Speaker · Updated
Chris Harvey: latest market views
CIBC Capital Markets
Summary
Chris Harvey is Managing Director and Head of Equity & Portfolio Strategy at CIBC Capital Markets, a longtime Wall Street strategist who moved there from Wells Fargo Securities in 2025.
Chorus has 11 views from Chris Harvey across 2 episodes on CNBC Closing Bell and CNBC Fast Money since October 22, 2026. Their latest calls: bearish on NVIDIA.
Where they stand
Their latest bullish or bearish call on each company.
- NVIDIABearish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AI infrastructure & data centers
Beaten-down AI industrial and power names should work once the election passes and data center rhetoric fades.
Hyperscalers are in a good spot and there is still room in the AI trade. AI industrials have been beaten up badly. Once the election is past, the rhetoric around data centers should start to die down and those names can begin to work. This is why he is looking to play offense in the beaten-down industrial power names. He admits the narrative will not fully go away and that it will take some time.
“What we also are looking at is the AI industrials, which have gotten really beaten up here. ... Once we get through the election, I think the rhetoric around the data centers start to die down, and those names can begin to work.”at 3:18
The economy is beginning to slow as capital gets scarcer and the cost of capital rises for riskier borrowers.
The amount of available capital is shrinking and the cost of capital is rising sharply further down the risk spectrum. This is happening now and will continue. Investors should ask whether money is good or bad and what they are willing to pay, because capital has been too cheap for too long. As the economy slows, that discipline matters more.
“As we go forward in time, the economy is beginning to slow down. You do have to worry about... We have to start thinking about, is this money good? Is this money bad?”at 7:35
Equity markets are expected to go higher from here, with the firm moving to offense after its quality tilt.
The firm has been up in quality since Labor Day and is now looking for opportunities and wants to play offense. Asked if equity markets go higher from here, he says yes. The offense is focused on beaten-down AI industrial and power names, which he expects the data center narrative to ease for.
“We're now starting to look for offense in those really beaten up AI industrial names. ... If you're asking, do we think equity markets go higher from here? The answer is yes.”at 8:17
The Fed is in a tightening cycle, which keeps financials from rallying as curves flatten.
In a tightening cycle, rates rise, the yield curve flattens, and consumers become a worry, and the usual pattern is that this doesn't work for financials. That is why financials have not played ball this year. He believes the Fed is tightening, even though it will have a tricky conversation about forward guidance.
“I still don't think it's gonna play ball because we're in a tightening cycle. Usually, when you're tightening cycle, rates go higher, the curve flat, people worry about the consumer, and it just doesn't work.”at 8:56
The tech selloff is just repricing risk; large caps should be fine given tight credit spreads and rates.
Harvey says the pullback was expected since Labor Day, and the market has been more selective. Small caps, industrials, and high-risk names got hit while large caps held up. He views the move as repricing risk and points to credit spreads and rates as signs that big-cap companies will be fine.
“To me and to us, this is really just about repricing risk. These big cap companies, you look at credit spreads, you look at rates, this will be fine.”at 15:09
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
AI infrastructure & data centers
AI industrials got beaten up and are becoming an offense opportunity, though he waits past FOMC and the election.
Harvey says the market had a straight-line move up and now sees ripples and wrinkles in AI. He expects the data center political rhetoric to die down after the elections. He is starting to play offense in AI industrials that were beaten up, such as GE Vernova, but is waiting through FOMC and the election before pulling the trigger.
“We're beginning to think about playing offense now, especially with some of these AI industrials... that are getting beaten up pretty well right now.”at 15:19
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Late in the cycle, low-multiple stocks are likely at peak earnings and will struggle in 2027.
Harvey says the cycle is late, so a low-multiple stock is probably at peak earnings, and that is not going to work well in 2027. He would rather pay up for better risk-reward, with stability and better balance sheets, than buy cheap stocks at the top of the cycle.
“We're late in the cycle. If you have a low multiple stock, right, that's a company that's probably at peak earnings. That's not gonna work so well in 2027.”at 16:39
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
NVIDIABearish
He prefers hyperscalers over Nvidia; the picks-and-shovels phase is over.
Asked whether he prefers hyperscalers or Nvidia, Harvey picks hyperscalers. He argues it is time to move on from picks and shovels, and that the winners will be companies that can commercialize AI better and faster and monetize it. This is a relative preference, not an outright call that Nvidia will fall.
“I'd rather be in hyperscalers. There's lot of talk about monetization, and I think those are the companies that are going to be able to monetize things better. I think it's time to move on from the picks and the shovels”at 17:02
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Real rates have normalized from unusually high levels, so current rate levels are about right.
Harvey says real rates had been around 3%, which is far above inflation expectations and rare for bond managers. Rates have simply normalized and come down. He sees current rates as about right, and credit markets are fine, with slight IG widening and issuance slowing, which supports a more stable market.
“What I think has happened with rates... real rates were at 3%... Most bond portfolio managers have never seen that in their career. All we've done is normalize and brought rates down here. So I think we're about right with rates.”at 17:04
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Utilities were upgraded as bond-like defensives and offer both offense and defense, though not a long-term secular story.
Harvey upgraded utilities two weeks ago because they are bond-like and hard to lose money on over five to ten years. They had underperformed about 30% since March, creating an entry point. He sees them as playing both offense and defense, and says they are beginning to work, though they are not a long-term secular story.
“We like the utility space. It is beginning to work, but is it a long term secular story? No, not really.”at 18:22
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Consumer staples fundamentals are not impressive, so he avoids them despite Procter & Gamble's strong numbers.
Harvey says he was not thrilled with the fundamentals of staples, even though Procter & Gamble's numbers were great. He prefers utilities over health care or staples as defensive exposure.
“I wasn't particularly thrilled with the fundamentals of staples, though P and G's numbers were great.”at 18:47
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Shows
- CNBC Closing Bell · 1 episode
- CNBC Fast Money · 1 episode
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