AI buildout financing in focus... And stretching into Lululemon results 9/3/26

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**Frank Holland** (1:01)
Live from the NASDAQ market site in the heart of New York City's Times Square, this is Fast Money and here's what's on tap tonight. A meta meltup shares the tech giant jumping another 3 percent today and leading the mag seven in the early days of this month. What's behind those gains and how much more is left in this run? And Lulu lays a lemon. The athleisure maker shares sinking after earnings were digging into the numbers and bringing you all the details from the conference call. Plus, gold gets some of its shine back. Tesla revs up ahead of tonight's Cybercab event and the yen making some moves. The Japanese currency at its strongest level since February. What's driving those gains and what it could mean for investments right here at home? I am Frank Holland from Melissa Lee coming to you live from Studio B at the NASDAQ on the desk tonight.
Karen Feinerman, Dan Nathan, Guy Adami and Tim Seymour.
We start with three tech stocks moves that have really caught our eyes today. Let's start with Meta posting its third straight day of gains and hitting its highest level since late July. The latest move comes just a day after the company unveiled its latest AI model, MuSpark 1.3, third-party research firm. Artificial Analysis says it outperforms Google's Flash 3.8 and Anthropic Fable 5 and scores above all rivals. All rivals except Claude's two most powerful models. Meta, of course, also settled high-profile federal case last week over teen addiction to its social media apps. Shares are up over 13 percent in the last three weeks. But as the jump over the last few days, does it suggest the company has figured out AI guy?

**Guy Adami** (2:32)
I don't know about that. I don't know if it's them figuring out AI. I will say this, if our crack staff in EC can pull up a year-long chart. Since September of last year, believe it or not, it's been in a pretty steep downtrend. Lower lows, lower highs. Today's move got us right to that downtrend. So I think we're on the verge of breaking out to the upside. There's a valuation cushion here. We have all the news about the lawsuit and the class action suit behind us, I think. So that's rear-view mirror stuff. So I think you can make a pretty compelling case that there's some, I think, blue sky left for Facebook for the end of the year.

**Tim Seymour** (3:05)
Tim?
I think just the story overall for the biggest market caps in the world, where investors are rotating, there's a sense of through earning season, we have a better feel about that capex, frankly, and I'm not sure we should. The ROIC is a big question and I'm not sure how cheap Meta is if it doesn't have the free cash flow yield of a couple of years ago. But I do tend to agree, there's been so much negativity around both their spend and some of the overhang on the reg side. I agree with Guy, it's been a terrible chart to own. I'm not sure we're out of the woods, but it's certainly a valuation relative to peers in a world where they're all spending this. I guess it's all about that and it does look attractive.

**Frank Holland** (3:47)
All right, shares up 3%. Karen, they're all supposed to come out with AI agents. They can help you like order a pizza or make reservations somewhere. Does the idea that they have an improved model with those agents coming out, does that change your view of the company?

**Karen Finerman** (3:58)
I mean, a little bit. You would certainly hope that spending all this money, that they produce something, that ends up being a product the market likes, that's great. So that's been somewhat, I guess, the market has been skeptical so far of how successful that's going to be. They also picked a good day to be in a quasi hyperscaler or Mag 7 kind of bucket. That's good. I agree with Tim, who agrees with Guy about some of the sort of worst behind them. I think that that $17 billion settlement, even though it's a lot of money, the market hates uncertainty way more than it hates a big penalty. So that's positive. I own it. I've owned it for a while. It was sort of self hedging as it went down. It was obviously a smaller position. I'm hanging on to it. It's not expensive. It's certainly not as cheap as it was.