CNBC's "Fast Money" Fast Money 9/25/25
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Sep 25, 2025 Brent Thill, a Managing Director and senior technology analyst at Jefferies, dives into the fascinating world of tech valuations. He argues that TikTok's proposed $14B valuation is woefully underestimated due to its powerful algorithm and competitive landscape. Brent also explores Oracle's focus on AI infrastructure, discussing execution risks. The conversation touches on Costco's impressive membership dynamics and Starbucks' $1B restructuring plan as market pressures rise, giving listeners keen insights into navigating today's volatile financial climate.
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TikTok EO Leaves Big Questions
- The White House signed an executive order enabling a U.S. investor group to buy TikTok's U.S. assets but the seller (ByteDance) is not present.
- Key unknowns remain: full investor list, Chinese approval, and rationale for the $14B valuation.
Algorithm Is The Real Value Driver
- Analysts and guests uniformly called the $14 billion U.S. TikTok valuation massively undervalued compared with peers and ByteDance's broader value.
- They highlighted the algorithm and user monetization as the core value drivers that could make $14B implausibly low.
Watch Oracle Backlog, Not Promises
- Investors should focus on Oracle's backlog as the principal short-term valuation driver and monitor execution into revenue.
- Watch backlog growth and conversion as the key risk to Oracle's elevated stock multiple.