Live from the NASAC markets, I'm in the heart of New York City's Times Square on a day where tech ripped higher.

This is fast money. Here's what's on top tonight. Alphabet's record breaking run.

Shares of the Google parent turning things around since last summer, leaving some other tech high flyers in the dust.

But will the outperformance continue? We'll debate that.

Fossa Novo, no go. The trial results weighing on chairs of the farm of stock, while other results are pushing competitors into the green. And later, plenty of storage as memory makers get a boost drivers behind the wheel and behind on payments as auto delinquency speed higher in a Bitcoin bounceback. Can crypto stage a holiday rebound? I'm Melissa Lee. I'm

the Lashman studio, B at the NASAC on the desk tonight. Tim Seymour, Karen Feinerman, Dan Nathan,

and Guy Dami. First, the AI trade revival helping drive today's market comeback. The NASAC's

seeing its best day since May, posting a nearly 600point gain higher by almost 2.7%.

The S&P 500 and Dow also charging higher. Alphabet, a key driver for today's gains, up more than 6%.

The tech giant closing at a record high. Google's now up almost 12% over the past week,

as the company announced its upgraded AI model, Gemini 3. Alphabet strong gains comes as other AI

darlings, Oracle, Meta, Microsoft, they faltered of late. So far this month, Alphabet is up 13%

while Oracle is off nearly 24%. So is Alphabet's rebound a good or bad sign for the rest of the

AI trade? Are we seeing any kind of rotation here, do you think, Dan? Definitely rotation. I mean, we've been mentioning this. A handful of the Mag7 have underperformed not only their peers, but also the S&P 500. And, you know, the thing about Alphabet is really interesting. There's a lot of moving parts there, right? And, you know, for those folks, and Karen's going to obviously speak about her thesis that she's had for multiple years, is that, you know, this thing has made considerable progress from a really bad rollout. I don't know if you guys regard, barred, and it was a joke. And one day we walked in, the stock was down like 6 percent, and everyone's like looking around. They're like, yeah, they were in Paris and they had this thing, and it was just a bad, bad rollout. And this was coming right after the chat GPT rollout. Well, obviously things have changed. There's been naysayers the whole way. But right now you have a situation where, yes, they've gotten tremendous reviews. You think about their distribution. They have six or seven platforms with over two billion users, right? For them to kind of infuse this technology throughout all of them. That's great. They still have the issue of these overlays and AI mode. It might put a dent a little bit into that search revenue. I know that's been one pillar of the bear case, but when you talk about a stock that's moved this way in such a short period of time, there should be some sort of checkback. And I don't mean just on price, but I also mean as far as sentiment is concerned. So I look at this thing. I see it trading at like 27 times forward or 28 times forward, and you have growth that's not really accelerating. Now, that's the good thing. If the numbers right now, consensus is just too low, then there's more room to run. I'm not so sure

that's the case. I'm not so sure analysts are able to make that case right here, right now for 26. I mean, if you thought 28 or 29 was expensive for alphabet, it's really closer to 30 with this run, I mean, that's how much it's gained in terms of the market, excuse me, the forward PE. Yeah, although when you say it's not going to grow, I mean, I think if you look at the numbers for Google Cloud, which I, you know, admittedly, much, much, much smaller, you know, it's a fraction of the size of search. But that's growing, I mean, it's grown 50%. Right, but their margins next year are supposed to, like, check down like 2%, right?%, right? Like so those are still some really good margins.

Right, but they're going the wrong way. I mean, like, as far as I'm concerned, and I'm not debate. I mean, like, the stock's been amazing, you know what I mean? But I'm just saying like when you think about the growth that is expected earnings and sales, I mean, the earnings growth is like high single digits. You know what I mean? And so you're going to need to see some sort of meaningful upgrade to earnings expectations,

especially in a margin environment that's expected

to kind of weaken a bit. It's been an extraordinary run. It was not expected. I mean, we've

had multiple conversations since July on this desk about suddenly their core search being dead.

Then suddenly you have Gemini, multiple iterations getting better.

You have this DOJ settlement that at least makes it clear that Google is, whatever turf

they've carved out is still theirs.

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