'Fast Money' traders talk Micron and the AI trade comeback
December 19, 2025 • 4m 43s
Melissa Lee (Host)
00:00.350
so
at
the
end
of
a
week
of
wild
swings
what
have
we
learned
about
this
trade
or
is
this
just
sort
of
a
blip
in
the
bigger
AI
trade
tim
what
do
you
think
Tim Seymour (Founder and Chief Investment Officer)
00:09.110
no
i
look
i
think
the
last
month
has
been
important
in
terms
of
evaluating
free
cash
flow
from
companies
that
that
were
gold
standard
by
looking
at
the
debt
markets
by
assessing
the
dynamics
of
does
oracle
have
funding
are
the
the
blue
owls
of
the
world
sticking
by
there's
other
Tim Seymour (Founder and Chief Investment Officer)
00:22.790
folks
that
are
you
know
that's
emblematic
of
a
broader
story
i
do
think
that
hardware
in
the
case
of
micron
they
told
us
that
they
were
actually
seeing
spot
prices
that
which
they
could
price
out
two
three
four
quarters
that
kind
of
visibility
the
fact
that
you
saw
a
rebound
on
Tim Seymour (Founder and Chief Investment Officer)
00:39.990
a
day
when
you
had
a
triple
witching
i
know
steve
watches
this
stuff
too
i
mean
you
had
enormous
volume
you
had
i'd
say
some
incentive
for
where
dealers
were
positioning
to
be
on
the
right
side
of
the
upside
today
and
i
do
think
that
was
part
of
today's
move
but
if
you're
if
Tim Seymour (Founder and Chief Investment Officer)
00:54.710
you're
watching
kind
of
the
short
term
between
now
and
yes
dare
we
use
the
santa
claus
rally
dynamic
i
i
think
it
feels
pretty
good
i
love
this
bounce
off
the
fifty
day
nothing
to
me
has
changed
in
terms
of
the
fundamentals
and
the
key
fundamentals
are
that
demand
is
there
the
Tim Seymour (Founder and Chief Investment Officer)
01:09.710
fed
is
your
friend
and
you
continue
to
see
investors
pouring
money
into
US
equities
US
fund
flows
have
been
great
this
week
Melissa Lee (Host)
01:15.710
yeah
mike
what
was
the
role
of
today's
huge
expiry
seven
point
one
trillion
in
notional
and
the
impact
here
i
mean
it's
you
think
that
friday
would
be
quiet
because
it's
the
the
friday
before
holiday
short
and
trading
week
and
yet
it
was
very
heavy
Mike Khouw (Chief Strategist)
01:28.310
yeah
well
i
i
think
you're
right
that
normally
when
you're
just
taking
a
look
at
a
at
a
pre
holiday
weekend
you're
going
to
see
reduced
trading
volumes
but
when
you
have
an
expiration
like
a
triple
or
a
quad
which
you
have
a
lot
of
expiring
contracts
and
that
often
means
that
Mike Khouw (Chief Strategist)
01:44.030
you've
got
positions
that
need
to
be
rolled
to
subsequent
expirations
and
so
that
tends
to
fuel
a
big
uptick
in
volume
we
certainly
did
see
that
today
but
i
think
the
positive
i
took
away
from
today's
activity
was
the
fact
that
the
volatility
indices
both
on
nasdaq
and
on
the
S
Mike Khouw (Chief Strategist)
01:59.350
and
P
came
in
pretty
considerably
and
it
was
something
i
was
looking
at
earlier
this
week
that
had
been
troubling
me
i
think
it's
looking
a
little
bit
better
right
now
steve
i
Melissa Lee (Host)
02:08.870
think
Steve Grasso (CEO)
02:09.190
when
you
look
at
this
you
have
oracle
that
everyone
was
worried
about
the
debt
issues
then
you
had
sort
of
a
reset
all
the
bloated
names
the
quantum
names
AI
names
and
everyone
wanted
a
reason
to
spend
again
or
not
spend
but
to
invest
again
so
you
have
the
end
of
the
year
you
Steve Grasso (CEO)
02:24.550
have
the
santa
claus
rally
coming
on
you
had
to
get
that
fluff
out
of
the
market
so
i
think
the
the
fluff
came
out
of
the
market
and
i
think
it
came
out
of
the
market
enough
so
that
people
can
get
back
to
investing
so
if
they're
back
to
investing
they're
going
to
buy
what
they
Steve Grasso (CEO)
02:38.750
know
again
because
if
you
look
at
energy
energy
is
not
a
bigger
enough
percentage
to
move
the
overall
market
industrial
is
not
a
big
enough
percentage
tech
is
forty
percent
of
the
overall
market
so
if
you're
expecting
the
market
go
to
go
up
it's
not
going
up
without
technology
Steve Grasso (CEO)
02:52.190
so
people
going
to
go
with
what
the
most
widely
held
held
names
are
and
what
they
feel
comfortable
buying
with
a
pullback
right
Melissa Lee (Host)
03:01.070
but
within
that
trade
i
mean
it's
it's
a
huge
group
of
stocks
here
we
did
see
distinctly
today
hardware
names
do
in
particular
semiconductors
was
microns
guidance
enough
to
make
you
think
maybe
the
safer
quote
unquote
safer
area
within
the
AI
trade
would
be
the
areas
the
Melissa Lee (Host)
03:16.990
companies
that
have
visibility
for
the
next
two
years
i
mean
the
Courtney Garcia (Senior Wealth Advisor)
03:20.750
guidance
that
micron
gave
was
phenomenal
in
terms
of
how
much
demand
there
is
for
the
next
two
years
Courtney Garcia (Senior Wealth Advisor)
03:27.550
correct
and
and
the
demand
is
a
huge
part
of
that
but
other
also
they're
in
a
really
good
position
to
be
able
to
pay
down
their
debt
when
you
look
at
their
cash
flow
and
i
think
that's
a
big
part
of
this
because
i
don't
think
the
AI
trade
is
over
by
any
means
but
people
are
Courtney Garcia (Senior Wealth Advisor)
03:39.110
really
starting
to
question
the
companies
who
don't
have
the
cash
flow
to
support
all
of
this
build
out
that's
going
on
so
i
think
that's
we're
going
to
see
this
bifurcation
happening
in
twenty
twenty
six
is
the
companies
who
have
the
cash
flow
to
support
it
and
those
who
don't
Courtney Garcia (Senior Wealth Advisor)
03:51.950
because
i
think
investors
are
becoming
increasingly
wary
about
that
and
you
bring
up
a
good
point
i
mean
when
you
look
at
tech
and
information
services
that's
over
forty
five
percent
of
the
SP
five
hundred
now
there's
a
lot
of
concentration
risk
and
i
think
a
lot
of
people
are
Courtney Garcia (Senior Wealth Advisor)
04:03.510
really
waking
up
to
that
and
realizing
that
so
i
think
you
want
to
start
to
look
elsewhere
i
don't
think
this
trades
going
where
but
is
it
going
to
have
the
kind
of
outperformance
it
did
in
twenty
twenty
five
i
don't
know
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