Speaker · Updated
Brian Levitt: latest market views
Invesco
Summary
Brian Levitt is Invesco's Chief Global Market Strategist and Head of Strategy & Insights, leading a team of strategists and co-hosting the firm's Greater Possibilities podcast.
Chorus has 6 views from Brian Levitt across 2 episodes on CNBC Closing Bell and CNBC Power Lunch since October 22, 2026. Their latest calls: bullish on NVIDIA.
Where they stand
Their latest bullish or bearish call on each company.
- NVIDIABullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
This selloff is not a bubble bursting; valuation starting points were reasonable, so opportunities are emerging.
Levitt argues AI demand over time is not changing, and the concern is the scale of the investment build-out. Rising rates over the year did much of the damage, not just the election. The equal-weight S&P 500 closed at an all-time high the day before, so the selloff is not broad-based. He calls it a reset given the large planned investment, not the end of a mania or the end of the business cycle.
“This is not the bursting of a bubble. This is not the end of a mania. Valuations starting points were reasonable. Opportunities start to get created.”at 17:41
Market turmoil reflects a slowdown within an ongoing cycle, not the end of the business cycle.
Levitt grants that big rate moves bring cracks, but investment-grade spreads have not blown out, and inflation expectations are still contained. The Fed is not raising rates enough to invert the yield curve. Leadership has rotated to staples, real estate, utilities, health care and Treasuries, which he reads as expectations of a slowdown rather than a recession.
“In terms of spreads blowing out significantly in the investment grade space, you haven't seen that. Inflation expectations are still generally contained. So I don't think the Fed's raising rates to where they're inverting the yield curve. So all of that says to me cycle continues.”at 20:24
NVIDIABullish
Nvidia is quality, trading at reasonable valuations; the selloff does not mark a bubble's end.
Levitt says there are parts of AI that are quality and names the hyperscalers and Nvidia as quality businesses. He argues the investors who are concerned about the level of AI investment are not seeing a bubble or mania, because these companies trade at quite reasonable valuations. He sees a long-term growth trajectory, with headline-driven pullbacks along the way.
“There's definitely parts of AI that are quality. I would still look at the hyperscaler businesses. I would still look at a company like NVIDIA as quality.”at 7:07
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
AI infrastructure & data centers
AI demand is parabolic against supply constraints; this is digestion, not the end of the AI trade.
Levitt argues the selloff is investors being discerning about the level of AI investment, not the end of the AI trade. He points to strong revenue and usage at Meta, Anthropic and OpenAI, and says demand is going parabolic while supply is still constrained. He calls today a moment of digestion, expects demand and supply to balance out around 2027 or 2028, and says the headline-driven neocloud selloff does not signal the end of a bubble.
“The demand is actually seems to be going parabolic at a time when we still have the supply constraints. I would view this as a moment of digestion”at 8:22
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
Yields rose on better economic activity, not on inflation expectations or debt supply.
Levitt says the move higher in rates reflected better economic activity. Inflation expectations barely budged, so he rejects the idea of a debt-supply or bond-vigilante story. The dollar was strong throughout, which he reads as a good economic backdrop. He sees the later flight to quality as a response to concerns, and says the bond market had become oversold on growth expectations.
“The move higher was better economic activity. Inflation expectations barely budged.”at 9:42
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
Consumption is moderating among lower-income households and ISM has eased, though not a massive slowdown.
Levitt says consumption is moderating in the lower income quintiles and that the ISM Purchasing Managers Index is down modestly since July. He cites $4.25 to $4.50 gasoline as a drag that slows the economy. He stresses this is not a massive slowdown, so the bond market had become oversold on growth expectations.
“If you look at the lower income quintiles and you look at consumption, it is moderating. If you look at the ISM Purchasing Managers Index, down modestly since July.”at 11:08
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
Shows
- CNBC Closing Bell · 1 episode
- CNBC Power Lunch · 1 episode
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