Longing for the NASDAQ markets on the heart of New York City's Times Square, this is fast money.

Here's what's on top tonight. An AI warning. Shares of Amazon sinking as one Wall Street firm raises the red flag on its artificial intelligence ambitions.

What stage is that said as we get ready for Nvidia's earnings tomorrow? And health care headaches, ACA tax credit set to expire in a matter of weeks.

Some startling numbers on how much premiums could rise and what's at stake for the health

insurers.

Plus a shaky foundation for Home Depot after earnings could Eli Lilly be the next trillion

dollar company and investing in uranium what to expect from nuclear stocks in the year ahead.

I'm Melissa Lee. Come to you a lot from studio be at the NASDA, on the desk tonight, Tim Seymour, Karen Feinerman, Courtney Garcia, and Steve Grasso. We start off with a reality check for a pair of AI hyperscalers on the eve of NVIDIA's latest results. Ross Child downgrading both Amazon and Microsoft, saying generative AI's economics are much weaker than

investors realize analysts writing that management teams are getting way too much benefit of the doubt

and that any missteps in AI deployment can quickly make investments in this massive buildout,

value negative. Both stocks were cut from buy to neutral. In video meantime, now riding a five-day losing streak into earnings tomorrow. It is down over 14% from its record high. So what do we do here? Are these sort of, I don't know, I don't know if they confirm the fears that we've already seen, or is this another reason why we should be bearish? Well, you could take the other side on Amazon. So I can appreciate the fact. And we brought this up yesterday when Jim was here about all the different things going on in the market. And one of the things I mentioned is Amazon's out there in the market raised in $15 billion. No big deal except for the fact that what we've been very concerned about and look at that move in meta, look at the move in those companies that we think are possibly overspending.

I'm not worried about Amazon here, both in terms of valuation or in terms of credit quality,

but I am of the view that the street and the market are demanding an answer. In other words,

what is profitability? I want to see some vision to profitability. I want to not just be investing to infinity. And then if you look at the market overall, what clearly was a lack of

breadth, you combine that with a sense that the Fed is on a slower dynamic and the fact that

you've got maybe some weaker job numbers coming out. You get to this place where now we can

all say suddenly we're investing too much in AI. I don't think so. I think this downgrade is interesting. I think it certainly comes at a time when people want to believe that some of these things are themes we should be looking at. I think the most important theme is that companies that were developing free cash flow are now going to be issuing debt and it's not a one-way street. Yeah. to that point, I mean, it's a change in the business model that I don't know if Wall Street has completely processed in terms of valuation. Not only is it free cash flow positive to issuing debt, it's also from an asset light to an asset heavy. But business model, there are many changes. There are reasons why investors loved, love this group of stocks.

High margins add that in there, and now those were out.

For Amazon, though, being in the cloud business, that is an asset-heavy business already.

Already, but this sort of build-out is much more expensive than the previous traditional cloud

build-out.

And so, therefore, margins are more

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