Live in the NASAC markets, I'm in the heart of New York City's Times Square. This is Fast Money. Here's what's on top tonight. Netflix gets chills. Shares of the streaming giant sinking after its latest earnings report. What's got investors tuning out? How should you play the move? It gets mansors. And a chip check. Taiwan's semi-sinking after its own results. While AMD posts a historic winning streak, we dig into

the divergence within the chip space and what it says about the AI and tech trades.

Plus, two consumer stocks raise a red flag on inflation. Our transport's about to start

trucking even higher. And crude oil is still trading in the mid-90s, but our markets

underestimating the supply disruption from the straight of Hormuz, look at the real risks to energy infrastructure that's coming up. I'm Melissa Lee. Come to you live from studio at the NASDAQ on the Destinite. Carter Braxton-Work, Dan Nathan, Guy Adami, and Stu Kaiser, head of equity trading strategy at Citigroup. Well, Netflix's down big after reporting Q1 earnings. We'll get details on that move in just a moment.

But we start with fresh record highs on Wall Street.

As the S&B 500 and NASDAQ build on their recent momentum,

the Tech Heavy Index posting 12 straight days of gains.

That is its longest winning streak since July 2009.

One more upday would be its best run since 1992. But there may be

some warning signs creeping into view in its earnings report before the Bell. Pepsi cautioned

that the war in the Middle East has made the global economy volatile and uncertain. And yesterday,

paint manufacturer, PPG, said it would hike global prices by as much as 20% across the board

due to disruptions in its supply chain. So should investors be on high alert for inflationary

pressures to come? You could say that estimates that were for this quarter don't include those

pressures, and we're going to listen to the forward guidance. So a lot's going to happen the next

couple weeks on that front.

100%. Yes, they should. Inflation is a problem. And what you heard from Pepsi and PPG raising prices does nothing to change my mind about that. And I think the latest data suggests, you know what, it's a lot sticker than people thought. Here's the rub. The bond market can sell off on the back of that. I think that it will. I don't think the equity market at this point really seems to care. The equity market is basically discounting any of these bad news that we talk about and say, you know what, earnings growth is robust enough. We've learned how to deal with these things before, and we're going to sort of muddle through it again, and that's why we're here. And I want to be crystal clear.

I have not been and I am not bullish, but I understand the price action and what we're seeing now looks hauntingly familiar to what we saw a year ago in April. Are we too complacent at this point, Stu? Look, I think parts of the market are parts of the martin. I would say the two risked dominoes haven't fallen yet is one, oil volatility while it's come down is still double what we averaged last year.

And secondarily, and I think it relates to Pepsi a bit as well, is consumer durable stocks and household product stocks are still down more than double digits.

And they have not bounced. And I think that speaks to the sort of ongoing inflation risk. So risk at large does feel maybe a little bit complacent, but I just, I really don't disagree with it. Every risk you could highlight, we knew about two or three weeks ago. And the probability of those risks is much lower today than it was a couple weeks ago. And I think that's what's getting people more engaged in the markets. Yeah, and I would say the risk, I guess the the consumer spending, we just heard from all the bank CEOs, they didn't seem too bothered.

I mean, they just kind of, you know, said the consumers in good shape, resilient.

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