Dan Nathan and Guy Adami break down a wild week across markets — memory stocks in freefall, Google's brutal two-day selloff, and why China's AI models are closing the gap without top-tier Nvidia chips.

Micron cratered from its all-time high of $1,255 to $800 in a matter of weeks, and the DRAM ETF whipsawed right along with it. Guy and Dan dig into whether this is a routine flush or something bigger. Google sold off 10% after Gemini news broke the hyperscaler rotation narrative, and they debate whether the moat still holds given decelerating margins and ballooning capex.

On the China front: DeepSeek raised $7B at a $52B valuation, Alibaba announced $50B in capex, and Moonshot's new model is narrowing the gap with US labs — all without access to Nvidia's most advanced chips. Dan and Guy also revisit the Nvidia-vs-component-suppliers margin debate, unpack Apple's surprising rally into earnings, and call the technical line in the sand on Netflix after its cash flow miss cut the stock in half.

Plus: a quick check on crude, refiners hitting new highs, and what's next for energy names like Exxon and ConocoPhillips.

Show Notes

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