I think they're almost on the verge of, is this a counter-trend move? We popped above the 200-day average for both Bitcoin and gold, or is it the start of

something? Is it the start of something? So I would take it's the start of something.

I'm not suggesting I'm right.

But you study this stuff and you pay a lot of attention to a lot of things.

2013, seemingly out of nowhere, the Bundesbank announced they were repatriating their gold.

By the way, gold that had probably been stored elsewhere for 100 or so years.

And you say, well, what's the big deal? They obviously saw something.

So big yen rally,

Yes

... and so full disclosure.

But he also doesn't mean th- that I'm not right in saying he's a visionary in terms of what he's done at CME Group.

Think about that deal with Google.

It's gotta be four years ago.

People said, "What's going on here?" And then in retrospect, they were way ahead in the cloud.

So I think they're ahead here as well.

MTUM, that's ET- you have, you know, uh, E-mini futures versions of these that obviously allow you at lower cost to, to get-

Mm.

I'm not trying to ask trick questions.

Tim has been all over this for quite some time.

AI infrastructure is absolutely real, and it's like the reemergence of Chuck Robbins 30 years later, here we are, and Cisco's doing its thing.

I thought the quarter was great.

I think the reaction is giving back what we gained today.

And to your point, it's had a huge run.

Right.

Can I

ask? So 14 years, 62.

I was 38 or 38.

Just call me 38, I guess, at the time.

I think that's right.

48.

No.

Then it's over.

Yeah

...

some of these others, without question.

I do think Google's very important for a lot of reasons.

The volatility in the stock over the last couple months, again, has been fascinating to me.

A $4 trillion company, whatever it is, and you see these moves, I think are staggering.

I think they sort of augur something potentially not great.

Yeah.

Is this the end of the debasement trade?

All of the above.

And, you know, there was this talk, central banks potentially selling at the beginning of the war.

I have no validation or verification of that, but that was out there as well.

And in a world where Micron adds $130 billion of market cap in the after hours, maybe justifiably so, people are saying, "What am I messing around in... with, with gold right now?"

Right.

The reality is this, and I believe this, I still think the Fed can talk hawkish all they want.

We'll see how it plays out.

I am

here to answer for gold on behalf of all gold traders.

It's great to be here.

Why is it lower? I'm not going to pretend I thought it was going here.

I didn't.

I thought it would hold the 200-day moving average.

You probably have it up in front of you.

Oracle because it's the least software software company.

Doing well.

You know, thank you.

I'm glad you're doing well, Booms.

The blue looks great on you.

Listen, you know, I wish Rami good luck when he started on Twitter.

But first of all, you can't go to work with nut huggers, number one.

And you can't be saying you're going for a brisk effing walk.

But have you ever participated in a hang-off in your life, Guy? Well,

So give me all that because this is mind-bending how many different companies are basically reliant on OpenAI and their ability to fulfill these contracts.

So if you put the Sarah Friar, um, slide back up, I think it's really important, and what you mentioned is exactly right.

I- in her role, she has a fiduciary responsibility, and what she sees she has to disclose.

And the fact that, the fact that they're saying what they're saying, I wanna be really careful here, suggests that alarm bells are absolutely going off.

Because as you just said, if you're not named Nvidia, the thing that is the epicenter of this entire trade, and to a certain extent in my opinion, the entire broader market, is this, is OpenAI.

And if that starts to f- whatever word you wanna use, deteriorate, not meet expectations, whatever phraseology you use, the trickle-down effect from that is significant, and you're obviously seeing it today.

So when you hear not meeting goals, not meeting expectations, you, first of all, you have to take her at her word, number one.

So in many ways, they better get the return on the investment of the models that they're creating that they're gonna put across WhatsApp and Instagram and Reels and all that sort of stuff.

Okay.

So let's be crystal clear.

Last night on the show on inter earnings, I thought you gotta stay long Netflix, just so we understand each other.

That was clearly wrong given the after hours move.

I totally get it.

But you look at the quarter and you say operating income, great numbers, up 18% year over year.

Margins better than last year.

And you sell out.

Yeah

...

I believe.

I think Bank of America's more in the Wells Fargo camp.

And you know, I'm not looking to throw around nastiness here or, um-Whatever word you wanna use.

But Bank of America has some, I think, risks that they either don't acknowledge or they don't, don- don't fully understand.

And I think it comes right down to the health of the consumer and some of the delinquencies that I think are gonna start to move up.

Fast Money begins right after this quick break.

... ple- nobody likes-

It's a polarizing comment

Um, what'd you make of it?

I'm sure Mike has thoughts, but look, quarter end, month end, I get it.

I think the market was looking for an excuse to rally.

It got it in the form of whatever we heard today.

I don't know if it's been validated or not, doesn't matter, but here's what should be concerning, I think.

The VIX is still either side of 25, which over the last year or so, that's still elevated.

Um, and to get it out, it would probably take boots on the ground of some sort or another, whether it's special forces and, and other forces, something much more significant than we saw in Venezuela and something much more significant than we're seeing now in terms of not just attacks from the air, but attacks on the ground as well.

Michael, in the early days, uh, of the war, obviously just last week, uh, there was a lot of talk of when Iran might be depleted in terms of its capacity to strike its neighbors, its drone, uh, fleet, things like that.

Do we have any reliable reads on, on exactly what is left?

A lot can change, but what do we wanna hear?

Well, I think Mike sort of hit on it about 20 minutes or so ago when they said no more debt issuances for 2026, and I think, uh, the market should breathe a collective sigh of relief just on the back of that alone.

Now, we'll talk about, you were saying the out years and CapEx and those types of things, but given the market move in the stock over the...

since September 10th, when it traded up to 350 or so, the stock has been more than cut in half-ish.

But these tower REITs stand out as an opportunity to leverage something that just looks different than the broader market.

And then really quick, the flip side of all this, this ferocious bounce in software.

But if you looked at the IGV, is that something you'd sort of let rally further before selling it or no?

... can rally?

And Tim Seymour has as well, and we've been talk- since probably late summer, early fall of last year for a number of different reasons.

Valuations were compelling.

These were companies that were operating better without question, and the balance sheets were probably as good as they've ever been in the industry.

Now all of a sudden, everybody's become an expert in the oil industry overnight, which I totally get and I understand why.

What are you thinking for Nvidia? Why does it trade where it trades?

It's actually been, over the last couple days, it feels like there's, people positioned themselves for this quarter, 'cause the last week or so, Mike can speak to this, you've had a little nice run in the stock to the upside, and it's finally getting to levels that sort of match historic highs.

But if you look over the last six to nine months, as Mike will tell you, it's basically been sideways on what's been a pretty decent tape.

So here we are sort of in anticipation.

The numbers are gonna be great.

It's, to me it's about the guide.

And remember that one quarter we all sat here and they guided from $7.5 billion-

Yeah

... what's happening in gold and silver.

Well, I'll tell you, and I'm glad you brought that up before we get out of here, and this sort of marries your two worlds with mine, and there are a lot of things happening, and over the last four years, central banks have bought gold in record amounts, and that's comes from the Chinese, uh, Turkey, and a myriad of other countries that are sort of want their physical gold.

And there's a reason why this is going on, in my opinion, and I think, and I've said this, I think central banks are hedging their own ineptitude.

And this started, by the way, about 15 or 16 or so years ago, when the Bundesbank, seemingly out of nowhere, proclaimed that they were gonna repatriate their gold reserves.

And, you know, their gold reserves have been out of Germany since pre-World War I, mostly in the United States, some in Paris.

And what's going on is people want the gold, and they wanna have it within their borders, and I think they're hedging this sort of de-dollarization.

So the gold trade is not just people walking into Costco and buying their, you know, 10th-of-an-ounce bars, it's much more than that, and I think it speaks to something far more, not nefarious, but far more, I think, scary in terms of what's going on with the underlying global economies, the underlying global currencies, and central banks a- at large.

And Iran