The Rising Tech Tide, Isn’t Lifting All Boats, and the Two Sides of the U.S./China Decoupling 5/30/23

CNBC's "Fast Money"

CNBC

Investing, News, Business

3.9 • 1.3K Ratings

🗓️ 30 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tech stocks continuing their run on Tuesday, with Nvidia clocking yet another all-time high. But while tech is up over 10% this month, energy and staples are taking it on the chin. So why is one sector’s success coming at the expense of so many others? Plus the CEOs of Tesla and JPMorgan making their first trips to China in years. What it means for the growing tensions between the U.S. and Beijing. Fast Money Disclaimer

Transcript

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0:00.0	Right now in fast and monumental may protect the AI trade driving massive
0:05.3	moves in the video in semis, but the good vibes also washing over names like
0:08.9	Tesla, Netflix, Amazon and more. So is this rotation of the tech going to
0:12.9	continue? What happens to the other one-shot areas like energy and staples?
0:17.1	Plus split decision while US and Chinese government officials are talking
0:20.7	about decoupling, a host of US businesses are trying to strengthen their bonds
0:24.3	with Beijing. But we're rising tensions between the two nations cause more
0:27.6	pain than profit. And later, Carvon is back from the brink turnaround sales
0:31.9	forces big run ahead of earnings and a bold call from Wells Fargo saying
0:35.6	bank stocks are cheap. I'm Melissa Lee. This is fast money relived with the
0:38.9	Nasdaq market site on the death tonight. Tim Seymour, Dan Nathan, Karen
0:41.8	Feynerman and Guy Adami. And we start off with the AI led tech boom on Wall Street.
0:46.8	What else? The chip stocks continuing the rip hire within Vidya, topping the
0:50.5	trillion dollar value mark for the first time in today. Broadcom also hitting a
0:54.5	record high during today's session. It's now up 18% in just the last three
0:59.1	sessions. Megacap tech also getting a boost Apple, Microsoft, Alphabet, Amazon
1:03.6	and Meta have added a combined $775 billion in market cap just this month.
1:09.6	But a rising tide hasn't lifted all boats while the S&P info tech sector is
1:13.5	up over 10% in May on pace for its fifth straight month of gains. Crude oil and
1:18.5	energy stocks are down nearly 9% defensive plays like utilities and consumer
1:23.1	staples also dropping. So what does it say that the great tech rally is
1:27.0	coming at the expense of certain stocks? Where are we in this market, Tim?
	...

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