on pace for losses for the month and we haven't really talked about the ten year treasury yield has dropped pretty dramatically over the past week. >> it has. whether you're talking about the major averages or some major stocks, investors are trying to figure out which way these things are going to push. that's why you got to watch cnbc benioff on and jensen as well. >> that's right. and that i trade what happens next. 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. nvidia on the move. >> shares just. turning higher. >> after beating sales. >> and profit estimates. >> what is. driving the volatility. >> and what. >> could it mean for the ai trade. plus magical. >> madrigal shares of the pharma company hitting. >> more than 12 year highs on the back of its results. the ceo will join us for more on the latest trial data and what's next for the name. and revving up gm, upping. >> its. dividend and. >> buying back billions in stock. is it enough to keep shares accelerating? how the traders are playing the auto giant. >> right now. >> i'm melissa lee, coming to

you live from studio b at the nasdaq. >> on the desk tonight. >> tim seymour, steve. >> grasso, dan nathan and guy adami. >> we start off with an earnings alert on nvidia shares. the ai chip maker volatile after its results. it's currently up about 2.6%. the conference call just. >> kicking off. >> let's bring in cnbc's christina for more on the quarter. >> christina. >> well you mentioned it. they beat on both revenue and profit, but growth is slowing. the guidance still came in above wall street expectations as well as buy side expectations of 42 billion. that was a key number. data centers remain nvidia's cash cow, generating over 80% of revenue. cfo colette kress noted they delivered $11 billion of blackwell. that's the latest iteration of their you can call it the architecture gpus, etc. data center products in q4. and that's their fastest product ramp ever. it's also the first time we're actually getting a blackwell number. ceo jensen huang, in the actual press release saying ai is advancing at light speed, which may be easing some concerns about supply issues and show that demand fundamentals are still in play. but with the launch of new chips comes pressure on qanon

margins, coming in below analyst expectations at 71%. management had previously warned on the earnings call the last two quarters that margins would dip before recovering to mid 70, so i think 75% in the second half of this year. you talked about shares. first they were up, then they were down. it's the most active member of the nasdaq 100 followed by tesla at the moment. melissa. >> christine, i'm curious on the. >> blackwell revenue number. was there a street consensus estimate. >> for that was 11 billion sort of in line. or do we. >> not. >> know that for data center, not specifically for blackwell. blackwell. >> yeah. okay. >> christina. thanks. >> kristina. partsinevelos. >> i ask that only. >> because. >> blackwell has a higher margin than its other chips. but, guy, what do you make of the quarter? >> so last night, jane was on gene munster. >> he thought they'd beat by 2. >> billion and then guide higher. >> for by two. >> they beat by about a. >> little over a billion. let's call it a billion and a half. so that was light. and the guide was a little bit light. and it's not an indictment. it's just not what gene thought. but the one

number that stuck out to me, christina just mentioned gross margins are starting to go. i think the wrong way. now the stock is up. that's fine. there's nothing to not like about the quarter other than the fact that if margins start to decelerate, that's when these stories typically get long in the tooth. so that's the one thing that i'm watching here. >> yeah. >> you got to watch. >> because they said they're going to. >> accelerate re. >> accelerate in the. >> back half of the year. >> so 75%. >> so you got to think about what. >> does that mean for competition. >> that means they're going to have more pricing power. or to your point they're not going to break out blackwell right now. but that should be. >> a higher margin ramp. >> i just think of the trade when we talk about it all the time. >> like how has. >> it stalled out? >> well. >> nvidia hasn't gone anywhere in eight months. you know, if you look at microsoft, google, amazon, they're all down about 10% from their recent highs, some more than that. so the trade and taiwan semi i'll throw in there. the trade for all intents and purposes has stalled out. so what is going to be the catalyst i think to get re accelerated? i'm not so sure right now because i can't imagine on a sequential basis that nvidia is going to be able to kind of do better than they just did, and what they just

guided revenues to up or down 2% from here. i mean, maybe that's an easy thing for them to beat, but it's going to have to be a big beat to get the stock going back towards new highs. >> you mentioned the nine month time frame. i mean it's not it's not pretty deep sea i mean deep sea was a real setback in terms of it trying to make some some ground up. >> yeah. >> although you know. >> we've got a 30% guide on capex for hyperscalers. >> i'm less. >> worried about deep tech than, than i might be about where. >> you know, we're talking. >> about this. but the question is. >> if the company's not expensive. >> now. >> and that's maybe. >> open for debate. >> but to me, trading at a discount to. >> peers at. >> 31 times, 32 times with a peer group, that's probably 33, 34. >> nobody's even close. so in a world where, okay, nvidia, relative. >> to. >> themselves and relative. >> to the last two years, this is one of the greatest bars to have to beat. >> this would be a. >> fosbury a dick fosbury, by the way. he was. >> he was. >> he passed away. >> yeah. fosbury flop flop. >> but but again a really respected. >> guy and a. >> big fan of the show. >> but the bottom line here is you've got a. >> case where. >> amd is. >> doing nothing. >> they've told you half over half. >> there's very little growth there. >> nvidia continues. >> to extend its lead. it's a case where to me that's really

the story. >> if you're worried about. >> the secular. >> trends in ai okay. >> but if. >> you're worried about nvidia relative to anyone else in the world, it's not even close. and to me, the stock is not expensive. so it was. so i would just say i wouldn't say oversold, i would just say the negativity going into. >> this print was. >> reasonably high. >> and you know, to me this is a. >> bit of a relief. >> so i'm going. >> to take the other side of. >> that, only. >> because. >> i think that the stock price. >> looks like it's. >> it's rolling over. >> and the revenues are reliant. >> on the. four top hyperscalers. >> it's 46% of. >> their revenue. >> if this price. >> if they. >> cut back. a little. bit on. that deep. >> sea cat line. >> so there's deep. >> seat. >> doing it for. >> 5 million. >> was that the number or was it 5 million. >> it's a lot less. >> all right. >> so let's just. say let's just. >> say. >> it's. >> 5 billion. >> i think it was 5 million. >> let's just say. it's a lot less. >> there's a lot. >> of middle ground. >> so even if. >> that deep. >> sea was a lot. >> of nonsense. >> people are going to start. >> to think, i can do this on.

>> the cheap. >> i can, and maybe i. >> don't need a blackwell. maybe i don't need a large. >> language model. maybe i just need. >> a chip. >> so. >> so why not? >> why not. pick out. >> an amd. >> or an intel? >> intel is up 17%. >> i get it, it's the. >> sum of the parts that had intel running this year. >> but when you look. >> at nvidia, if those if. >> two of those. >> four cut. >> back. >> you could see a. >> revenue decline of 23%. >> we've already heard the hyperscalers confirm. >> as to tim's point this confirm. >> this time. >> their their annual capex intentions. >> yeah. >> what do we what are we worried. >> about here. >> well, we're not worried about anything in the near term. we're not. worried about demand. and we're now not worried about supply. so again, if you get back to a stock that there's no disputing this has been a dead trade. like no one needs to point this out. this has been obvious. and in fact it's underperformed its peer group. it's underperformed the sm by about 11% since their last earnings. but you get back to there's a big argument out there that even a post deep sea world that the demand story even increases and that the elasticity of demand outstrips even the fall in the prices. that's that's the argument. and when intel is nowhere even on

the playing field right now and amd isn't even close, nvidia is still the one that's getting their even their lower priced chips from. so. >> just just. >> one little bow on this. >> so if. >> you look. >> at chips. >> or. >> what supply demand. >> right. >> so you if. >> now you have two if you have too much or you. >> have enough, that's a glut. >> it's a commoditized pricing. >> they have. >> to. >> guy where. >> he kicked. >> it off. gross margins. >> have. >> to continue to. >> come in. >> so for me i don't see. >> prices increasing. i don't. >> see the price of the stock increasing. and i'm not i'm not. >> fighting. >> you know. >> on the price. >> level of stock. >> like tim said. >> it looks. >> like it's rolling over. >> i think. >> you're going to see much. >> lower prices for nvidia. >> listen, there's lots of puts and. takes here. you could say stargate. you could say there's a whole host of. >> there's a whole sovereign. >> there's a whole host of things you could say. maybe we're just getting started. right. this has been a digestion phase as far as the spend. now we start to think about what inference looks like and what is applications being built on all this stuff, and what is the

adoption for a whole host of. that's going to be the next step when it starts. who knows? the flip side of that is anthropic. this is one of openai's biggest competitors. they have this cloud model. they just released a new 13.7, and supposedly that one was trained on tens of millions, not billions or anything like that. so there's something for everybody. you know, deep sea has been widely explained as not that negative for nvidia right here, right now. and so, you know, again, i, i just think there's a little something for everybody. but i just don't think this is like going to establish a new range. i don't think we'll have another leg higher anytime soon in this trade. >> in the context though, of market psychology at this point in time, i mean, how is this going to be perceived, the puts and takes? is it going to be perceived positive or negative? are you going to be glass half full or glass half empty at this point. because i would say glass half. >> empty diagram. >> one dog goes one way. >> you know, not the venn diagram. we all know what that is. when you see one thing or the picture. >> oh, right. >> horshack arnold horshack. >> or. >> the dress. >> rorschach dress. the dress.

>> do you see gold or do you see blue? >> that was a few years ago. >> okay. >> look, look on monday, what i meant. by we. >> really teed was saying that microsoft canceled a bunch of data center capacity leases, and the markets freaked out. >> i think the market is a sigh of relief. i think in terms of the after. so i think in terms of the broader market, you know, we'll just focus on the things that we're concerned about. this sort of gets us through, i think, in terms of the concern about nvidia, however, and tim is right to point out on a price to earnings, the stock is cheap compared to where its peers trading and really compared to where it should be trading. if you think about the head start, the problem i think is price to sales is still expensive. and if margins come down, that price to earnings goes up very precipitously. so that's been my concern. now the market isn't worried about it clearly. but again mark, margin deterioration leads to an acceleration of pe. >> all right. for more on nvidia let's bring in susquehanna senior analyst chris rolland chris great to have you with us. what's your take on the quarter and what's your take on that $11 billion blackwell revenue number. >> yeah i thought it was. >> fine 11.

>> billion. >> for blackwell. we were thinking. >> it was. >> going to be 5. >> or 6. so this is a. >> very healthy good number. >> we were. >> worried about the april. quarter as. >> it's kind of. >> this hole. in revenue. >> between. >> hopper and gb 200. >> so we think this is. >> a. >> fine result. >> what are you looking for on the conference call chris. what's going to be your your first question? if you had that first question. >> if i have that first. >> question, it's. >> going. >> to be. >> around gb. >> 200. >> whether system. >> developers are. >> ready to go. and when can we. really ramp this product? >> chris, cut to the chase on the hyperscaler mark. excuse me, capex intensity, where are you on this? >> yeah, well. >> capex is going up. we were thinking. >> growth was. >> about 20% across those hyperscalers. you talked about going. >> into the quarter. >> coming out of. >> the quarter, it looks. like it's. more like 30%. >> year over year. >> so this. number is going up

on the back of. >> i real quick, chris, given the beat in blackwell, as mel said earlier, the higher margin chip, theoretically, wouldn't you expect to see margins hang in there or actually be better than expected? or am i way off base? or you can tell me i am, because that's typically the case. >> yeah, you're you're not. >> off. >> base, but. >> the companies are. >> the company. >> the company. >> has very well. >> telegraphed and communicated. >> that gross. margins during this. >> blackwell ramp. >> were going to be low. and so. >> for whatever reason. >> the street was modeling. >> closer to 73%. >> that was off. >> it should have been closer. >> to. >> that 71. >> so this is exactly as the cfo has. >> in fact telegraphed. >> chris, as you talk to investors, i'm just curious what where there is skepticism. we were talking about how the stock has really not done too much over the past nine months. is there skepticism around the forecast of hyperscalers that

they're actually going to stick with those raised guidance numbers throughout the year? i mean, where does sort of the, you know, the question marks, where do they focus on. >> yeah, i think. >> there was some turbulence around. >> deep sea. >> we're still trying to. >> figure out efficiencies. that came from that model and whether it decreases. total spend or not. >> i think that's of less. >> concern now. >> certainly than it. >> was a month ago. >> but really. >> people want to. >> know timing around. gb 200. it's this is supposed to be the big product, not b 200. it's gb 200. >> racks of 72 gpus. >> and it seems like. >> you know these. >> are coming a little bit later. are there still problems or are there still problems with liquid cooling. there's a lot of stuff that are going to come into these complicated systems. and are they ready to go in time? and if not, is there a small hole in revenue in between? and so that i think is

probably the biggest concern for investors right now. >> so where do you want to see that launch, chris, in the year. >> so i want to see it coming after the april quarter. so their july quarter, and i want to see it in earnest. >> okay chris we're going to leave it there. thanks, as always for your analysis on the heels of these numbers. and do not miss a cnbc special report on nvidia's results. john ford will be speaking with ceo jensen huang about the numbers, his ai strategy and more that 7 p.m. eastern time right here on cnbc. so there's still a question mark about an even bigger product than blackwell to come, potentially in the july quarter. >> sure. >> ruben, i can't wait. you know, here's the thing. tomorrow night we're going to get dell, right. so dell makes the servers that a lot of these gpus go into that a lot of these servers go into the data center. so it'll be really interesting to see what they have to say. they've been growing kind of quickly. they when they reported in november it was disappointing. i mean pcs are not particularly great. we know that market is really bad. so it'll be interesting to see what they

have to say on servers tomorrow night. so this thing we're all waiting for nvidia. and it was a big nothing. you know we've been waiting for like two months now. and so now we got to put some other pieces of the puzzle together. >> tim famous rubens for 500. >> reuben kincaid. you have. >> to go. reuben kincaid. >> i know. >> reuben well. not my favorite sandwich. very greasy, very greasy. >> reuben sierra actually had a pretty nice run with the. >> reuben kincaid. >> do you have any? >> i don't think. >> there's any salient points. >> to make. i mean, let's just, you know. but this is what happened last quarter as well. if you recall, there was no movement in the stock the next day, it made a new all time high and then closed precipitously lower, had this engulfing pattern. so we'll see how it plays out over the next 24 hours. >> might i also say that jensen huang is a master at speaking to the market, speaking to investors, delivering what they want to hear. and john ford is going to be speaking to him tonight at 7:00 and cnbc. and the picture might not only change on the conference call, which is going on right now, but also change on the heels of this interview. >> it's going to be a fascinating interview. >> it's probably a must. >> watch, because i think the

dynamics on selling some of these pieces of uncertainty together, certainly i think the message is going to be positive. i think for the markets this is positive. i think this is an overhang. i think this was something the markets wanted to get through. i mean, think of the price action. think of also where options expiry was on friday and a lot of people were betting against things getting kind of ugly into this sprint. there's all kinds of stuff going on around it. >> well, let's talk about the context of the markets because we snapped a losing streak today. the s&p as well as the nasdaq here ending a four day losing streak. so what does this do you mean you're saying that this sigh of relief. >> yeah i think so. i mean again i think you've got a case where if you look how mega-cap tech has been underperforming and there's been a bit of an indictment against all the capex spending against all the hyperscalers, right? so if we get reaffirmation that this is money well spent, i'd see meta turning around most immediately. >> so people you. >> wanted to see a rebound here and you and the. >> market can't really. >> do. anything without max seven. >> we've seen. >> the equal. weight outperform. we've seen. russell outperform. >> but when you look. >> at the names that. >> people hold the most of in

their portfolios. >> it's these. max seven names. >> people wanted to see them bounce. >> they got. >> flushed out rsi. >> dipped i. >> think you give it. >> a couple. >> of. >> days and i think you see this. group probably roll over again. >> give it a couple of days. you get ppe on friday morning. and i think it's going to be really interesting to see where the ten year yield has gone over the last few weeks, from 4.8 to 4.3%. let's see if that's a hot number. we've seen some hot prints over the last few weeks or so, and i think that put and take. >> you on that. do you want do you want hot. does the market want. >> i honestly don't know. what's the game guy that we play every once in a while on this show. >> if you knew. >> tells you. >> we play a lot of games. >> i'm trying to think of which one applies in this. >> case, not trader. >> one thing i'll just. say you guys were worried about like you think if you think of nvidia, the overhang is off the market. i'll tell you two things that i'd be worried about right now. bitcoin you know below 85,000. the way it sold off the way it continued today. and the other one is tesla. it sold off. it was down 10% at one point yesterday. it was down almost 5% today. and that just tells you a little bit of some of the extreme risk taking that has been going on, especially as the

ai trade has gone sideways. >> but those weren't leaders, it you're saying, i think a lot of the fluff is coming from. >> leaders, sentiment leaders. >> okay. >> for like fomo for risk on bitcoin. >> bitcoin is definitely. >> bitcoin. >> is definitely. >> risk on. >> so i agree with that. when you see this. >> fluff come. >> out of it. and today. >> i think was the biggest outflow. you had $1 billion. coming out of. >> and last year. >> let's remember. >> etfs 80%. >> of the inflows into etfs. >> were bitcoin related. >> i mean gold yes the pullback in gold right i mean people are looking to lock in their biggest winners. and for what for safety. >> it feels that way i mean we've seen a couple of gold sell offs on the back of broader market before. it's not unprecedented. i do think the gold trade is intact. i think bitcoin is absolutely something to watch. we have talked about it. if the average price of microstrategy's holdings get to the point where bitcoin is trading, that's going to be problematic and the vix is showing signs of wanting to do something in the upside close

lower today, i get it. but north of 19 is something to watch. >> have you seen a gold pull back. >> a little bit a. >> little bit. >> what are you talking about a little bit. 50 bucks an all time high. >> that's a. >> little bit of a settlement. after the move we've had. yelling at me. you really? you're calling this a bull? don't call this a pullback. >> are. >> who am i calling? >> it's a rorschach test. >> all right. coming up we're dialed into the nvidia call. we'll bring you all the headlines as we get them. and there's a lot more earnings action to come salesforce ebay paramount and much more on the move. the details and numbers tt move. the details and numbers tt lane? don't go anywhere ♪ empower ♪ so handsome. oh, i can't buy this. hang on there. actually, you can. your empower investment account has performed well. and this whole off-white-ish cantaloupe thingy is really working for you. so... so...? so... (♪♪)

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economy seat. >> and. >> economy. perhaps they need to call it something else tomorrow. >> investors and fast money fans join melissa lee and the team of traders live and on air for an all access fusion of trades, trends and tips. fast money dave's been very excited about saving big with the comcast business 5-year price lock guarantee. five years? -five years. and he's not alone. -high five.

it's five years of reliable gig speed internet. five years of advanced securit. five years of a great rate that won't change. it's back. but only for a limited time. high five. five years? -nope. comcast business 5-year price lock guarantee. powering five years of savings. powering possibilities. comcast business. is hiking its quarterly dividend by 25% and initiating a $6 billion share buyback. gm ending the day up nearly 4%. our phil lebeau joins us with the story. phil. >> melissa, this is not the first time that general. motors has. >> said. >> you. >> know what? we're coming off of record profits. let's put that money to use by buying back. >> our shares and increasing the dividend. >> so here's what. >> the company announced today. >> as you mentioned. >> $6 billion stock buyback. by the way $2 billion of that is

part of an accelerated stock retirement program. so it will all happen in the second quarter. they're raising the dividend by 25%, jumping it up $0.33 to $0.15 a share as you take a look at shares of general motors. keep in mind that the outstanding shares. it's come down by about 400,000. shares since the beginning of 2023. that's how many they've retired. they also have an outstanding balance in terms of total shares of about 998 million, maybe a billion shares, roughly speaking, depending on how the share repurchasing is going day to day. so that's a big drop compared to where they were just at the beginning of 23 melissa. >> all right. phil. thanks. phil lebeau on gm. what. positive. definitely. i mean the dividend increase. >> the bears will say they've got no ev business and that this is a sign of weakness, that this is all they can do with their money. i mean, but if you're gm and you have the history of the

gm has this is great news. this is a company that's now you have to give them the benefit of the doubt. we're not talking about 1 or 2 quarters. we're talking about four years coming out of covid. this is a company that obviously, and even before covid, some of these trends were in place. but the profitability we've seen on free cash flow is extraordinary. this stock should rerate. i understand that there are headwinds that are going on in the auto space, but this stock should be rerating and clearly should trade. and again, it is a car company unlike others that are not. >> and by the way, they are going to spend more than $8 billion on research and product development. so they're not investing. they're not not investing in their business. >> 6 billion buyback is not insignificant at $48 billion. company number one. number two the move from 61 down to 45, which we've seen over the last couple of months got us right back to the october low, which is where we took off from, if you recall, in the fall. so i'm with tim on this one. if you want to play the stock market, i think gm has some upside here. >> but how about the tariffs. march 4th. >> she's not complaining. >> about them only. we only had farley complaining. >> about the tariffs. >> she seems like she's navigating. >> the seas a. >> lot better than ford has. >> and the. >> interesting part. >> of their. services business.

>> is they. >> have. 4.2 subscribers, 4.2. >> million. >> subscribers. >> not many. >> for ford has 650,000. >> so when you look. >> at it's. >> basically 25%. >> of. >> the vehicles. >> that can have. >> that service. >> plan that. are on the road right now. >> so if you're going to invest. >> in a car. >> company, gm is. >> definitely over ford. >> although ford seems. >> like there could. be a dead cat bounce. >> at this because i don't. >> agree with the way that farley has been running the company. but i'm not a ford. >> ceo, so. >> i have. >> to just bite my tongue. >> everybody's going to. i mean, maybe ford will feel more of an impact, but everybody will feel an impact of 25% tariffs. >> there's no question and there's no question. there were a lot of people running down to florida that weekend, and there's a lot of people in the auto industry that have been lobbying very hard, and i think there will be a compromise found. i think ultimately, u.s. auto, if you think about it, if we're fighting for fight for u.s. steel, we should be fighting for the big two that are left in detroit. >> good point there. coming up, we are diving back into tonight's after hours action. salesforce, ebay, paramount and

more. all reporting results. the numbers from the quarters next. and speaking of earnings, a major move in the pharma space. madrigal surging after its q4 report this morning. the ceo will join us next to dig into the numbers and its latest drug trial data. you're watching fast money live from the nasdaq market site in times square. market site in times square. back rig at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial. breakthroughs. >> mizuho was there. >> backing the company, battling eye diseases. >> that was us. >> to financing. >> a company revolutionizing weight loss treatments. yep. also us. >> so if you're looking. for a. >> corporate and. >> investment bank as a partner.

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>> and a pain. >> then i found enhance. >> and it was super friendly to the old wallet. >> we'll take it from here. >> guess what? in just one week, enhance. >> completely transform my kitchen. my kitchen went from. >> drab to fab. we got a whole new style with new door and drawer fronts, new organizers. >> and now. >> i have a place for everything. >> i mean, look. >> at this place. >> it's the best decision. >> i've ever made. >> this is the emirates premium economy seat. >> and. >> economy. perhaps they need to call it something else. >> a cnbc special report in video reports earnings and jon fortt interview. ceo jensen huang, ai strategy, chip demand

plus post interview analysis a cnbc special report tonight, 7 p.m. eastern, cnbc. >> welcome back to fast money. we've got an earnings alert on salesforce. shares of the software company dropping after hours on a revenue miss and light guidance. seema mody has got all the numbers. seema. >> melissa. that is the story. full year guidance came in short of analyst estimates, raising questions about the return on investment of ancient forest, though regarding its ai agent business. it did end the quarter with 3000 paid customers, up from 200 in the third quarter. given that it only launched this business in october of 2024. pretty commendable, but on the on the call ceo marc benioff once again excited about what he is hearing from customers, energetic about the growth prospects, saying its ai product line is a multi billion dollar product line. no one, he says, is delivering at this level. customers, he says, are telling them that they are light years ahead of others, with clients including equinox, opentable,

lennar. he also adds that salesforce is able to deploy at a really low cost, which has been a point of debate amongst the analyst community. all comes as competition is heating up, with microsoft fueling a war of words between the two companies over the past few months. ceo marc benioff joins jim cramer tonight on mad money melissa. >> all right seema thanks. seema mody with crm. i mean it was stock. stock was down as much as 10% after hours on the back of the results initially. bounced back a little bit. >> you got to watch that interview because i don't know if you remember last quarter benioff was saying i think he said something about microsoft. he was kind of dissing copilot. they're all into agents. and he said, go talk to anybody at microsoft if they are using copilot within microsoft, that sort of thing. so that's a battle that's going to be fought obviously on multiple different levels here. you know, the quarter just wasn't that interesting. the guidance wasn't that interesting. and you know, at the end of the day, in a market like this, when you're looking for themes where there's going to be adoption, that's going to drive the performance as it relates to ai, they're telling a story about the future, not about right now, but

that's good enough for the future. it's just not good enough in the aftermarket right now. >> i mean, maybe they're sandbagging the full year guidance. it could be. we'll see. i mean, at 30 times earnings though, you know, the valuation gets in the way. and this stock if you go back and look for crack staff can pull up a chart. i mean right at the levels that we sort of topped out at in march of last year before we took a leg lower. so this is critical support right here. we'll see what he says on jim's show if he assuages any of the concerns. but, you know, it has been and continues to be an expensive name. >> if you think that. >> the. >> economy is slowing. and i think. >> the. >> economy is slowing. >> 49% of crm clients are small businesses. small businesses have the most front facing. they're the first. the headwind. >> for them is. >> the economy. if the economy is slowing, you. >> could. >> see some. >> cracks in his. >> subscriber business. but i do agree with dan. >> i think. he's entertaining. >> to watch. i think he's. >> got. >> always you. >> talked about. >> you talk about jensen. >> he's always got an answer. >> he's a crowd favorite. but he does it from. >> an. >> antagonistic point of view. >> so i could see. him give.

>> something some fodder. but think about it, the biggest competition he has is microsoft. >> so he. >> has made some acquisitions in the past with slack that competes with teams. he's had tableau. i don't even know what tableau was, but he's been very acquisitive. >> yeah. >> is that is. >> that what he bought? >> i don't know. >> so a table. so. >> anyway. >> if they. >> continue to make acquisitions that could be another headwind for him. because if he's got to buy growth in an environment that's slowing, that's a double headwind. >> could you. >> see. >> khawaja too? >> i, i think this was a solid number. i think they've got a new cfo in transition. i think they're going to be conservative. you start talking about fx and leap years and things like that. that's not really what people want to hear with a company like this. but again, i think this was a, a cautious guide. >> can you imagine, tim. >> two that's the one phrase that you walked away with from high school friends. >> high school was 40 freaking

years ago. more than that. >> can you. >> imagine, tim in high school? french. oh, i mean, that would be fantastic. >> young lady. >> i still remember those. >> three, mademoiselle. yeah. anyway, coming up, the latest results in drug trial data sending shares of madrigal pharma surging. but the stock's next with the company and the space. that interview with fast money returns. >> missed a moment of fast. catch us anytime on the go. follow the fast money podcast. we're back right after this. ♪ empower ♪ hey, i got her a little something. a little something, dad? oh, umm. hi. walt rolled his 401k accounts into an empower ira and it's grown nicely. so i say, let a gramps be a gramps.

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>> for. >> welcome to cnbc's. >> crypto world. >> cnbc's daily digital show has trading updates, the latest headlines, a global perspective and high profile interviews. scan to wa

channel. and maria already asked for a budget reminder. >> smart morning. >> got it. >> got it. >> boss otter. >> you got this. >> welcome back to fast money. stocks closing well off the highs of the regular session. the dow erasing a 250 point gain early in the day to close down nearly half a percent. the s&p managing to eke out a small gain. it and the nasdaq both snapping four day losing streaks. shares of supermicro jumping nearly 20% after filing delayed financials last night, just in time to meet the nasdaq deadline and check out shares of shares. check out bitcoin falling into an 82 k handle that was its lowest price since november 11th. and some more after hours movers. ebay beating eps and revenue expectations. but its first quarter revenue guidance coming in light.

paramount and sweetgreen missing on top and bottom lines. and snowflake and c three ai both topping expectations but c three ai posting light revenue guidance. well eli lilly closing at four month highs after the company announced plans to invest at least $27 billion to build four new us manufacturing sites. angelica peebles spoke with ceo david ricks about the news earlier today. she joins us now with more. angelica. >> hey, mel. so three of these. >> sites will make active pharmaceutical ingredients, and one will put drugs. >> like bound into pens. >> lilly expects. >> them to start making medicine. >> within five years. now, this is. >> the. >> latest investment that. >> we've. >> seen from lilly to increase supply. >> of. >> bound in future weight loss drugs. lilly ceo david ricks told us. >> that cancer and alzheimer's drug. >> are also part of. >> this now. >> lilly is clearly. >> sending a. >> message to the white house. the company made this announcement at an event in d.c. lawmakers and administration officials were there praising lilly's. investments in the us, and ricks wasn't shy about lilly's intentions, either.

>> we do want to influence. >> the policy. >> environment and. >> of course, president. trump and secretary. >> lutnick and. kevin hassett was here today as well. >> all can have an. >> influence on that. >> which is about us tax competitiveness, because none of this. would happen if we go back to the days of us having double the tax rate of every other country. we need that corporate tax rate to stay low. and then, of course, other policies that support domestic manufacturing. >> so on tariffs. >> rick said he's speaking with. >> the. >> trump administration about what the, quote. >> contours. >> should look like. so we'll have. >> to. >> stay tuned for more on that. mel. >> angelica, i have to ask you about moderna. we're seeing the shares move lower by about 4.5% after hours. there's a headline that just crossed saying that its bird flu shot contract is going to be under review by the trump administration. how important was that to moderna? >> you know, i don't think anyone. >> was expecting it to be a. big financial boon. of course, it would be. >> upside to the company when. >> they really need some. >> upside right now. >> but this wasn't something

that they were actually expecting to take forward. you know, where they factor that into their guidance. so obviously it's a negative headline, but it's not something that would materially change the results that we're expecting this year. >> okay, angelica. thank you. angelica peebles. we were just having a conversation about lilly yesterday, and most people here were saying, no, no, go over lilly. >> yeah. well, look, i love i love the tack taken here by the c-suite. and really, you know, addressing an important issue has been for pharma companies. and i think they're pretty united on this front. so i think it's great. i think lilly on valuation is still very compelling. it gets back to whether you think that the type of growth we've seen over the next couple of years equal the addressable market, i do. >> all right. meantime madrigal pharmaceuticals surging 15%. the stock's best day since november. the company out with better than expected q4 results thanks to its mass fatty liver disease drug madrigal, also posting results of a study in patients whose liver disease is more advanced than the group currently eligible for the drug, saying those patients saw marked

improvements in their condition over two years. for more on the results, madrigal ceo bill seibel joins us now. bill, great to see you again. >> oh. thanks for having. >> me back. >> can you walk us through us and the trajectory that you see for the drug going forward, seeing that you're going to be launching a new territories? >> yeah. >> so first of all. >> it's been. >> a really. >> great launch. i've launched a. >> lot of blockbuster. >> medicines in my career, and this. >> is the. >> best launch. >> that i've been associated with. >> in just our third quarter of launch. >> q4. >> we exceeded. >> $100 million. >> which when you compare against any launch. >> that about. >> is about as good as it gets. >> so we're really. happy with that and we're making. progress along kind. of really three key fronts. >> first of. >> all. >> number of prescribers. >> we have continued. >> we have a target. >> of about. >> 6000 prescribers. and we continue to make progress on a quarterly. basis there. >> we've had. >> 60% of those prescribers.

>> write the product already. >> and from a patient perspective, we have now at. >> the end. >> of december. over 11,800. >> patients on. >> sephora, which is a really significant number in. >> itself. >> crossing the. >> 10,000 milestone. and then finally. >> from a payer. >> perspective. >> last time i was on. >> we talked about a very aggressive. goal of. >> having 80%. >> commercial coverage. >> by the end of the year. >> we did. >> that in. >> by the. >> end of the third quarter. >> so we're on all those metrics tracking very well, which sets us up really for the future. >> and we. >> have had steady, consistent growth. and we expect the same as we move into. >> 25 and beyond. >> you mentioned the more than 11,000 patients that are already on the drug. that's actually less than 4% of market penetration, according to one analyst report i read. how do you view the market and how how do glp1 fit in? some will say that it's a competitor to drug in effect, because of its

efficacy with mash. and others will say it's a complement. >> yeah. >> so first of all, i'll say. >> that the market dynamics set up here better than any other opportunity in the industry from my perspective. you mentioned the less than 4% penetration. that means that we have a long way to go. and that's into the diagnosed 315,000. patients that we are focused on. now what does competition do? >> actually competition. >> really helps. >> because it ends. >> up growing the market for you. >> every single launch i've been. >> associated with. as you add more products, there's more awareness. physicians are looking for the disease more, prescribing more. >> etc. as the. >> market leader in the. >> space with really. >> i think the best profile now. and as we look into the future. >> it's almost a. >> holy grail of profiles. >> a once a day pill that's effective. >> and well tolerated. we're in a really. >> great position now. glp one they. >> are. >> and they have. >> stated that they will attempt

to grow this market. >> we talk in. >> terms of 315,000 patients. they talk in terms of there being 22 million. >> patients in the us. >> eu five in japan. now, in order for them to really. >> support the business. >> they. >> have, they need to talk. >> about millions of patients. >> we're very. >> comfortable in the context of the 315,000 prescribed, pardon me, 315,000. diagnosed patients. >> if glp one. >> grow the market. >> like they state they. >> will, we're in a very. >> good position. >> to compete there. >> especially with the high discontinuation. >> rate that. >> you see with. >> glp one. novo on. a call. >> announced that. >> at the. one year point. >> about 70% of patients on wegovy discontinued. >> that's an important fact. >> because the study. >> that they ran in mash was a 72 week trial. so we look at it that there's a number. >> of paths. >> to victory for us. we're very happy with the 315,000. diagnosed patients.

>> but then. >> if this market. >> expands, as we think will happen. >> in the presence. >> of glp one. >> we're also. >> in a position. >> to win. >> bill, great to speak with you. thank you. >> thanks so much for having me. >> bill seybold, ceo of madrigal. >> guy it's a 12 year high today. the loss, they reported was much better than expected. suggests that the path to profitability is a lot faster than people think. billion dollars of cash and cash equivalents on a $7 billion market cap company. and i think the last time, if i'm not mistaken, we talked about this. we sort of liked the story. i think you got to still like the story here, mel. >> it's interesting to hear him talk about glp one is actually growing their market, because you would think on the surface that they would just be competitors to this drug is different. >> no, it seems as if there's a lot of complementary pieces in some of these companies are actually going to benefit by cooperation, and that's actually going to probably drive some to move even further into our our focus. >> coming up. applovin taking a beating as short sellers pour cold water on the big tech on the tech's big run. the slew of critics not loving on the name

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fuzzy panda among allegations of fraud. fuzzy panda saying applovin illegally tracks children across apps and knowingly serves them explicit ads. they also accuse the company of copying meta's homework, stealing data, stealing data from the tech giant in how it uses its ad targeting. the bear cave, another short seller, made similar allegations last week. applovin ceo, refuting some of these claims in a letter to shareholders, saying in part, it's disappointing that a few nefarious short sellers are making false and misleading claims aimed at undermining our success in driving down our stock price for their own financial gain. rather than acknowledging the sophisticated ai models our team has built to enhance advertising for our partners. dan, you are following this move. it's an interesting move. >> it's interesting to see three come out at the same time. so you got to wonder if there's like some collusion. i mean, i don't love hearing ceos talk about, you know, the targeting and shorts and all that sort of stuff. i mean, i think it's kind of goofy. i think short shorting

is actually an important part of what goes on in the markets here. but again, you know, sometimes where there's smoke, there's fire. the fact that there's three of them makes it interesting. it's kind of an easy target when you think about how this stock had rallied over the last year or so, and then that gap that it had on earnings, but it's filled in all of that and then some. i just think there's so many other stocks out there that you can play. >> like why bother. >> yeah. >> fuzzy panda, you said that's. >> nefarious. >> you said it twice. >> i thought. >> that it was. >> it. was in the prompter. so you read it. you got a kick out of saying that. >> do you think, though, if you're fuzzy panda. and again, panda is a bear, right. so i'm just connecting the dots here. so it's a short seller. but do you think he's a nicer short seller. he's you know, pandas is. >> i. >> think it's just to be ironic. i think it's ironic because pandas seems sweet and gentle and they being fierce. >> and again, one step ahead. >> of me. >> they're not vicious. and they eat bamboo and they hang out. they are fun. >> i think they're i think they're cute. >> do you have anything. >> growing up? >> do you have any. >> do i do i. >> in general. i'll broaden it out. >> obviously it's about 461%.

for the last. >> year, but i think it's going to bring up a big. dialog over. >> what i can. >> you steal. it's going to not necessarily for this stock in particular, but for the group as a whole. >> we're going to find out what's. >> out there in the public domain. did they really steal something? was it nefarious or was it just open? >> and what is i one of the allegations is that their ai product acts on 2.0, is not really ai, and it's all sort of smoke and mirrors just to get clients basically. >> 15 times revenue with or without fuzzy bears or. huggy bear. how about he bears. >> fozzie bear, fozzie bear? >> fozzie bear is a different kind of bear. >> starsky and hutch. >> anyway, coming up, a pair of fast movers catching our attention. why bud was bubbling higher in the latest out of u.s. steel's merger drama. that is steel's merger drama. that is next. more (grunting) at morgan stanley, old school hard work meets bold new thinking. ( ♪♪ )

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entertainment, all in one place. call is still underway. chris rolland is back to give us all the key headlines here. chris, anything notable? >> yeah. >> no jensen's. really just. >> talking about. ai continuing into the. >> future, defending. scaling

laws. >> talking about. >> next generation products. >> it does appear as those are on time. both gb 200 and gb 300 and then hinting. >> at new. >> products coming at gtc, which which we will have in a couple of weeks. >> what do you make of the stock's reaction. we were up 4%. you know in the regular session just about or percent after hours. you know 53 minutes into the call. >> yeah this really seems like a in line result and guide quarter and no major announcements, no major setbacks or pull forwards in the roadmap. so this is actually kind of the response i would have expected. >> okay, chris. thanks. chris rolland of susquehanna with the latest on the conference call. is this enough to move the stock out of that rut that you're highlighting the nine month rut, or is does it just keep

meandering? >> i don't think so. i think there has to be some sort of, you know, kind of adoption story that plays out in other industries that suggest that this is going to be something that we can start to model out going forward. and i think that this open source thing is really interesting because, again, it might not be such a negative as was perceived a few weeks ago, and it might actually drive down the cost of compute, which will actually kind of get adoption going sooner than expected. but there's nothing here there to kind of give to the bulls or the bears, in my opinion. >> all right. let's get these movers here. ab inbev popping over 7% as q4 revenue beat despite declining volumes. the budweiser maker seeing weak demand in china and argentina, though the ceo said he expects recovery this year. so, tim, what do you make of. >> this. >> very low bar? interesting valuation. remember, this is not your america. this is not your clydesdale anymore. this is actually not an american company. the ford valuation not all that attractive. i think if you look at where this company has come from and also the consolidation in the beer market, i actually think this is a pretty good space to own it. i

also think it's the market to own it. i think they will be buying back stock as well. >> all right. let's take a look at us. steel shares slipping amid confusion over the status of its acquisition by nippon steel. according to reports, the japanese company planning to meet with u.s. officials to revive a deal that conflicts with president trump's claims that nippon plans to invest in us steel instead of purchasing it. severe long x. >> i am i got longer today. i think that ultimately this is this is another barometer for. >> president trump's success. >> so he has. >> the stock market. then it. >> turned into. bitcoin or crypto. >> and now. it's steel. and i. >> think he. >> would. >> fail if he. >> if. >> this doesn't perform. >> or. >> outperform i think. >> that would be a failure. >> that he would take personally. so i think. >> the stock goes higher in. >> a. >> overwhelmingly amount of different possibilities. different possibilities. >> up next, final trades. at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, and what matters most to them matters most to us.

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questioned for the worst. >> i bet ceo. >> jensen huang offers a clear path for those who want to join the new industrial revolution that he's helped create. i hope it matters. >> mad money. next. cnbc. >> we are very. >> excited for you. >> yeah. >> very special. fast money live tomorrow, 5 p.m. eastern time. we'll have a super sized desk in over 100 diehard fans from over 30 states and three countries. you will not want to miss this. it's going to be. >> they don't know what they're getting themselves into. >> we don't either. >> awesome. >> we don't either. time for the final trade, tim. >> i think what you're getting yourself into if you buy gm it, guys, 46 level. i think you're getting long here. >> steve steel letter x trades at $38 right now. >> that nippon. >> deal was $55. >> i think. >> it works its way back to that level. >> daniel guy what's the fed's most. favored inflation. >> the pce. >> that's friday morning i think yields probably move back higher. that would be a seller of the tlt. >> daniel daniel you're in trouble. >> wanted to try it on. yeah guy. >> 30 states would be 60% of the

states available. >> it's really amazing. how far dublin. alaska. >> hawaii. >> i mean international. >> yeah. we're. it's crazy. we're psyched up. >> i do. melissa. good. and you're. and i'm happy you're feeling better. boy. boyd. gaming. >> all right. excellent. see you tomorrow. 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 people make friends i'm just. >> trying to make you a little money. >> my job. >> is. >> not just to entertain but to educate and teach you. so call me o matters. and that's true for tech certain