CNBC's "Fast Money" Fast Money 9/23/25
Sep 23, 2025
Gil Luria, a Managing Director at D.A. Davidson, joins to dissect the complexities of capital allocation within AI infrastructure, questioning which tech giants truly benefit from these investments. Meanwhile, Rich Greenfield, a co-founder of Lightshed Partners, dives into the controversy involving Disney and Jimmy Kimmel, exploring the shifting dynamics between broadcast and streaming, and what this means for advertisers. The conversation also touches on Micron's encouraging earnings and the surprising effects of weight-loss drugs on restaurant visits.
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AI Buildout Will Strain Power And Infrastructure
- Oracle and OpenAI's Stargate buildout signals massive incremental compute demand requiring unprecedented power and infrastructure.
- This scale could add roughly 17 gigawatts of new compute demand and reshape US infrastructure over the next few years.
Validate Backlogs And Valuations First
- Scrutinize AI partnership earnings math and backlog assumptions before assigning higher multiples to providers like Oracle.
- Compare cost of capital and returns to hyperscalers when allocating AI-related capital in portfolios.
Margins And Cost Of Capital Flip Economics
- Marginal AI infrastructure players face much higher borrowing costs and lower returns than hyperscalers, making many builds value destructive.
- Trading multiples for Oracle and similar firms look disconnected from their underlying economics versus Microsoft and NVIDIA.