Live in the NASAC market site in the heart of New York City's Times Square, this is fast money.

Here's what's on top tonight.

An AI pivot, Microsoft reportedly scaling back on its chip ambitions and cutting thousands of jobs in the meantime, what it means for the tech giant and the future of the hyper-scalers.

And a foundry shift for Intel.

The chipmaker may be shaking up its contract manufacturing business.

One top semi-analyst will weigh in on what it means for the future of the company.

Plus, Tesla shares jump despite a drop in deliveries. A Sentient's guidance pulls up,

since managed care stocks, excuse me, sinking. And Nike continues its post earnings run,

thanks to some good news on trade. We'll break down the

headlines on all those moves. I'm Melissa Leak. I'm DeLauk. On the NASDAQ on the desk tonight.

Tim Seymour, Karen Feinerman, Dan Nathan, and Bono and Eisen. We start off with Microsoft pulling back again today, now down 2% from the record hit earlier in the week.

Today's action comes amid a report that the company is scaling back

plans and develop AI server chips and news that it could cut as many as 9,000 jobs in its

biggest round of layoffs since 2023. For more, let's go to Steve Kovac, who's got all the details.

Steve. Hey there, Mel, let's start with that AI chip story. This is coming out of the information reporting that Microsoft, which, by the way, is one of

NVIDIA's top customers.

It's slowing down plans for its own AI chip.

It's already been in development.

They've been deploying it a little bit.

Now, Microsoft tells me work will continue on its own chips, but this pretty much guarantees

that NVIDIA is going to have Microsoft as a customer for some time now.

By the way, Nvidia closing in on that

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