more of an opportunity in catalysts. >> yeah. listen, i agree, i think the way the stock has traded over the past six months is, i think, just a pure reflection of negative headlines or certainly headlines that did not live up to expectations. so i think it's less about the numbers. yes. you could argue that the quarters haven't been pristine. they have not. but to see 40% degradation in the value

based on the oral glp's not being what we thought they would be, i think that's a little bit severe. they're definitely in the game. i mean, i've said it multiple times over the past month. i think we sit here even in five years, and this is a two player race in injectables. i just think it's too cumbersome, too expensive to get into this market so they don't even have to be best. they just they're, they're they've got the patient population wrapped up. so i think this is a duopoly between them and lilly. and you're going to have to trade around them for the next couple of years. >> so i think at one point you had said something like, do we need another injectable on the market? you know, is incremental weight loss? here we are. we're cheering or investors have cheered novo nordisk for precisely that. so do you think that i mean, has your view changed? i mean, there is still room. i mean, this is feasibly this comes or will come just in time as semaglutide comes off patent. >> yes. >> i think it comes off patent. >> i think there's room if you are there and they are certainly

there. so the fact that they are improving on their existing portfolio, i think is important. if it were a newcomer and we saw 22% versus 20, but it it was kind of it needed to be supported by billions of investment that wasn't already, you. >> know, lined. >> up, lined up. i think it's very difficult. and that's why i think if you're amgen, if you're merck and astrazeneca, whomever, very difficult to say that you're going to be a real player. you could generate revenue, but you may not make any money. >> that's what i think difficult today based on this data than yesterday. >> well, certainly, i mean, this data looked like it could be close to best in class. but as every day goes forward here, i think it's more difficult if you're not an incumbent. >> jared, great to speak with you. thank you. >> you too. thanks. >> speaking of being a player, how about those specs on jared? >> i know i. >> was here, that's fine, that's fine. >> i'm guess i guess is. goodbye. >> he's a stadium a stadium. he's stating. >> there's always. room for a compliment. eli lilly or novo.

>> so it's. >> it's. >> i don't think it's a duopoly. i think it's a monopoly. but when you look at it, lilly is up in a one. >> year performance. >> is up 24% and novo is down 16%. so you can't have a duopoly when only one person or one thing benefits from it. i think the next stage in this is lilly actually runs that entire sphere. novo is just sort of living in their world. novo actually has better gross margins and is up there with revenue growth with lilly. but i think the next stage in this is to buy the smaller players. i mean altimmune, which is sub 500 market cap. so be careful if you're playing that at home. but i think you're going to wind up seeing the smaller players who have great efficacy be gobbled up by these two larger players. >> respectfully, i disagree. i think part of this is like. >> talking to me. yes, because i left i left the stage. >> you guys want to take this outside? >> no. it's cold. >> but i do think you look at nba for a trade here. right. and kind of ride that momentum. i think that the medicare negotiations, you've seen a lot

of negative headlines. and you look at the stock off 40%. i mean they are still a player here. even if it is a duopoly. it doesn't take much market share for you to have accretive outcomes here. >> all right. there is a lot more fast money to come. here's what's coming up next. >> crypto cruising toward new highs as president trump signs a landmark executive order. and the sec rolls back the red tape. how the latest moves could transform the industry from wall street to main street next. plus a deep dive on the state of the la housing market. as southern california continues to battle wildfires. how the region might come back from damages approaching $50 billion. you're watching fast money live from the nasdaq market site in times square. we're back right after this. >> individually, each of us is great, but from here you can see we're one big team at atlassian. we believe real progress takes

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investors today and tomorrow. that's the power o t-mobile's 5g network connects a hundred thousand delta employees so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t-mobile for business. started maven, the original question was how do we make the health care system work better for women and families? you really have to deeply, deeply love the problem you're trying to solve. >> welcome back to fast money bitcoin higher today and trading near records. the crypto topped $107,000 around midday and is now more than 50% since election day. president trump signing an executive order yesterday, which paves the way for a digital asset stockpile. so how much more juice is left in this trade? 3 or 4 here on the desk in the trade here. what do you

think, bonawyn? >> i think there's some pull forward. i mean, you just look at the price action over the period of time. with that said, the nature of this beast is that it has pockets of extreme volatility. and i think that's one of the things that detractors will point to. i do think here, if we're essentially essentially talking about the us being a real data mining, bitcoin mining center and using it for essentially a way to bring the world in, i can understand how that's just basic supply and demand. and then we've already had the halving, the halving event. so listen, over the long term i think there's legs. but in the short term, i think if you're kind of looking to trade this and make an incremental 20%, i think i think that's tough. >> 20% ain't bad. but at the same time, rebecca, you said, what did you say? you can you can pay i couldn't pay you to own bitcoin. >> yes i said that. >> why even in bitcoin. >> yeah i, i don't like owning something that has no intrinsic value that you can't quantify what fair value is. that doesn't have regulatory guardrails. that if i get hacked there's no fdic.

there's no nobody coming to the rescue. so for me i appreciate i gave up a huge opportunity. right? i missed the gains. and i think about that. but at the same time, no, i, i would rather play in another space. yeah. that's me that's like that. >> and i run the risk of going against rebecca on this because i'm not a bitcoin. but. but wouldn't you argue that the market is determining a value. and wouldn't you argue that part of the reason it's rallied is because we now have enough regulatory approval, both implicit and it's been it's coming online. and that's really where the last 25% has been about. it will be supported by the regulators. >> it's interesting to see what what regulatory safeguards safety net is created. i once i see that that could change my view, but it's not there yet. and then the whole stockpile. look, the united states government already has something like 207,000 bitcoin. >> and they're not they're not going to sell the seized coin.

and you're going to have balance sheets on corporations actually start to are you you could right. that's the bullish case. that's the right. so you can have balance sheets going. you could have the seized coins not being sold off. and you wind up getting that 21 million of the supply demand really getting goosed here. and by the way, with the old administration, we had an enforcement outlook on bitcoin and crypto. and now we have a regulatory which is constructive bullish. there's plenty of time to get in. bitcoin will probably double from here. >> i think. >> in short. >> order i think bitcoin is going up in the short term. i with so much support and the rename. >> the show bitcoin money. but i feel like that's what's happening right now. >> let's just i mean the other side. let's understand. >> this thing has a volatility that's multiples of the stock market. it is not a hedge against inflation. and it is not a hedge against the dollar. it does not have any of those correlations to date. so anyone who says that's the reason to have a stockpile has not actually done the math right.

>> gold's at all time highs too. i mean, we're not going to commercial break anytime soon. >> we are, we are i'm trying. >> you guys aren't. >> letting me. coming up estimates on the damage caused by the southern california wildfires continue to rise. our next guest lays out the path to building back the region after the devastation. right after the devastation. right after this. only the servicenow platform connects every corner of your business, putting ai to work for people. - hr? - yeah. - it? - yeah. - r&d? - yup. omg? uh... oh, i see. uh... yeah. that's the department i work in. alright, enough of that.

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scan this code or go to scan this code or go to cnbc.com. slash the great barrier reef. huh? here we are. oooh. — g'day. — uh, where am i? australia! and you look like you need a vacation. show us what ya got. (♪♪) remarkable. yep! it's amazing. i love it! — what is it? — a wombat. come on! (♪♪) jump! down under, g'day is the start of every good adventure. so, what are you waiting for? come and say g'day. (♪♪) i guess what i'm looking for from you is, i mean, i know how the fire affected me, and there's always a constant fear that who's to say something like that won't happen again? that's fair. we committed to underground, 10,000 miles of electric line. you look back at where we were 10 years ago and we are in a completely different place today, and it's because of how we need to care for our communities and our customers. i hope that's true.

[joe] that's my commitment. [ambient noise] only $1 per tablet at wrexham.com slash 30. >> welcome back to fast money property data and analytics company corelogic estimates la fires have so far resulted in damages between 35 and $45 million. for more on what this could mean for the la housing market, let's bring in corelogic chief economist selma hepp. she's also a los angeles resident. selma, great to have you with us. thanks for having me. do you think there are going to be swaths of la that just are not rebuilt? >> well. >> you got to put this into perspective. when you add all the 20,000 housing units that are structures that have been affected, that's only really about 0.5% of the total housing stock of la county. so yes, it is really devastating for those neighborhoods or those communities. but la county is the largest county in the us. and so it's again, only 0.5% of

overall housing stock that's been impacted. >> so what are the effects so far that you've seen on the on the housing market that you know that surrounding areas? >> yeah. so the immediate impact obviously as people seek shelter is impact on rents. so we've seen rents being bid up significantly higher and not everywhere, everywhere again across the county because you have different communities that are looking for places to live of similar kind. so folks that lived in pacific palisades, for example, are going down further south in la laguna beach, for example, whereas communities are impacted by eaton fire, which is in altadena. those are more middle income and lower income communities. they tend to stay in that area. so you can see rents of communities immediately surrounding the impacted area being affected and those that are very similar kind of communities. >> so it's tim, thanks for joining us. i saw on your notes and you referenced malibu, where

there's also been a series of natural disasters over the years. help us understand what the pricing points have been there over the last ten years relative to the area. in other words, have they been restrained, and is this part of the view you have, at least on the areas that could be rebuilt? >> yeah. >> so what we saw the last fire that was significant in malibu was woosley fire, and i was just looking at the data in terms of overall appreciation over the last since that fire, basically. and it has appreciated relatively more slow than other parts of la county or just just overall home price appreciation nationally in malibu, for example, hpi is up about 24 to 20 to 30% since that woosley fire and nationally or even la southern california, we're up 40 to 50% since the same period. so you do see a little bit of an impact, particularly in areas that see persistent, devastating

natural disasters where at some point people just decide not to go back. it all depends really, on how the size of the community, if people have elsewhere to go where it's close enough, the home, the home price impact is a little bit smaller than if you have a really small, tight community that people don't have a lot of places to go. the home price impact can be larger. >> salma, great to speak with you. thanks so much. >> yeah, thank you very much for having me. >> selma hepp of corelogic. the other aspect to it is a lot of people have their wealth tied up in their home. their home is now gone. and so in terms of the, you know, the economic impact, how do you sort of work that through, rebecca? >> i mean, one thing that we've seen trending over the last couple of decades is just this consistent rise in very expensive, we'll call it weather events, whether it's fire, flood, hurricane, drought and this year or this past year, 2024, we had 27 weather events that cost over $1 billion, the average from 1980 to 2024 was 8

or 9 a year. so, and it's been a steady climb. now you can say it's related to climate change or not, but the point is we're having more of them. and the more we have, the more you can't just look through it and say it's a one off. they rebuild, we move forward. it becomes more of a macro event that's going to have a more lasting impact on inflation and possibly on growth, certainly california. i have to assume they're going to get a bailout or need a bailout. this is going to be a huge hit, given the importance of property taxes for the state's revenue. >> yeah, i think you look at the builders here. i think you also look at the insurance companies. i really think it's really tough right now at this stage in the game to understand. but i do think there will be a trading opportunity, particularly around kb, pulte and lennar. those are some of the largest presences. and from the builders standpoint, and then allstate and travelers state farm are also have a large presence from the insurance standpoint. so i do think you will probably see some persistent inflation until we understand the insurance and reinsurance risk. but once that's behind us, you will

probably get an opportunity to trade around those names. >> coming up all systems. stargate. but where is the funding for this landmark ai project coming from? we'll dig into the major players, the drivers and more in fast. money is heading to miami next week for the ai connections global alts conference. tune in tuesday for guests like morgan stanley's mike wilson, altimeter capital, brad gerstner, porter collins and vinnie daniels, and seawolf capital and general atlantic's martin escobar. that starts 5 p.m. eastern time on tuesday, only on cnbc. >> that's it. >> back to you. >> oh. >> hi, frank. >> hey, goldie. >> sorry to. >> bother you. i'm looking for those. >> reports from yesterday. >> they're already on your desk, frank. >> of course. >> they are. >> got them right here. >> hi, frank. introducing individual audio zones. easily isolate phone calls to the driver's seat. and the all new three row infiniti qx80.

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organization with you. >> you want to be a better investor? join the club. >> my investment strategy. >> has changed since. >> joining the club. >> i feel like i'm always on top. >> of things because i know jim has my back. get invested. join the club today. go to cnbc.com, slash join jim. >> welcome back to fast money. all hands on deck for president trump's $500 billion ai project. softbank's masayoshi son openai sam altman and oracle's larry ellison may have headlined the announcement this week, but they're not the only ones involved. cnbc's kate rooney has been digging into the money. kate. >> hey, mel. yeah, so there is one stargate investor you might not have recognized on the list when it came out mgm. that is because a year ago it didn't exist. this is an abu dhabi based investment firm launched back in march as a joint venture between sovereign wealth funds out of the united arab emirates. the fund was carved out to focus on ai, and it has been in some of the hottest deals we've seen in silicon valley in the past

year. openai, databricks xai and then $100 billion partnership back in september with blackrock and gip on ai infrastructure. the emirates region has been on an investing tear lately, especially in ai. the emirati sovereign funds, including mgm, spent almost $30 billion across 52 deals in the past year. that was the highest across the region, according to s w f a research firm. it does highlight foreign demand overall to get into some of these deals, but especially in infrastructure. so these middle eastern countries, they're looking to diversify these oil rich economies. and i've been talking to sources who work closely with mgm. they say the team is highly technical. and those who know the playbook and are familiar with it, they say the goal is for this fund to really learn about how to build these types of mega data centers in their own backyard. now. >> kate, is there any sense amongst the people that you talked to that there's a concern that there's a lot of foreign

money being used to build the united states major data centers infrastructure for ai? >> it came up a lot. mel, the national security question. i think the emirates have warmed relations with the u.s. they are seen really as among the sovereign funds, quite friendly to the u.s. and jared cohen at goldman sachs, i'm going to steal this term from him. he's called it geopolitical swing states. so especially those sovereign wealth funds in the middle east. they have a binary choice when it comes to ai. they are either going to invest in the us or in china. i'm told the bet here by the us, by the trump administration, is that they would rather have that money here in the us, knowing that otherwise it might go to china. i'm also told in these infrastructure deals they're not getting any sort of ip. it's not like they can go in and sort of take a picture of the data centers they're getting, the relationships, they're getting the sort of big picture know how. but there are still strict ip restrictions. >> all right, kate, thank you. kate rooney a fascinating glimpse. we just heard a headline today that softbank is going to folks like brookfield for money. so they're actively

sort of trying to raise their funds. >> it's fascinating. and part of the comment that mgm has been making is that people don't even appreciate the disruption. cnbc had a great note on that about four days ago on.com. but the message also is investing around energy transmission infrastructure, energy itself. i mean, these are the places that are probably the most interesting to me because these are places it really is terra firma. and we can already see that. and you know, constellation's deal last week puts an exclamation point on that. >> if you see the uae, they've diversified away from oil and petroleum, you wouldn't think they've gained that much of a diversification so far. but they're well on their way. they're way over 50% on cutting back on their reliance on on petro. and they're looking at ai and they're looking at renewables and they want the tech. yeah. >> yeah. i would just remind people ten years ago, maybe even less than that, china was one of the big source of funds for us fund raising. right. they were their sovereign wealth fund.

they were coming and putting money in the united states. the pe firms wanted their money and they can't touch it anymore. so they have to look for other sources of wealth in the middle east is probably the biggest, deepest pockets out there. so if you can find a swing state, you take it. and i think the point of us versus china is another reason why the us government is going to be friendly about that. >> i mean, another incentive might at least from from our side, might be to have our energy relations, our oil relations. you're sitting here saying we want to lower the price at the pump. we want to lower the price of crude. there needs to be some incentive with that cohort in terms of there being a, you know, a symbiotic relationship in terms of being inclusive and allowing them to get access to things that perhaps on the fringes, we may not be fully comfortable with. and then, you know, that needs to serve as an incentive for them to come to the negotiating table and essentially lower the price at the pump when they really have no, you know, internal reason to do so. >> coming up, microsoft, tesla, meta and apple headlining a jam packed week of earnings ahead. how the options market is prepping for the blockbuster

reports next. more fast money in reports next. more fast money in two. check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪♪) meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself. good morning. dad, what is this? how many did you post? they're all from last night. it's going to go viral. and then you're not going to be so upset. don't forget to like and subscribe.

for the. >> janet yellen uyghur. la la l. >> despite the big gains for the banks this week, their stocks have quite a bit more upside because of those earnings explosions. all they did was make the price to earnings multiples lower than we think,

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moves in the big tech names when those results cross the wire. mike coe's got all the action. hey, mike. >> hi there. >> so yeah tesla. >> is implying a move. >> of over 8%. >> microsoft implying a move of about 3.6%. >> meta. another big one at 7.4%. >> and apple is implying. >> a move. >> of about 4%. >> now tesla. >> of these four, not only has the. >> highest implied. >> move, but it also traded. >> far and away. >> the highest number of contracts. >> almost. >> 2.3 million contracts. >> or about. >> 4% of. all us listed stock. >> etf and index options today. calls outpacing. >> puts and excluding those contracts which did expire today, the busiest. >> call contract. >> with the january 31st weekly for. >> 20 calls. nearly 16,000 of. >> those traded for about. $16 and. >> a quarter per contract. buyers of those. >> calls are obviously. >> expecting some. >> good news after they report. >> yeah. which of the earnings, mike, are you watching more closely. >> most closely. >> well for. >> me it's. >> going to be it. >> is. >> tesla not. >> only because.

>> it's the most actively. >> traded but also you know of these four it's the one whose valuation is, shall we say, the hardest to get your arms around. and so obviously it's more of a sentiment trade. and of course he's got trump's ear. but the interesting thing about this is that trump isn't really supporting the ev trade so much. >> in fact. >> he's kind of been pushing back on that a little bit. so i think that's one to follow. >> all right thanks mike. mike co steve how about you. >> yeah i mean it would have to be tesla. and it would have to be meta because everything that we discussed at the kickoff of the show. but i think tesla is at a really cool technical spot right now because you have that late november low. and then it took off to mid december. and we're right at that 50% retracement right around 406. so i'd be betting on the guy that has an office in the white house to probably pull another rabbit out of the hat someplace. >> all right. >> oftentimes in tv, we like hyperbole a little bit. >> never. >> occasionally, one might say that next week is a make or break week because of the earnings flow. do you think that

it is a make or break week in terms of the earnings? so we've got a lot of big ones. >> i feel like it's been more make or break at other times. so less hyperbole. so second, derivative hyperbole means it actually may be a good week to not perform, but i don't know. i think you have a lot of tailwinds to the market here that include at least. first of all, let's not forget there's a fed. now, we may not hear a whole lot out of this fed, but there's dynamics here. i think for the market overall i think there's allocation going on. i think there is a bit of, you know, this animal spirits trade that we see going on. i think there are parts within that tech group. and again, i would just say apple, you didn't ask me, but i think they're the most interesting because they're the one that has the least confidence around them. and this is one of the most iconic companies in the world. yeah, yeah. >> tim. my thoughts exactly. it seems like we had just forgotten about apple. i know it was a hot topic last week, but you know the sentiment. i think short interest is around 1%, which doesn't seem large, but it's relatively large for apple. and if you think about the, the just the amount of that apple is

traded, 1% is pretty significant here. so yeah i'm looking for a counter trade. >> all right. up next final trades. >> options action is sponsored >> options action is sponsored by robinhood (auctioneer) let's start the bidding at 5 million dollars. thank you, sir. (man) these people of privilege... hoarding the financial advantages for far too long. (auctioneer) 7.5 at the back. (man) look at them — unaware that robinhood gold members now enjoy the vip treatment — a 3% ira match on retirement contributions. (auctioneer) 11 million sir. (man) once they discover their privileges are no longer exclusive... their fragile reality will plunge into disarray. ♪ atlassian. we believe real

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you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! all they did was make the price to earnings multiples lower than we think, much lower than the rest of the market. >> mad money next cnbc. >> time for the final trade. rebecca patterson. >> you know, i may not love bitcoin, but i do love diversification. i'm going to go with gld gold tim. >> well we love having rebecca patterson on our show. so great to have you i go to nextera energy nee who also has made some implications about what's going on with their nuclear business. i think there's a lot to do here. >> bronwyn. >> seems like there's a

recommitment to infrastructure spend. i'm going to go with. >> oracle stephen grasso. >> we've heard about ai. we've heard about bitcoin from this administration. we haven't heard a lot about critical minerals. i'm playing mp i'm up in the trade and i'm sticking with it. >> all right. great to have you on the desk rebecca. thank you. thanks for watching. fast mad money 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 somewhere, and i promise to help you find it. mad money starts now. hey i'm cramer, welcome to mad money. welcome to cramerica. other my friends i'm just trying to make you some money. my job not just to entertain but to educate and teach. call me one 807 three cnbc or tweet me jimcramer. when people think about an exciting time for stocks they think of the next two weeks. that's when some of the most important consequential companies on earth report practically at the