Closing Bell - CoreWeave CEO On AI Investment; Data Centers In Space? 7/15/25

Episode Date: July 15, 2025

Carson Group’s Ryan Detrick joins to explain why sentiment is shifting bullish. Neil Dutta of Renaissance Macro weighs in on inflation and Fed speculation. CFRA’s Alexander Yokum breaks down regional bank earnings, and CoreWeave CEO Michael Intrator joins from the Pennsylvania Energy Summit. Plus, our Diana Olick explores data centers in space.

That bell marks the end of regulation. TransUnion bringing the closing bell to New York Stock Exchange, immuneering during the honors at the Nasdaq and the Dow and S&P 500, both with losses, but the Nasdaq higher, closing at a record high. Tech, therefore the only S&P 500 sector in the green, all 10 other sectors closing lower. Nvidia leading the way with that, adding more than $150 billion of market cap because the Trump administration

giving the company approval to sell its H20 chips to China. AI infrastructure plays AMD and Super Micro also getting a big boost on that news. Materials the worst performing sector though. Gold miner Newmont tumbling after its CFO resigned. But MP materials soaring after reaching a deal with Apple. MP will supply Apple with rare earth magnets. Apple will supply MP with half a billion dollars. The stock is nearly doubled in a week on this deal and in agreement with the federal government. Financials also having a down day. Wells Fargo down 5% after lowering guidance for 2025 net interest income. We're going to have more on the bank results ahead.

And that is the scorecard on Wall Street. But winners stay late. Welcome to Closing Bound Overtime. I'm John Ford. Morgan Brennan is off today. CoreWeave, another big AI gainer in today's session. The company committing $6 billion to build a data center in Pittsburgh. President Trump, well, build a data center in Pennsylvania.

President Trump touting that investment in Pittsburgh and a similar one from Google at an event there this afternoon. We're going to be joined by Corwee's CEO just ahead. And in Pennsylvania today, but perhaps on the moon tomorrow, we're going to look at the real estate space race, which could be used for data centers, offices, much more. Well, offices. Let's turn to the markets. Despite the down day, Bank of America's new

fund manager survey shows that investor sentiment is the most bullish since February on a surge in risk, appetite, and profit optimism. Our next guest is also bullish, expecting the summer rally to continue. Joining me now is Carson Group Chief Market Strategist Ryan Dietrich. Ryan, you're right so far,

but is it getting a little heady here? You think earning season keeps the excitement going? Yeah, we do, John. Thanks for having me back, and hopefully everybody's having a good week so far. I mean, great discussion right before I join, right? Siniment, it's kind of mixed. You can find some pockets of optimism.

We know the hedge funds and a lot of the big money institutions, though, have really missed this rally That's one reason we think it can continue But one thing to think about here the second half of July historically is kind of a choppy month You know Warren pies was on right before me. I love Warren. He thought about maybe a little choppiness Maybe that'd be perfectly normal, you know as we kind of catch our footing and everyone remembers how you know Volatile last August was with the yen carry trade on wine if If you go back and look, we still were higher about 3%, 4% last August.

So I don't think the summer rally is done yet. Maybe a little break would be perfectly normal, John. Where Warren is differing from you is he's taking his overweight off of equities, going to equal weight. That's what he told us here on overtime some days ago. You're staying overweight even though you expect that if there are some Pricing effects even inflation effects from tariffs. They're gonna show up in a couple months Do you just not expect those effects to be too serious? No, that's probably the best way to put it. We don't you know the inflation data today even today

I mean today a wild day small caps down one and a half percent yet You've got the NASDAQ at all-time highs you can pick and choose that inflation data. The reality, we've been overweight equities, honestly, since the beginning of 2023. I came on with you a lot talking about that. I was on last month when we set up summer rally in April, we never cut our target, so we still are overweight. Well, one thing we've done from the start of year to right now, we're very overweight US. We have gone more into developed international, we have gone more into Europe. So we think there's some diversification, if you will. We actually are pretty heavy in the large caps as well. Again, small caps underperform today.

We think large caps will probably still do a little bit better and that'll still benefit investors the second half of this year. Where are you going for international? Yeah, specifically Europe. Europe, some of the big ETFs. When we look at Germany, what Germany started doing back in March

when they were in all that spending with their GDP and defense spending, we said, you know, something, what back in March when they were in all that spending with their GDP and defense spending. We said, you know, something, you know, one of the four most dangerous words, this time is different, Sir John Templeton. We said this time is different. Europe's finally starting to do something there on the fiscal side. And everyone, it's a dirty word, deficits. We understand that.

But look historically, when you have fiscal deficits, you tend to have higher corporate profits and you tend to have a better stock market. That's what we're seeing in Europe and starting to see in the US as well. Do you believe in AI? Is that why you think it's okay to continue putting money into US equities at a time when valuation-wise, price to earnings, things appear to be out of whack? There's the theory out there that because tech

is doing a lot more, big tech is doing a lot more, as far as pulling weight overall in these indices, they deserve a higher multiple. Well, we're in that camp too. I mean, like I said, we're overweight, large cap, so by definition, if you're overweight, large cap, you have a lot of tech exposure. So we do think the AI theme is still alive and well,

and I know financials got beat up today, some more company specific things. There's still some reasons though, we're overweight financials, overweight technology, overweight industrial, some of those cyclical areas, John, we still like, and put a bow on it. We like momentum, those momentum ETFs. We think those are some areas

that have done very well for a while, and that's a nice place for a lot of investors to buy kind of that theme, if you will, for the second half of this year. If that's what you like, you've had a great first half of the month. Ryan Dietrich, thank you. See ya, thank you.

Well, let's turn now to Nvidia. Speaking of big cap tech, shares hitting a record high after the company said it will soon be allowed to resume sales of its H20 AI chip in China. In April, the US government told the company it would require a license to sell the chips in China, effectively halting sales. The news boosting shares of other chip makers,

like AMD chip manufacturer manufacturer TSMC, while propelling the sector ETF SMH to a record. Joining me now is Vivek Arya, senior semiconductor analyst at B of A Securities. Vivek, is this kind of another on again, off again, or do you think we have at last sort of a floor in what the Trump administration is going to allow, is going to look for, and it's off to the races? Sure. I think, John, it's hard to make a long-term forecast with any kind of geopolitical event. But for now, I think it's a good sign that there is easing of tensions between US and

China. We saw this with the easing of restrictions around chip design, EDA, software, with the approval of the ANSYS deal for Synopsys. So it's very good to see this restriction also being removed potentially for Nvidia products, for AMD products. I think it helps the USAI ecosystem stay involved with the Chinese AI software developers who are innovating very rapidly like a deep sea. And then also I do think that it helps the US

kind of maintain its dominance over the AI technology stack over the next number of years, because I think only the US companies really have this nice symbiotic relationship between hardware and software. So by keeping involved with wherever software is being deployed, I do think it helps the US

continue to dominate the AI stack. So for now, I think it's very good news, but these things do have a habit of changing on a frequent basis. We see Supermicro, we see AMD jumping on this, not Dell, interestingly to me. What does this signal about the extent to which computer chips are bargaining chips as far as the US's relationship with China, and who is likely

to benefit if they're allowed to continue selling to China? Sure. I think that first of all, there is the China benefits are probably more for merchant silicon, that would be Nvidia, that would be AMD. But we might also see benefits flow across to the networking side, that is Broadcom, that is Marvell, to some of their chip design software suppliers, to some of the foundries, to memory. So there is kind of that broadening right of benefits. But to kind of put things in perspective, China is about 10 or 15% of AI spending today. We think if these restrictions

continue to be at these levels, over time, China's contribution to the AI CAPEX is probably going to be only about 5 to 10%. But what is rapidly kind of taking that place is the spending that is being done in all these sovereign locations. Look at the spending that the Middle East is doing. I think that could far exceed the kind of spending that China might be doing in AI. US of course continues to spend recently,

we heard Metta plan these multi gigawatt data centers from Atheus and Hyperion. Every gigawatt, remember, is a $50 billion of AI opportunity for the likes of Nvidia. So we think that this benefits are spreading globally beyond China. It also seems that a potential related benefit here is if you're a company that sells a lot into the region,

into Singapore, and there might be controversy over where those goods that you're selling end up, is China getting ahold of them? This might take some of that off the table and perhaps some risk for you now. Oh yeah, I think it does help to some extent. Although these companies have been clear that what they're shipping to Singapore

and certain other Asian locations outside of China is really because some of their customers want the billing to be done in those locations. They're not actually shipping a lot of chips to those locations, per se. Yeah. Yeah. But I do think, but I agree with your bigger perspective

that the more these chips are available globally, I do think it helps to really invigorate the AI ecosystem globally. And I think it helps to really invigorate the AI ecosystem globally. Right. And I think that continues to you know that helps the US to maintain its dominance in this AI stack for a number of years. All right. Vivek Arya from BIA Securities. Thank you. Thank you, John. Coming up, another stock added to the S&P 500. Another stock. It's not Robin Hood. Will tell you who got the nod. Plus, bond yields rising as inflation in June

heated up a little compared to May. What it means for the economy and the Fed as the President continues to pressure Fed Chair Jay Powell. Overtime's back in two. Welcome back to Overtime. We've got some breaking news on the crypto legislation moving through Congress this week.

Our Emily Wilkins has some breaking news on the crypto legislation moving through Congress this week. Our Emily Wilkins has the story. Emily, what's going on? Hey, John. Well, this afternoon we saw crypto week hit a potential roadblock when it comes to getting those bills through the House. A key procedural vote failed after a dozen Republicans voted against it.

And I caught up with a couple of those Republicans, including Congresswoman Marjorie Taylor Greene, Congressman Chip Roy, and they said that their main concern is that while the three crypto bills are on separate tracks, they want to combine them into one. That's because one of the bills deals with banning central bank digital currency. Freedom caucus members want to make sure that that passes. But they know that one of the bills dealing with stable coin is set to go immediately to Trump's desk. The other two will go to the Senate.

What they're trying to do is put all three together to incentivize the Senate to vote for all three and then send all three of them together to Trump's desk to get into law. So a bit of politicking here up here on Capitol Hill, trying to make sure that these measures get done and that others don't get left behind. Of course, what these members are asking for, to combine the three into one package to move together, it would take it a little bit longer to reach Trump's desk. And Trump has actually said he doesn't want that. He wants the one bill that's almost ready to go, that stablecoin bill.

He wants it to him this week. He posted on to social today encouraging members to vote for it. And we even heard from sources that they were already planning a signing on Friday at the White House. So it seems like there's a bit of tension here between what this group of House members want versus what Trump wants. We have been told that they are planning to vote again on this procedural vote around five o'clock

as what we've been hearing the latest. So we'll see if they are able to get this vote done. It means they can move on and actually take the vote on the bills on Wednesday and Thursday, but it all remains to be seen. Things are still in flux. All right. Yeah, sounds like an order of operations question,

but not fundamentally changing the math problem. I know you'll continue to watch it, Emily Wilkins. Well, shares of the trade desk jumping nearly 7% today, onward, the stock's gonna be included in the S&P 500. It will replace Ansys, which is being acquired by Synopsys. Trade desk shares still down 30% this year. That means Robinhood once again passed over despite a 167% gain so far this year and a market cap that's twice the trade desks.

Well turning over to inflation, prices picked up again last month, potentially a sign that tariffs are making their way into the economy. CPI rising 2.7% for the month. Meanwhile, core CPI is up 2.9%. Is more upward pressure on the way? What does it mean for the Fed? Joining me now is Neil Dutta from Renaissance Macro Research.

Neil, welcome. A quarter ago, you thought this tariff, off again, on again stuff, was driving us toward a recession because of the damage done. What do you think now? I think it's still a reasonable expectation. I mean, if you take all the data on board, John,

and you look at what's going on with core goods inflation, particularly outside of autos, that rose about three-tenths of 1% in the month of June. So there's clearly a tariff impact. At the same time, if you look at what the consensus is telling us about retail sales, excluding autos and gas, it's up three-tenths, and that's a nominal value. So if prices are up three-tenths and sales are up three-tenths, it basically means that real spending on goods is declining in America.

It's not a particularly normal situation. And the labor markets continue to cool. When you look at hours, how many people are getting jobs and hourly earnings, that number is not rising at a particularly strong rate. So- Well, I'm really interested, you're sticking to the potential recession call because the

market seems to have shrugged that off. We're just talking about how investors are sort of record bullish. I think a lot of institutions don't believe that the president wants tariffs to remain at the levels where he set them now. Paint for us a picture of how you think this plays out and how soon. Well, I mean, I don't think just, I mean, it's always challenging to be fighting

against the tape if you're an analyst. But, you know, I mean, to me, I'm just, you know, sticking to first principles. I see a labor market that's slowing. That means that consumer spending will likely moderate because disposable income growth is moderating. At the same time, you see a rise. Is that a holiday season issue?

Is that when we should look for evidence of that? I mean these data are seasonally adjusted so you should expect to see it now. I mean I think it's highly revealing that things like hotel rates in the CPI data are contracting over the last several months. You know, why are services going down? Because people have to allocate more of their budgets

towards goods and they have less to spend elsewhere and that drives down the prices for services. If you look at the housing market, I think you can make a reasonable case that the housing market in particular is already in recession. You're seeing prices declining in major markets. Importantly, those are the markets

where the builders make the homes. That's gonna weigh on construction activity, which will in turn weigh on residential construction employment and probably durable goods spending a bit more. And state and local governments are continuing to tighten their belts. We just saw Chicago lay off 1,400 teachers. News like that is happening all across the country. So tell us then what would be the next significant canary

in the coal mine data wise, either on the macro level, on the micro level that you think is gonna tell us that this thesis of yours is playing out on still heading toward a recession perhaps. I think it's employment and it's income growth. I mean, ultimately, if you get the consumer in the US right more or less everything else

falls into place. And if the labor markets are slowing, then it's a reasonably safe assumption to assume that consumers are going to slow down as well. Home prices are declining, and that's the most important asset on the balance sheet of most consumers. Well, Neil Dutta with a controversial call. I love that because it makes everybody check their assumptions. Thank you

Thanks, John. Well, we've got a news alert on global payments. Elliott management has reportedly built a sizable stake in the payment processing company That's according to the financials time citing people familiar with the matter news of elliot's investment comes just a few months after global payments more than 24 billion dollar acquisition of World Pay earlier this year, global payment shares are up about 5.5% here in overtime. Well, President Trump is in Pennsylvania today touting investments in data centers by both Alphabet and CoreWeave. And coming up, CoreWeave's CEO is going to join us to talk about this big move.

And could the future of data centers be the moon or even Mars? How would the data get back? Well, we're gonna look at the real estate space race, what the final frontier could be used for when overtime comes right back. ["The Daily Show"] ["The Daily Show"]

Welcome back to overtime. Let's turn to real estate, but not in your neighborhood or even on your planet. Money's now flowing into a new area of the market, lunar data centers. Diana Olick is here with me to break it down. Diana? Well, John, this sounds crazy, but it's actually real.

Look, this is the next frontier, both on the moon and here on earth. I sat down with the global chief investment officer of Heinz, a real estate investment and development firm. He likens it to the early days of the railroads when entire towns rose up around new stations. We're creating these new rails, if you will, of the future. In this case, it's more into orbit instead of on the ground. But when you think about it that way and think about all the nodes that are going to get

developed and created, it's exciting. And I think investors need to be thinking that way. Heinz recently announced the acquisition of a nearly quarter million square foot industrial property in Florida's Space Coast Submarket to support those making the space construction play. Companies like Ethos, which is planning lunar construction sites to build data centers.

It's a whole new world waiting to be developed. And we develop it. We turn it into landing pads, roads, foundations for data centers, and other great things. So why put data centers in space? Because you don't need to cool them, and you can power them fully by solar. Now, we have much more on that on our brand new real estate

platform for real estate investors. It's called Property Play. It has a weekly newsletter and a video podcast with all sorts of things from these two gentlemen that I spoke with. It is all launching today. Check out the QR code. Property Play. QR code, yeah.

Got to say it again. Got to leave that on the screen because people got to have time to pull out their phones and actually scan that thing. Congrats on launching that. Thank you. You mentioned the primary reason. It's cold. Yes. Right? because people gotta have time to pull out their phones and actually scan that thing. Congrats on launching that. You mentioned the primary reason, it's cold, right? And we've been talking about how AI, all other sorts of equipment can get hot,

but I imagine there's gotta be a bandwidth issue, a backhaul issue, if you're trying to do something real time and fast. You gotta have satellites getting the data back to Earth. So probably only certain specific types of applications. So that was my question. That was my first question to him, was how do you get all this data?

Let's say it's all on the moon and a data center, or he's talking about putting them in deep space. And he said you absolutely just beam it back. Now of course you've got tons of satellites all over the place. You have rockets launching every single day, putting more and more satellites up there. He said you can direct stream this data that you need

back to Earth just as you would from say a data center in Northern Virginia. Interesting and I imagine there's all sorts of geopolitical questions here because we're talking about localizing data centers here. Countries want them on their land. What happens in the move? Interesting you ask because what Ross Centers from Ethos

was saying is the reason that we have to speed up is because China is already on it. They're getting ready to do it and we need to be there too so it's no longer really the Russia US space rates it is the US China space race. Okay but they're getting more Nvidia chips and markets excited about that. Always. Thank you. Well time for a CNBC News Update with Kate Rogers. Kate. Hi, John. A top Chinese cyber hacking group hacked at least one state's National Guard group for

nine months. In a DOD memo seen by NBC News, the administration didn't say which state was affected, but the hackers known as Salt Typhoon, quote, extensively infiltrated the guards network in 2024 and may have obtained sensitive military or law enforcement information. The Pentagon didn't respond for comment. The Education Department is investigating the University of Michigan's foreign funds. The department today said that it found, quote, inaccurate and incomplete disclosures in the university's foreign reports. And Fire Festival sold the rights to the troubled brand on Tuesday for just $245,000 on eBay. The festival's organizer, Billy McFarland,

streamed the week-long auction and wrote, quote, this sucks. It's so low of the final bid. The 2017 festival was promoted as a luxury glamping music festival that ended up being a complete failure with attendees staying in disaster relief tents and served cheese sandwiches. John, back over to you. I guess it's appropriate that the auction was disappointing. Kate, thank you. Well, up next, the top analyst on what today's big earnings moves in the big banks could

foreshadow for the regionals that begin reporting tomorrow. And later, Corweave CEO on his company's new plan to build a $6 billion AI data center, big banks could foreshadow for the regionals that begin reporting tomorrow and later CoreWeave CEO on his company's new plan to build a $6 billion AI data center in Pennsylvania. Overtime will be right back. Welcome back to Overtime. The broader market's down a bit today. 10 of 11 S&P 500 sectors, most notably materials and healthcare. The tech sector up more than a percent, the lone bright spot and the NASDAQ closing at

another record high. Nvidia helping drive that move, jumping 4% as it gets U.S. approval to sell its H20 chips in China. First Solar gaining on a government investigation on polysilicon imports. Complicated, but analysts think it could be a win for first solar and a negative for the Chinese solar makers. And the 10-year yield rising after this morning's inflation data showed an increase in prices compared to May.

More on that with Guy Adami coming up. And shares of JB Hunt down slightly after hours here following its earnings. It came up a penny short on earnings, despite a revenue beat, one culprit, higher costs for drivers, wages, and for equipment. Well, bank earnings also kicked off today with JP Morgan City and Wells Fargo,

all beating on the top and bottom line. Wells Fargo ended the day as one of the biggest laggards on the S&P, though, after the company lowered its net interest income guidance. But it's not just big banks reporting this week, we've also got regionals reporting on the S&P though, after the company lowered its net interest income guidance. But it's not just big banks reporting this week, we've also got regionals reporting with names like PNC, U.S. Bank Corp, Huntington, all on deck.

Joining me now to look ahead to these reports is Alexander Yokum from CFRA. Alexander, welcome. So, Wells Fargo has a lot of consumer business here. How relevant is that to the regionals, which I think of as dealing more with small businesses? Yeah, thank you. Thank you for having me on.

Yeah, I think it is somewhat relevant. I think investors were concerned with that net interest income downgrade in terms of the guidance. And I think they are reading through that into the regional banks, you regional banks with Wells Fargo. Their deposit balances were actually down. Loan balances were flat.

So maybe there's a little bit concern with regionals that there could be some weakness there. There was a lot of optimism coming into this Q2 print for the space, strong rally since April. So I do think maybe we'll have to wait a little bit longer for that improvement from those regionals. Why is credit quality still so good with the worries about tariffs? Yeah, it's been pretty remarkable. If you think about in April, there was significant sell off from these regional banks and Wells Fargo, concerned that tariffs were going to

hit the consumer and it just hasn't happened. What we've seen is spending trends, surprisingly resilient. We really haven't seen down ticks in spending. And yeah, credit quality, even for Wells Fargo, was strong actually, improvement year over year. They saw improvements in commercial real estate, auto, credit cards. So the consumer is strong. I mean, there's a phrase that we've heard,

you just can't believe what consumers say anymore. You have to look at what they do. And as long as they have jobs, they're spending. People's politics seem to influence how they say they feel about things, but not necessarily what they're doing with their wallets. But what about anecdotally, what we've heard about these small businesses with merchandise stranded,

say, in China, that now, perhaps with tariffs, they can't afford to bring over and they're in these dire financial straits. Are those stories, the reality of them, so isolated that they're not going to hit any particular regional or is it just going to take a while? Yeah, actually I would say they're isolated. It is a small percentage of companies. A large percentage of these companies already prepared a bit in the last Trump term to deal with tariffs. So we're not actually expecting a decline in commercial credit quality. In fact, I would guess the average regional bank

will see an improvement in credit quality this quarter. The tariffs just haven't really had that impact. There will be isolated events, perhaps one-offs, but overall for the group, it should be pretty strong. The actual exposure for regional banks to those struggling industries is just a couple percent and they can handle a couple percent of struggles. For investors who might not just be buying the KRE for regional bank exposure, how right now in 2025 are you segmenting the banks, the regional banks,

as far as how you expect them to perform? Is it by size? Is it by geographic influence? Something else? to perform? Is it by size? Is it by geographic influence? Something else? Yeah, so we do like the geographic influence and sort of the banks that have handled the rising rate regime well because those banks are more prepared to play offense today. For example, a bank like M&T Bank, a regional bank, they were quite defensive. They cut their commercial real estate exposure. They didn't have these large unrealized securities losses that a bank like Silicon Valley Bank had. Today they're sitting on a ton of excess capital. So they can really lean into loan growth if that occurs.

And if it doesn't, they can repurchase shares. You know, we're expecting a bank like that to repurchase 15% of their shares by the end of 2026. So that will be a bid on shares, you know, for the next few years. They're really well positioned for growth in our view. If we're gonna get a data point this regional bank earning season, that's surprising enough to shift your thesis

positively or negatively, what do you think it's gonna be? Yeah, it probably would be in the net interest income. Again, there was a little bit of fear coming out of that Wells Fargo print today that that could hit the regionals as well. There's been hope here that regional banks would see net interest margin expansion. You know generally speaking, regional banks don't have the benefit of those capital markets, right, which we've seen you know pretty strong momentum as of late. So

they have to rely on net interest income. So if we don't see margins improve, then that would be concerning. And you know we look at deposit costs, non-interest bearing deposits were declining and there's some hope that that would be concerning. And we look at deposit costs, non-interest bearing deposits were declining and there's some hope that that would stabilize this quarter and perhaps grow. So if we don't see non-interest bearing deposits stabilizing, which means consumers of businesses are still really looking for yield on their accounts,

that would be a bit concerning. We'll keep an eye on it then. Alexander Yocum from CFRA, thank you. Thank you. Again, CoreWeave shares more than tripling since going public in March, surging today after announcing a $6 billion AI data center project in Pennsylvania.

Coming up, the company's CEO is gonna join us live from the Pennsylvania Energy and Innovation Summit to discuss that project. And later, Fast Money's Guy Adonimi is gonna give us the dollar trade, which has been staging a comeback recently. Over time, we'll be right back. Welcome back to Overtime, a big day for China stocks, the FXI up 2% and the K-Web, which

tracks China tech, rising four. This after data showed its economy slowed less than feared in the second quarter, showing The Chinese economy is weathering President Trump's tariffs. Alibaba, Baidu, and JD.com among the stocks leading the way higher today. Baidu with its biggest gain in more than two years. It also comes on the Nvidia news we discussed signaling a possible thaw in the trade war, H20 chips heading to China after all from Nvidia. Big banks are also seeing a lot of big banks coming to China. It also comes on the Nvidia news we discussed, signaling a possible thaw in the trade war, H20 chips heading to China after all from Nvidia. Big banks earnings season is in full swing meanwhile with Goldman Sachs reporting results

tomorrow morning. With me ahead of those results is fast money trader and CNBC contributor Guy Adani. Hold on a second, John, Joe doesn't have an IFB, he doesn't have a mic, but I just want to let the audience know that hosting CNBC's Fast Money tonight is a man that is on the Mount Rushmore of not only CNBC, but of cable news television. That of course, the great Joe Kernan. So you're in a, for a world of fun for the next hour. No tax on overtime.

No tax on overtime. No tax on overtime. Now he does know that it's 5 p.m., not 5 a.m. I mean, it's entirely. No, Ty, you know what? You gotta give Joe credit. I mean, he's putting in Yeoman's hours, gets up at three in the morning,

gets in, does that show from six to nine, has to endure Andrew Ross Sorkin, takes a little bit of a break, comes back and hosts our show at five. That's right, I heard a different story from Andrew Ross Sorkin. But OK, yes indeed. I can't agree. Good to see you.

But you want to talk about Goldman Sachs. So let's opine and Joe tell me about it as he hits me. Tell me about it. Listen, if you watch the show, John, which I'm sure you do from time to time, I think

collectively we've been fans of Goldman Sachs. And I want to tell you David Solomon during his tenure has done amazing things there. Yes, some missteps along the way but the pros outweigh the cons and as we're sitting here you have a stock basically trading at all time highs with a bit of a parabolic move. The problem is in my opinion with a tangible book of about three hundred and forty seven

dollars ish you have a stock now you can do that math I can as well that's trading two times tangible which you know You're sort of the higher end the deep end of the pool So it's not that I don't like Goldman Sachs here, but you saw what happened to JP Morgan today I think it's one of these things where these names rally into earnings and then maybe take a pause in a few days after We've seen it before with Goldman. I enjoy your faith in my math skills Let's move to the dollar the index is pacing for its eighth straight positive day, but it's still down 9% for the year. Guy, do you still buy in? So the dollar is concerning for me. Yes, it's had a rally for the last

week, week and a half for nine trading sessions, let's just say. But you're still talking about a dollar specifically against the euro that's been under pressure a week or so ago. You're talking about a dollar that was at three year lows or so. What's helping now the dollar, I think, is this move higher in interest rates, which is supportive of the dollar. But we've seen this disconnect before where US treasuries sell off, rates go higher, and the dollar goes lower, seemingly on the back of that. So right now it seems like things are acting normally, but I still think there's another

down draft coming here in the U.S. dollar. So my instincts suggest this two week rally or so is just a bit of a relief rally, and we're going to see the subsequent sell off that we've been seeing now for the last few months. All right. Much more, Guy, from you and the other fast money traders coming up in just a few minutes. We'll let you go now to let you wind Joe up, make sure he's awake at 5 p.m.

He is wide awake, thank you, John. Thanks, Guy. Well, coming up, why one analyst says investors keep selling healthcare stocks is that sector remains the worst performer on Wall Street in 2025. Overtime, we will be right back. Welcome back to Overtime. Earlier today, I spoke with Spencer Skates. He's co-founder and CEO of analytics software company Amplitude.

It is publicly traded and the company recently did two deals, an acquisition and an aqua hire where the original company is winding down. But for the record, he is not a fan of the recent trend in AI CEOs ditching their companies for rich offers to join wealthy AI teams at the likes of Google and OpenAI. It's crazy. I mean, the fact that you have so many CEOs abandoning their companies,

it is the opposite of great leadership. It's your job to lead a company through the good times and through the bad, you know, no matter how much or how little do you get paid. I think to your point CEOs both get the credit when their company does well and you know maybe they receive a little bit too much blame when the company goes poorly. But that's the job that you signed up for and that's the that's the Skates emphasized that he would never do that to his team. As you can see here,

there's a bit of a gold rush going on now in AI startups where acquirers are trying to find companies and people that fit their strategy and slice the pie as thinly as possible because valuations are so high. Meantime, heavy hitters in tech, energy, and real estate coming together in Pennsylvania for the first ever Energy and Innovation Summit put together

by Senator David McCormick. And that includes CoreWeave, the stock is popping today. After announcing it, we'll commit up to $6 billion in a deal to equip a new data center in the state. Joining us now in a first on CNBC interview is CoreWeave CEO Michael Intrader in Pittsburgh, along with our own Brian Sullivan. Brian?ave. Mike, thank you very much for joining us. An event with President Trump just wrapped downstairs,

it was you and a bunch of business leaders, Exxon Mobil, Amazon Web Services, Alphabet, many more, a bunch of cabinet secretaries. Your stock, your business, your business, your business, your business, your business, your business, your business, your business, your business, your business, your business, your business, your business, your business, of business leaders, Exxon Mobil, Amazon Web Services, Alphabet, many more,

bunch of Cadbit secretaries. Your stock rose today, saying that you're gonna spend $6 billion. I've been doing this a long time. Normally when companies spend money, their stock goes down. Why do you think there's so much buzz around this topic right now?

Sure, thank you for having me. And the event downstairs with President Trump was extraordinary. The people in the room were phenomenal. And I think the stock is, you know, stock rise because they rise. But I think the way the market is interpreting it is that when they see a company like Core,

we've come out and invest money in the data center space, it is indicative of the depth of the demand for the services that we provide. And, you know, I think- They want you to add more supply. They want us to- You need to produce more product. They know that when we're coming into the market

to buy more data center capacity, we're doing that because we have pent up demand that we are trying to place into these data centers and that is accretive to our company and will drive our company into the future. And I think that's the way the market is interpreting it and I think that's correct. I hate asking questions. I probably know the answer to, but I'm going to ask it anyway. I'm assuming that you build this data center. Is the demand already there? Like could you have customers who are waiting in line to access your product enough that the place is going to kind of

already be sold out if you will? Yeah so what we have seen since chat gpt was launched was a relentless demand for infrastructure to be able to train models, to be able to serve models, to be able to deliver artificial intelligence to the world. And so the way that we go about building our infrastructure is we go ahead and we establish a footprint within a data center when we have buyers that are trying to have us build more infrastructure for them to be able to continue to build and drive compute. Yeah, you know, I had a good question from a friend of mine who came from the job space, basically hiring temp workers

and then growing the business and then eventually selling. And he said, what about jobs? We heard a lot about jobs in there on the building side, building the data centers, building the power lines, constructing all the infrastructure. What about the white collar job side? Mike, we don't talk about, what's AI going to mean for that?

A lot of worry about mass job loss. Yeah, so look, when we go ahead and we build these data centers, we go through a construction phase, and during that construction phase, we will hire 600 new trade employees that are providing services to the building and construction of this data site. When the construction phase is done, we will go ahead and we will hire another, call it 175 employees to help run and maintain the data center.

High quality, high paying jobs. Can you find those people now or do you have to re, are we going to have to take people from one thing that AI might disrupt and retrain them to do that? One of the things that came out in the conversation downstairs was this incredible understanding that the skill sets that we are going to require across the trades, across the data center space is going to be something that's going to require investment from this country for the next 20 years. We're going to continue to have to repopulate and build out more trade people that can do

this. They're going to have to build out more capacity to be able to maintain the data centers. In addition to that, we have a very, very large office in Philadelphia where it's all white-chialid jobs and we are hiring in that office to augment and drive our business forward. So within Pennsylvania, not even talking about the broader company, you're seeing us in a micro chasm higher for every single step along the way. Everybody from the data center construction, through maintenance of the data center and running data center technicians, all the way through high tech employees, sales force,

marketing, all of the different pieces that are necessary to build and run a large scale company that has an obligation to deliver compute to its clients. That's fascinating. You said Salesforce. I'm thinking of the company Salesforce. Because the ecosystem around the company has become bigger than the company itself. There's more people who sell product built on to Salesforce. I know, you know, what I'm using that as an example.

Is it possible? I wanna be optimistic here, that we could see the same thing happen with AI? That things that we never even thought existed will exist as bolt-ons to things that may exist now. There's no question in my mind that you're going to see new jobs be created through artificial intelligence. It's going to drive us in directions

we have not even anticipated. When I was speaking before, I also said, we don't even know who some of the companies are going to be, what they're going to do. All we know is that by creating compute, delivering compute to our clients, more and more companies are being created, more and more startups are being founded

that are consuming compute, consuming artificial intelligence, and driving the economy forward. I love ending that on a positive note. By the way, a former natural gas hedge fund trader, I didn't even know that until you sat down. You could teach me a lot of that energy, but we'll save that for another interview.

Mike, a trader at Core, we've just doing a deal as well. So John, listen, that's your world, my man. Leaving it on a little bit of an optimistic note that maybe AI will bring us jobs that we never even thought were possible before. We'll see, I don't know. It's everybody's world now. Brian Sullivan, thank you as well.

We got much more over time, a little more, right after this quick break. We'll be more over time, a little more, right after this quick break. We'll be right back. And breaking news now, more detail on the end game for crypto legislation. Let's get back to our Emily Wilkins on Capitol Hill. Emily. Hey John, well lawmakers,

we're hoping to be able to regroup, find a new way forward and move ahead this evening, but now they're all being told to head home as a group of hardline lawmakers remain at an impasse with President Trump About how they should be moving these bills through get a lot of these hard members They really want to make sure that they are banning that central bank digital security securities are your national bank digital currency They have a lot of concerns about the national security aspects about personal safety aspects But at this point Trump is so far has said that he still wants that stablecoin bill to come

to the House this week, which means that all three need to go separately instead of being combined. Republican leadership meeting with a number of lawmakers as well as senators this afternoon. But it seems that negotiations are going to have to go into tomorrow. Remember the crypto industry, they were really banking on getting these bills done. And now it seems like everything is up in the air until they can find a path forward. All right. Freedom caucus flexing once again. Emily, thanks. Well, healthcare is the worst performing sector in 2025, down roughly 10% over the last year. Angelica Peebles looking at why this sector keeps coming down with something. Angelica? Hey, John, that's right. Healthcare stocks losing really all the momentum that they've seen recently

and Mizuho analyst Jared Holtz attributing the weakness to tech sucking up all the oxygen in the room. Now, the closely watched XBI started surging in June, feeling optimism that we would see some momentum in the biopharma sector. There was a solid start in the second half and there was also talk that the XBI could even reach 100, but now you're seeing that momentum evaporate today with tech posting those big gains, and the XBI closing at almost $86, down more than 2.5% on the day,

though it's still up 3.5% this month. And you said it, John, healthcare is the worst performing sector of the S&P, 11 sectors this year. And the pressure is really coming from all sides here. You have biopharma companies that are grappling with the shakeup at the FDA, the threat of tariffs, and the possibility of a most favored nation

drug pricing policy. And insurers are facing higher than expected costs and a lot of unpredictability there that's weighing on those. Now we have Johnston and Johnson reporting tomorrow, so that will kick off the earnings season for the health sector and we'll have to see if we get any clarity from them and if they can help turn the mood around John. Alright, Angelica thank you. Now let's get you set up with tomorrow's trade today. It'll be another big day for earnings when Bank of America, Goldman Sachs, Morgan Stanley,

PNC Financial and Johnson & Johnson report results before the bell. Right here on overtime we'll get numbers from United Airlines, Alcoa and SL Green and we'll speak exclusively with Alcoa's CEO before the call on the economic front. Investors get another dose of inflation data with the June producer price index. Latest reading on the Fed's beige book as well. That's going to do it for us here at overtime. Fast money starts now.