Speaker · Updated
Bryn Talkington: latest market views
Requisite Capital Management
Summary
Bryn Talkington is managing partner of Requisite Capital Management and a regular CNBC markets commentator.
Chorus has 22 views from Bryn Talkington across 5 episodes on CNBC Closing Bell and CNBC Halftime Report since October 20, 2026. Their latest calls: bullish on Microsoft, NVIDIA, Visa and Global X Cybersecurity ETF; bearish on Alphabet and Space Exploration Technologies.
Where they stand
Their latest bullish or bearish call on each company.
- MicrosoftBullish ·
- NVIDIABullish ·
- VisaBullish ·
- AlphabetBearish ·
- Global X Cybersecurity ETFBullish ·
- Horizon Kinetics Inflation Beneficiaries ETFBullish ·
- SK HynixBullish ·
- Meta PlatformsBullish ·
- TeslaBullish ·
- Invesco S&P 500 Equal Weight ETFBullish ·
- Space Exploration TechnologiesBearish ·
What they talk about most
- Microsoft · 3
- Alphabet · 2
- AI bubble & tech valuations · 1
- Apple · 1
- NVIDIA · 1
- Visa · 1
- Commercial real estate · 1
- Global X Cybersecurity ETF · 1
- Horizon Kinetics Inflation Beneficiaries ETF · 1
- SK Hynix · 1
- US rates & the Fed · 1
- AI infrastructure & data centers · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
MicrosoftBullish
Microsoft's cloud is leveraged to AI with growing numbers; the sell-offs in these stocks are overdone.
Talkington says Microsoft is threading the needle by spending tens of billions while still reporting positive free cash flow, which is what public companies must do. He argues cloud at Amazon, Google and Microsoft remains leveraged to AI and those numbers will keep growing, so the big sell-offs in these stocks are overdone because of skepticism priced in.
“cloud with Microsoft continues to be leveraged to AI, and those numbers are gonna continue to grow. So I think a lot of these big sell offs are overdone.”at 12:30
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
NVIDIABullish
Nvidia is building out an ecosystem funded by billions in quarterly profit; Jensen calls it a ten-year journey.
Talkington says Nvidia is building out an ecosystem while making billions of dollars every quarter. He cites Jensen Huang saying this is a ten-year journey. Not every company in the ecosystem will survive, but he sees Nvidia's position as strong and says the stock is near its 200-day, where he expects a bounce.
“NVIDIA is building out this ecosystem because they're making billions of dollars every quarter... Jensen has said, this is a ten year journey.”at 12:30
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
A lot of money will be wasted on the AI build-out, but skepticism is healthy because it dampens the bubble.
Talkington agrees with Weiss that a lot of money will be wasted by hyperscalers. He says the build-out is still early and that the skepticism creeping into stock prices is healthy because it stops and dampens the bubble from continuing to build. He argues that many large sell-offs are overdone because of this skepticism.
“A lot of money will be wasted... it's early days, and I think that skepticism ultimately is very healthy. It really, like, stops and dampens this, like, bubble from continuing to build.”at 12:30
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
VisaBullish
Visa is a great stock with 60%+ margins and a duopoly, so its high multiple is justified.
Talkington says Visa is one of very few companies that is consistently a great company and a great stock. It has margins north of 60%, a simple high-margin business, and is essentially a duopoly. He argues the high multiple reflects the consistency of margins and durable earnings, which few companies besides Apple can match.
“They have margins north of 60%. That's not gonna change anytime soon. They have a very simple business, high margin, really a duopoly.”at 36:27
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
AppleNeutral
Apple's revenue will be strong, but the stock won't move much until Siri improves.
Apple's revenue is expected to grow more than 10%, with people upgrading and buying phones, so he expects a strong quarter and a fine call. Earnings have been helped by buybacks, which he calls financial engineering. He doesn't expect a big stock move this quarter because there is no big catalyst. The stock gets going once Siri, improved through the Google partnership, works better.
“from an Apple business perspective, this is gonna [be] a strong quarter. Revenues are gonna be up... Expected to be up over 10%... I don't think the stock is gonna make a big move... because I don't think they have big catalyst.”at 44:36
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
MicrosoftBullish
Microsoft is in pole position: above its 200-day, FCF-positive inflection, and lagging the equal-weight index.
Talkington says Microsoft is in pole position. Its stock is well above the 200-day moving average, and the inflection point came last quarter when CFO Amy Hood said the company would stay free cash flow positive. The stock is up only about 10% for the year against roughly 13.5% for the equal-weight S&P, so she argues it has a lot of room to run.
“Microsoft is in pole position. First of all, Microsoft is way above the two hundred day moving average.”at 48:46
AlphabetBearish
Alphabet trades about $20 below its 200-day; the market dislikes its $80B convertible financing.
Talkington notes Google is well below its 200-day moving average, about $20 under. She sees this as the big divergence from Microsoft and reads it as the market signaling that it does not necessarily like Alphabet's $80 billion convertible issuance used to fund its AI build-out. She therefore thinks Microsoft is better positioned on both the company and the stock chart.
“Meanwhile, Google is way below, like, $20 below the two hundred day. And to me, that's the big divergence there is the market is saying, we don't [necessarily] like your $80,000,000,000 convert that you did...”at 49:08
Fed hikes won't touch inflation drivers; expects at most one December hike, then a pause.
The Fed has one blunt instrument, the policy rate, since it won't meaningfully use the balance sheet. Rate hikes work on inflation born from too much credit, but with long lags. Today's inflation is driven by factors rate hikes won't affect, so hikes will have zero impact on those drivers. Brynn expects perhaps one hike in December and then a pause. Roughly $8 trillion of US debt refinances on a one-year basis, so interest costs are very sensitive to short-term rates. That is a second reason she doesn't expect much more hiking this year or next.
“that blunt instrument of moving interest rates higher will have zero impact on the drivers of inflation. And so I think that you could say maybe we'll get a one rate hike in December, but to me, they're gonna be on pause outside of that”at 6:14
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Higher rates are killing commercial real estate and housing after years without such rates.
Brynn argues that the real economy is feeling the rate increases. Commercial real estate and housing are being hit hard by higher rates. Those sectors are most exposed because they haven't faced rates this high in a long time. That is one reason she thinks the Fed should move slowly and won't deliver many more hikes.
“At the same time, the real economy, if you look at real estate, you look at, like, commercial real estate, look at housing, these higher rates are just killing those sectors just because we haven't had those rates in so long.”at 6:14
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
AlphabetBullish
Alphabet's cloud numbers will be blowouts, and the market will accept its AI spend.
Brynn expects Alphabet's numbers to be blowouts, as she did for Microsoft. The market should accept the spending because Alphabet has a huge cloud platform, unlike Meta. Cloud results should be strong, so she thinks both companies will do fantastically well.
“the market's gonna be very comfortable with the spend that Microsoft has because they have this huge cloud platform, and the same goes for Google as well. And so I think both are gonna do just, like, fantastic.”at 12:55
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
MicrosoftBullish
Microsoft's Azure and cloud numbers will be blowouts; the market will tolerate its AI spend.
Brynn sees a clear link between Azure numbers and compute. She thinks Microsoft is finally getting its Copilot tools to work and that usage numbers will be great. Amy Hood has talked about free cash flow turning positive. She expects enterprise, Copilot and cloud to be strong. Unlike Meta, which has no cloud platform, Microsoft has a huge cloud platform, so the market should be comfortable with its spend. She expects both Microsoft and Google to do fantastically well.
“I think that Microsoft is finally getting their co work, copilot to work. We use it all the time. I think usage numbers are gonna be great.”at 12:55
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
SK HynixBullish
SK Hynix's results are excellent and its bookings are contracted; the price skepticism is unwarranted.
Brynn bought DRAM before SK Hynix's US IPO. Samsung and SK Hynix make up about 45% of the DRAM ETF. Quarter over quarter, SK Hynix's revenue rose 32% and operating profit rose about 38%. Half of its bookings are already contracted through 2028, with long-term contracts running to 2030. The price action in SK Hynix, DRAM and Samsung shows peak skepticism. She says the numbers totally contradict the price action, and the skepticism is healthy because it dampens animal spirits.
“I mean, the numbers from SK Hynix were insane. So quarter over quarter, their revenue was up 32%. Quarter over quarter, operating profits up, what, 38%... Half of their bookings are already contracted out through 2028.”at 22:07
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Global X Cybersecurity ETFBullish
Cyber stocks rallied as AI hacking threats raise security needs; she is a long-term holder.
Talkington owns the cyber ETF as a long-term holder and likes the diversification over a single name such as CrowdStrike. She says cyber stocks ripped earlier this year once investors realized more cybersecurity would be needed, not less, because of AI-enabled hacks. She sees the position as sized correctly and does not need to trim it. She plans to hold it over a full cycle.
“all of these cyber stocks just ripped... we're gonna need more cyber security, not less from all of these AI hacks... And so I'm a long term holder. Don't need to trim it.”at 39:59
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
Horizon Kinetics Inflation Beneficiaries ETFBullish
INFL gives diversified commodity exposure and has performed strongly versus the S&P and Nasdaq.
Talkington says INFL holds wheat and precious metals and a lot of metal exposure, using capital-light vehicles instead of miners. She likes that it combines energy, exchanges, and metals and mining. She says it is a good basket that does not look like the S&P or Nasdaq, which is hard to find, and its performance has been really strong at the same time.
“I like INFL because you get energy, you get the exchanges, you get metals and mining... it's just a really good basket of things that doesn't look like the S and P or the Nasdaq... and the performance has been really strong.”at 46:29
CNBC Halftime Report: Countdown to the Fed Decision 10/28/26 ·
TeslaBullish
Tesla has more upside than SpaceX over the next year because SpaceX may end up buying Tesla.
Talkington expects Tesla to trade in the high $400s once the deal is done, in line with RBC's roughly $480 target. He cites SpaceX's 2025 purchase of 480 million dollars of Megapacks and its plan for 10 gigawatts of energy deployment, plus the TeraFab joint venture with Intel. He says about 20 percentage points of Tesla shares are set to be released into the market in coming months, which is a near-term overhang. He still thinks Tesla has more upside than SpaceX over the next year, because the likelier direction of any deal is SpaceX buying Tesla.
“I still think Tesla has more upside right now than SpaceX just because you still have about 20 percentage points of shares that are gonna be released into the market over the next few months.”at 11:24
Expect more market chop into the midterms, driven by hedge fund deleveraging and high oil.
Talkington says the war is unpopular, oil is high, and the midterms are close, so investors will be more sensitive to war news. This comes on top of the large hedge fund deleveraging seen last week. He concludes the market will settle into more chop. Oil also feeds inflation, which adds to the caution.
“I think we're all gonna be much more sensitive to this type of news because it's not a popular war. Oil's high. We have midterms right now.”at 18:13
Meta PlatformsBullish
Muse is taking off and Meta's consumer AI opportunity will let investors excuse heavy capex.
Talkington uses Muse daily and calls it amazing, asking why Apple's Siri isn't as good. He says there is a lot of excitement that is just getting started. He expects a good print and thinks investors will excuse the capex because of Meta's huge consumer total addressable market. His view rests on consumer adoption of Muse, not on near-term monetization numbers.
“I use Muse all the time. It's amazing. Like, why isn't Apple... Why isn't that Apple Siri? It's so good. There's so much excitement. It's just getting started.”at 21:53
AI infrastructure & data centers
Cloud growth is accelerating with AI, so Amazon, Microsoft and Google cloud should beat.
Talkington says cloud growth started accelerating last quarter and will accelerate further. He notes a strong correlation between AI and cloud growth. He expects the major cloud providers (Amazon, Microsoft and Google) to crush their upcoming prints. He also expects investors to excuse heavy capex because of the large consumer TAM, which keeps tech leadership intact.
“Amazon, Microsoft, and Google cloud providers are gonna crush it because we saw last quarter, guess what? Cloud growth is starting to accelerate. It's gonna accelerate even more.”at 22:28
Space Exploration TechnologiesBearish
SpaceX faces near-term share-price pressure from a rapid float expansion; she is cautious, though earnings should be positive.
About 22% of SpaceX's shares are currently floated, rising to roughly 40% by December 8. She argues this supply of newly tradable stock creates a natural downward pull on the shares until it is absorbed, which is why she has been cautious on the stock. She separately expects a positive quarter with EPS of 13 to 15 cents. Her near-term bearishness rests on the float mechanics, not on the earnings outlook.
“We have about 22% shares of the float out right now. By December 8, we'll have 40% of the float out. So I think there's just this natural downward gravity on the name because of that float. So that's why I've been somewhat cautious on the stock.”at 43:32
The recent AI-stock selloff reflects leverage unwinding rather than a change in the AI story; she expects a rebound.
She argues that the sell-off in AI stocks is mostly forced selling by hedge funds, not a fundamental reassessment of AI. Crowded long positions among multi-strategy funds are deleveraging at roughly four to five times leverage, layered on top of midterm-election weakness. She expects the selling to settle, expects November and December to be positive, and expects the AI trade to pick up again after the midterms. She is still adding to positions in this window and sees near-peak bearishness.
“You could say the AI trade is, let's say, blowing off. I think we're just having this massive delevering on top of that midterm weakness, and so I think let it settle. And then November, December, I think, will be quite positive.”at 44:35
Market sentiment, positioning & volatility
Hedge-fund deleveraging of crowded trades is driving the sell-off, the largest since 2008 in her view.
She cites hedge-fund deleveraging on a scale she says has not been seen since 2008. The positions are crowded, with all hedge fund longs in the same names. Multi-strategy funds running four to five times leverage are unwinding, which she says will add weakness on top of the existing market pressure. She treats this as a positioning problem rather than a fundamental one, and expects it to settle.
“You're seeing the delevering like we haven't seen sometimes somewhat since 2008 on the hedge fund side. These trades are so crowded. All of these hedge fund longs were in the same positions. They're delevering, and when you have, like, four or five times leverage of these multi strats unwinding, it's really gonna put weakness on top of all of what's happening.”at 45:08
Invesco S&P 500 Equal Weight ETFBullish
RSP, the equal-weight S&P 500 ETF, is a useful hedge against mega-cap tech concentration; she likes holding it.
Her firm has owned RSP for a few years as a hedge: it holds exposure to the broader S&P 500 outside the Nasdaq and S&P mega-cap tech names, which she says are largely the same holdings. She notes RSP has done well this year, though not as well as the Nasdaq, and she still likes having it in the portfolio for diversification if the market broadens.
“We own RSP. We've owned it for a few years. We like to have that as a hedge to have something in the portfolio outside of the S and P and the Nasdaq and tech companies... It's done quite well this year, not as good as the Nasdaq, but I like having that in the portfolio.”at 45:42
Shows
- CNBC Closing Bell · 3 episodes
- CNBC Halftime Report · 2 episodes
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