Speaker · Updated
Chris Grisanti: latest market views
MAI Capital Management
Summary
Chris Grisanti is chief market strategist and regional president at MAI Capital Management, lead portfolio manager of its Focused Equity strategy, and founder of Grisanti Capital Management, which MAI acquired in 2020.
Chorus has 11 views from Chris Grisanti across 2 episodes on CNBC Power Lunch since October 20, 2026. Their latest calls: bullish on GE Vernova, Quanta Services, Amazon.com and General Motors Company; bearish on NVIDIA.
Where they stand
Their latest bullish or bearish call on each company.
- GE VernovaBullish ·
- NVIDIABearish ·
- Quanta ServicesBullish ·
- Amazon.comBullish ·
- General Motors CompanyBullish ·
- MicrosoftBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
NVIDIABearish
Lightening up Nvidia; picks-and-shovels trade is late-cycle and needs a lower price to buy.
Crisanti says his firm is lightening up on Nvidia and would need the stock to fall further before it becomes interesting again. His reason is that the picks-and-shovels trade, which includes the chip suppliers, is in the seventh or eighth inning of its run. By contrast, the power trade is only in the second or third inning, so the firm is rotating its money from the chip trade to power names.
“So we are actually buying the power names today and actually lightening up on NVIDIA. For a while now, what I think is that the picks and shovels play is in the seventh or eighth inning, but the power play is in the second or third inning.”at 43:10
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
GE VernovaBullish
Buying GE Vernova: a high-quality power-niche name that gives downside protection and should win most contracts.
Asked why GE Vernova, Crisanti gives the same case as for the other power names. His firm is buying the power names after they fell 10 to 12%, targeting the highest-quality companies in specific power niches for downside protection in volatile markets. He expects them to take the lion's share of contracts, while data centers pay more and make concessions to proceed.
“They're the high quality names in the specific power niches that they're in, Dom. And so we wanna own the highest quality. We think that'll give us downside protection on volatile times, and I think they'll get the lion's share of contracts.”at 44:01
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Quanta ServicesBullish
Buying Quanta: a high-quality power-niche name that gives downside protection and should win most contracts.
Asked why Quanta, Crisanti says his firm is buying the power names after they fell 10 to 12%. He wants to own the highest-quality companies in the specific power niches, which he argues gives downside protection in volatile times. He expects these companies to get the lion's share of contracts as data center buildout continues, even as anti-data center governors are elected. The power trade is in the second or third inning, as opposed to the late-stage chip trade.
“They're the high quality names in the specific power niches that they're in, Dom. And so we wanna own the highest quality. We think that'll give us downside protection on volatile times, and I think they'll get the lion's share of contracts.”at 44:01
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
AI infrastructure & data centers
Anti-data-center governors won't stop the buildout; data centers will pay more and make concessions.
Crisanti says anti-data-center governors were elected, but they will not stop an industrial revolution. What will happen instead is that data centers will have to pay more money and make important concessions. He expects this to happen and expects the companies that build the power for them to keep making a lot of money.
“There were anti data center governors elected, but they are not gonna stop an industrial revolution. What's gonna end up happening is the data centers are gonna have to pony up more money and make important concessions.”at 44:16
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Earnings, not elections, will drive stocks; the election rally is unlikely to last without earnings support.
Crisanti argues that earnings, not elections, will drive stocks in the end. Unless special factors are at work, investors should focus on where earnings growth will be strongest. He cautions against expecting the election rally to last long without earnings underpinning it. He still thinks the market can be strong into year end, and he says health care and hyperscalers are where he would put new money.
“It's earnings, not elections, at the end of the day are gonna drive stocks... I would caution folks against thinking this election rally is going to last for a long time unless there's earnings underpinning.”at 44:39
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
AI infrastructure & data centers
Hyperscalers are unfairly treated; owning compute makes them the best risk-reward tech trade now.
Crisanti says some hyperscalers have been unfairly treated by the market. Their earnings are strong, and they own the compute, which he calls the most valuable thing in AI. He argues this gives them the best risk-reward of any tech trade available, and says that if he had new money to invest, this is where he would put it.
“I think that some of these hyperscalers have really been unfairly treated. And risk reward, I think that's the best kind of tech trade you can make right now. The earnings are strong. They own the compute, which is the most valuable thing in AI.”at 45:20
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Amazon.comBullish
Amazon trades at its cheapest valuation ever while earnings growth accelerates, making it a terrific risk-reward.
Grisanti, a value investor, favors the hyperscalers for their risk-reward and least downside rather than their best appreciation. He argues Amazon is selling more cheaply than at any point in its history. He expects earnings to rise by more than the market thinks, and says earnings growth is accelerating. Cheap valuation plus accelerating earnings makes Amazon a terrific risk-reward, which he calls the place to be at reasonable valuations.
“they are selling more cheaply than in Amazon's case ever,”at 5:18
CNBC Power Lunch: Cracks in the AI Trade, Tech Earnings Preview, Surging Airfares 10/20/26 ·
MicrosoftBullish
Microsoft trades well below its average valuation, offering terrific risk-reward alongside accelerating earnings.
Grisanti prefers the hyperscalers because they offer the best risk-reward in a market where exciting names are expensive. He says Microsoft's valuation is way below its average, and that earnings are going to increase by more than expected, with accelerating growth. He pairs Microsoft with Amazon as the two names that represent terrific risk-reward.
“and Microsoft's case way below its average valuation.”at 5:26
CNBC Power Lunch: Cracks in the AI Trade, Tech Earnings Preview, Surging Airfares 10/20/26 ·
AI infrastructure & data centers
AI capex keeps rising into 2027, but a future capex turnover is when to avoid these stocks.
Grisanti says this is the biggest capital spending boom ever, so investors should examine balance sheets and work out future winners and losers. He prefers the hyperscalers because they can fund their own growth. He argues that 2027 capex will be higher than 2026, and companies have signalled 2027 into 2028. The danger point is when capex turns over and falls year over year, which is when investors should not own these stocks. He says that is not five years away.
“Well, Brian, I hope that I'm here when capital spending turns over, and one year, it's gonna be less than the year before, and that's gonna be the time where you don't wanna own these stocks.”at 9:12
CNBC Power Lunch: Cracks in the AI Trade, Tech Earnings Preview, Surging Airfares 10/20/26 ·
The power trade for AI will outlast the picks-and-shovels trade, given a five-to-ten-year buildout.
Grisanti argues that power demand for data centers and AI infrastructure will last longer than the chip-and-hardware trade. His reason is that it is a five-to-ten-year build-out. He sees the power trade as the longer-lasting part of the AI infrastructure boom.
“the power trade is gonna last longer than the picks and shovels AI... Because it's a five to ten year build out.”at 11:00
CNBC Power Lunch: Cracks in the AI Trade, Tech Earnings Preview, Surging Airfares 10/20/26 ·
General Motors CompanyBullish
GM is a cheap, shrinking company at six times earnings, with big buybacks supporting the stock.
GM's shares fell about 6-8% because it did not raise guidance despite strong quarters. Grisanti points to a $20 billion buyback, which he compares to NVIDIA announcing a $2 trillion repurchase, buying back about a third of the company. He says the company has already bought back about 40% of itself. Earnings are solid rather than magnificent, and he loves the investment at six times earnings.
“This is a disappearing company. The earnings are solid. They're not magnificent, but they're solid. I love the investment at six times earnings.”at 12:10
CNBC Power Lunch: Cracks in the AI Trade, Tech Earnings Preview, Surging Airfares 10/20/26 ·
Shows
- CNBC Power Lunch · 2 episodes
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