An AI and Software slump kicking off the week in a tech sell-off with Google, Amazon and Microsoft all ending the day in the red. The traders break down what tech investors can expect from the losses and if this is the start of a bigger trend. Then, will a luxury property tax in New York City spark market unrest? Sotheby’s International Realty president and CEO Philip White breaks down NYC’s ‘pied-à-terre tax’ taking effect next week, and how he believes people will react. Plus, Chevron and Microsoft strike a deal, why now is the best time to invest in biotech, and can Netflix recover from its losing streak?<br><br>Fast Money Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AI and Software Stocks Struggle… And the Best Buys in Biotech 6/22/26

CNBC's "Fast Money"

# Full Transcript

**Podcast:** CNBC's "Fast Money"

## Participants

- **Brian** (None)
- **Tim Seymour** (None)
- **Courtney Garcia** (None)
- **Dan Nathan** (None)
- **Guy Adami** (None)
- **Deirdre Bosa** (CNBC)
- **Philip White** (Sotheby's International Realty)

## Transcript

At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

Fidelity Trader Plus. With customizable tools and charts you can access across all your devices. Try our most powerful trading platform yet at fidelity.com slash trader plus. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSE SIPC. Live from the NASDAQ Market Sight right here in the heart of New York City's Times Square. This is Fast Money. Here's what's ahead. We'll call this the ABCs of a stock drop.

Alphabet leading the mega cap meltdown, growing AI fears, sparking a tech sell-off. Software names getting caught as well. The start of something or a buying opportunity. The B is a breakthrough in some biotech. Wow. With the Chartmaster C's in store for the group. Let's see, Brian. The C, thank you very much, Tim Seymour. The C is for Chevron, inking a massive 20-year power deal.

But there is a lot more than just the ABCs because that would be as easy as one, two, three. Also ahead, Netflix continues downstream. And how traders are positioning out of Cerebras' first ever public company earnings. Hi, everybody. I am Brian in for Melissa Lee tonight and tomorrow night coming to you live from Studio B at the NASDAQ. And on your desk, Tim Seymour, Courtney Garcia, Dan Nathan, and Guy Adami.

All right. There is much to do, but kind of like the weather here in New York, it was downright gloomy in big cap tech today. In fact, Google parent company Alphabet fell 5%. That's a lot. In fact, it's enough to make it its worst trading day in more than a year. And that wasn't all. More mega cap, a little less mega today. Microsoft, Amazon, and Meta all getting hit and continuing their June swoon.

In fact, all three stocks now down more than 10% so far this month. And here is a little bit of trivia you didn't ask for. No. You probably don't. But you know it, Tim. You're going to get it. Microsoft right now pacing for its worst month in more than 25 years. That wasn't all. More software slump also topping the tape. ServiceNow, Oracle, Palantir all being sold.

Salesforce has now fallen 14 straight days. That is a record-long losing streak for the once red-hot company. All right. Take a breath. There is a lot to chew on here. So, Guy Domi. Yes, sir. Dealers' Choice. Welcome. Thank you. Dealers' Choice. A, B, or C. Google, Microsoft, softwa...

AI and Software Stocks Struggle… And the Best Buys in Biotech 6/22/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

AI and Software Stocks Struggle… And the Best Buys in Biotech 6/22/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.