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

Here's what's on top tonight.

A memory lapse.

Chip names seeing some major intraday reversal surging at the open, but ending sharply lower.

What do the wild swings tell us about this trade?

We'll debate that.

In Lilly's AI push, the Farmer Giants' latest deal to bring AI discovered drugs to

market and what it could mean for R&D in the industry. Plus, why one technician says today's

bounce is no reason to turn positive on meta. Can Nike just do it in tomorrow's earnings report?

And McDonald's puts the golden in the golden arches, how its newest K-pop-inspired offerings could bring in millions for the fast food chain.

I'm Melissa Lee. Come to you live from studio, be at the NASDAQ on the desk tonight.

Tim Seymour, Guy Adami, and Katie Stockton, founder and managing partner at Fairlead Strategies.

Welcome to Katie. Thank you.

And we start off with the chip wreck on Wall Street that kept stocks in the red and brought the S&P 500 closer to correction territory to kick off the week.

The SMH ETF dropping over 3% on pace for its worst month since December 2022.

Big time memory names like Micron, Sandsas, Seagate, Western Digital actually started the day well in the green before falling deep into the red.

Each one ending the day, 9% or more off the session's best levels. The biggest names in the space,

Nvidia, AMD, Broadcom, Intel weren't spared either. Intel down more than 4%. So what does today's

action tell us about investors' belief in the AI trade or maybe about the economy, since it's so cyclical, Tim, what's your...

Well, I feel like the kiss of death was somewhere Wednesday or Thursday last week.

We were asked what the most important chart in the market was, and I said that you were actually seeing semis possibly going to make new relative highs to the S&P.

Since that point, they have underperformed by 6% in three sessions. And I think

...