2026-05-13 · Hosted by Melissa Lee · CNBC

Fast Money tackled an inflation-driven yield spike that pushed the 30-year to 5%, the 10-year to 4.45%, and global bond yields to multi-decade highs amid an April CPI print of 3.8% that finally rattled equities — but only modestly, with the S&P down fractionally and the Nasdaq off roughly 0.75%. Crude jumped 4% above $102 as Hormuz remained closed. Marty McCary resigned as FDA Commissioner with biotech rallying on hopes of more stability. Amazon expanded its 30-minute “Amazon Now” delivery service while FedEx CEO Raj Subramaniam dismissed the threat. eBay rejected GameStop’s $56B “neither credible nor attractive” bid. Dan Ives of Wedbush argued tech still has 10% upside, called the AI trade “third inning, one out,” and recommended hyperscalers like Google as preferred derivative plays.

With CPI at 3.8% and average hourly earnings at 3.6%, real wages have turned negative again. Julie Biel emphasized this hits low-income consumers hardest since oil takes a bigger share of their wages. Services inflation, more than oil, is the sticky element making a quick disinflationary snapback unlikely.

The S&P at all-time high despite the 10-year at 4.45% — a yield not seen since July 2024 when the S&P was at 6,000 versus today’s 7,400. Guy Adami citing Paul Tudor Jones and Jamie Dimon warning that this divergence could resolve via a “bond move.” Multiple panelists believe yields will eventually matter to equities but haven’t yet.

Despite Micron up nearly 200% over a year and trading at one of the largest US market caps, it still trades at 7-8x forward earnings. Bull case: this is sustainable secular growth. Bear case: it’s a cyclical with the multiple appropriately depressed because the cycle will reverse.

Hyperscalers committed to $700 billion in spend over the next 9-12 months — a doubling pattern. Dan Nathan warned this creates over-capacity risk if demand pulls back. Even bulls like Dan Ives acknowledge “second/third derivative” plays (software, infrastructure) may be safer than direct semi exposure now.

CME-Silicon Data partnership for compute futures got significant airtime as a structural shift. Guy Adami’s friendship with Terry Duffy aside, panelists saw the launch as institutional validation that compute is a real asset class with hedgeable price risk. —-

Panelists generally still believe in the AI uptrend but expressed growing concern about persistent inflation, the risk of a “bond move,” and frothy positioning in memory/chip names.

Persistent inflation: 3.8% CPI; possibility of rate hike now in play

Bond market move risk: Paul Tudor Jones / Jamie Dimon warning of equity vulnerability if yields keep rising

Memory cycle reversal: Top 3 SOX holdings historically poor execution stories

Hyperscaler overcapacity: $700B in spend creates demand-side risk if it decelerates

Strait of Hormuz still closed: Oil at $102, inflationary pressure persists

Consumer wage gap: Real wages negative again; low-income most exposed

FDA leadership transition: Vaccine approvals (Moderna), priority vouchers uncertain

Gold miners losing momentum: Agnico Eagle head-and-shoulders top

eBay-GameStop tail risk: Possible revised offer or proxy fight

Trump-Xi summit unpredictability: Iran red line undefined

This episode was covered in today’s The Market Signal — 2026-05-13, a cross-source synthesis of multiple podcast reports.