Speaker · Updated
Jason Snipe: latest market views
Odyssey Capital Advisors
Summary
Jason Snipe is founder, principal and chief investment officer of Odyssey Capital Advisors, a Philadelphia-area independent investment advisory firm, and a CNBC contributor.
Chorus has 20 views from Jason Snipe across 4 episodes on CNBC Halftime Report and CNBC Closing Bell since October 20, 2026. Their latest calls: bullish on Amazon.com, Devon Energy, Eaton and Fortinet.
Where they stand
Their latest bullish or bearish call on each company.
- Amazon.comBullish ·
- Devon EnergyBullish ·
- EatonBullish ·
- FortinetBullish ·
- MicrosoftBullish ·
- ServiceNowBullish ·
- NetflixBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
Amazon.comBullish
Amazon's record AWS margins, growth and backlog show upside; he would lean into the stock.
Snipes sees a mixed quarter but says AWS is the story. AWS grew 39% year over year, roughly double last year's pace, with record 13.9% margins. Custom chips are up about 20x from last year and will be offered to enterprises late in 2027. Backlog rose from $497 billion to $578 billion. With the stock now down only about 2% after being down 7% premarket and the forward guide likely to rise, he would be tempted to buy.
“I would be tempted to lean in here. Right? Because I do think there's upside potential just given where the metrics are...”at 6:17
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Defensive rotation into staples and financials is not a clean positive; large-cap premiums are unwinding.
Snipes sees the market rotating defensively into staples, energy and financials despite strong GDP data. He argues that defensive rotation is not a positive signal going forward. He expects the premium on large names that have run up to keep unwinding, so investors should look at multiples again and reshuffle their portfolios.
“if you're taking it from a defensive perspective, that's not necessarily a positive positive note going forward.”at 24:17
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Biotech has more upside: up 29% year to date, M&A is picking up, and he likes the trade going forward.
Snipes says biotech is up 29% year to date. The main worry for investors is that rising yields and interest rates raise the cost of care and weigh on the sector. He counters that M&A is starting to pick up in the space, so he sees continued momentum in the trade and likes it going forward.
“So I think there is continued juice in this trade, and I like this one going forward.”at 28:17
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Power and grid buildout still has a long way to go, so the AI-driven selloff in power names is overdone.
Power and data-center power names have sold off with the broader AI drawdown. Snipes says that remains a big unfinished job on the power and grid side. He agrees with earlier comments that AI spending may have overshot, but argues the investment needed to sustain the surge is still ahead.
“But there's still a lot to be done from a power perspective. There's still a lot to be done from a grid perspective.”at 37:54
CNBC Halftime Report: Amazon in Focus as the Nasdaq Slides 10/3026 ·
Regional bank improvement is a positive signal for the real economy and the broader market.
Snipe says the regional banks represent the real economy. He wants to see alternative managers and investment banks participate meaningfully, but regional banks starting to improve, with better forward guidance, is a unique positive signal for the market. He ties this to Chris Verrone's point about leadership moving from big banks to regionals.
“But to see the regionals, which is the real economy, starting to improve here and have some better guidance going forward, I think that's a that's a unique positive for the market.”at 19:30
Avoid a defensive posture; lean into the real economy outside AI, such as industrials, health care and utilities.
Snipe says the market should not be treated as a broadening into defensives, which does not excite him. He points to 3.4% GDP growth and other economic strength outside AI, including health care and regional banks. He sees dispersion as a possible friend for a portfolio manager, and argues that investors should lean into the real economy and non-AI areas such as industrials, health care and utilities.
“So I think it's an opportunity to kinda lean into the real economy and all things outside of AI being something to kinda take a look at, whether it's industrials, health care, utilities, you name it.”at 19:41
AI infrastructure & data centers
AI buildout is generational and growth will get financed, but the cost of capital is the key risk.
He is confident long term in the AI infrastructure theme, which he calls a generational build-out where people will make a lot of money. The real question is financing. He thinks financing will be available and growth will be there, but at what cost. If the weighted average cost of capital is too high it compresses margins and pushes the forward multiple lower. He says his firm is heavily invested in the space.
“is the financing of all this growth built on pillars of salt and sand? And the answer to that is probably no. I think that there's gonna be financing available, and the growth will be there, but it also becomes at what cost?”at 7:22
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Bonds were way oversold after the yield spike; now is the time to buy them as a shock absorber.
Yields moved two standard deviations up and then reversed, reflecting macro and risk-off dynamics linked to semis price action. He had said bonds were way oversold and still likes them quite a bit. He sees bonds as a natural shock absorber, so he would barbell AI-related exposure with them.
“bonds were way oversold. Now is the time to buy bonds. ... They're a natural shock absorber to this.”at 12:24
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
MicrosoftBullish
Microsoft's Copilot adoption and Azure growth will make the quarter a strong story.
He expects a very nice story at next week's print. Microsoft should have about 30 million paid Copilot users, and Azure should grow 40 to 45%. Free cash flow is positive, unlike last quarter, so he expects the names to be strong.
“Microsoft has an... interesting story as well going into the quarter... 30,000,000 paid, Copilot users. Azure's business will be up 40 to 45%.”at 15:10
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
AI companies are already crowding each other out of the IPO window as they chase the same capital.
He says there is only so much ability to raise capital. He sees crowding-out effects already in the upcoming IPO window, and SpaceX's spending spooked the market. Scott Wapner ties this to Meta's filing about trying to reach market before others. Snipe says haves and have-nots will emerge and the haves will get capital, but at what price.
“You're already hearing crowding out effects in the IPO window that's coming up”at 18:07
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
EatonBullish
Eaton's drop is an opportunity; electrification and digitization demand will not slow.
Eaton has been cut from up almost 30% to up 16% in a few weeks. He thinks there is too much capital flowing toward the infrastructure space, and Eaton is part of the electrification and digitization megatrends that will not slow down. He sees the drop as an opportunity and a potential trend going forward.
“There's just too much capital in that direction, and they're a part of all the megatrends, electrification, the digitization stories. I just don't think that slows down. For me, I think of it as an opportunity.”at 25:48
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
AI and cybersecurity spending is rising; CTO budgets keep expanding and no slowdown is visible.
He says the cybersecurity story is simply more AI and more cybersecurity. CTO budgets keep expanding, so there is more opportunity for the leading best-of-breed names such as CrowdStrike, Palo Alto and Fortinet. He sees no operational slowdown in how these companies execute their addressable markets. Threats are endemic, and AI agents that could cause harm make protection more important.
“I just very simply say it's like more AI, more cybersecurity, period. ... I think, you know, CTO budgets are continuing to expand.”at 31:02
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
FortinetBullish
Fortinet is one of the greatest companies in the world; he wishes he had added on the dip.
His firm has owned Fortinet for a long time and went through some pain. The stock has now woken up, and he says it is obvious these are some of the greatest companies in the world. He regrets not adding when everything got beaten up, and he thinks the cybersecurity theme will keep benefiting as AI agents raise threat levels.
“We've owned Fortinet a long time... It did wake up. Thankfully, we didn't do anything. But, boy, I wish I would have added back when everything got beat up because it's kinda obvious right now that these are some of the greatest companies in the world.”at 32:07
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
ServiceNowBullish
ServiceNow is an AI beneficiary, not a casualty, and cannot be disrupted by AI in software.
He calls it the air traffic controller of the corporate IT stack, a platform of platforms giving companies a single point of control over technology. It is an AI beneficiary, not an AI casualty, and one of the places that cannot be disrupted by the AI-driven software selloff.
“It's an AI beneficiary. It's not an AI casualty. ... I think it's one of the places that cannot be disrupted by all the stuff we're seeing in software.”at 36:16
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
ServiceNowBullish
ServiceNow is the conductor for AI agents, not a plug-in; its growth and margins are underappreciated.
Snipe argues ServiceNow owns proprietary enterprise data used by about 90% of the Fortune 500, which lets it monitor and govern AI agents as agentic AI spreads. He calls it the 'conductor' that choreographs new technologies, unlike plug-ins such as Salesforce. He points to 20-25% revenue growth and expanding margins, and says leaning into AI is lifting average selling prices, a big driver of margin expansion. Stephanie Link adds that the shift from seat-based to consumption-based pricing gives more visibility and ARR. Snipe owns the stock, his team likes it, and he made it his final trade the prior day as upgrades start to spread.
“ServiceNow owns a proprietary data for a lot of enterprise companies. And for them to be able to monitor and govern those agents is... it's very important for that company.”at 37:12
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
The Coca-Cola CompanyNeutral
Coca-Cola's valuation bar is very high ahead of earnings; he would not buy more into the report.
Snipe says Coca-Cola is the only staple his fund owns and has had a monster run. He would not buy it into earnings if he didn't already own it, because its valuation is high and the bar is very high. He implies he holds it but would not add, given the stretched valuation after the rally.
“It's the only staple we own. It's been on a monster tear of late. It's probably not a name if I didn't own it that I would buy into earnings because the valuation it sits at, the bar is very high.”at 43:50
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Staples, healthcare and utilities are risk-off hiding spots that have run too far, not a broad cyclical rotation.
Snipe argues the market is in risk-off mode, and staples, healthcare and utilities are the risk-off beneficiaries. He says the breadth is not a broad cyclical rotation. These defensive sectors are where money goes to hide, but it has to stay invested somewhere, so he wouldn't be in them. Staples, healthcare and utilities have gotten ahead of themselves.
“Right? And so I think these areas are just where money goes to hide but needs to stay invested, and as such, I wouldn't be there.”at 44:35
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Devon EnergyBullish
Devon Energy is an unloved oil name, but its cash flow and capital discipline should win out.
Snipe calls Devon Energy a sector nobody wants to own. He argues investors should own the cash flow and the capital discipline, and he expects the market to catch up. His case rests on the company's cash generation and discipline being underpriced by a market that avoids the sector.
“Devon Energy sector, no one wants to own, but own the cash flow, own the discipline and let the market catch up, I think.”at 45:16
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
NetflixUncertain
Netflix needs recurring live sports and content rhythm, since event-driven live programming is not scalable.
Netflix stock is down 26% year to date, and he wants to hear the vision for 2027 from the new chief content officer. Netflix has about $20 billion to spend on content. Its live sports push has been important to the stock, but he says this event-driven approach is not scalable. Netflix needs a recurring, Amazon Prime or Thursday Night Football-style rhythm, and he wants to see that in the 2027 plan. He also notes sports rights like MLB, UFC and NFL are a tough comparison for Netflix.
“You know, this kind of event driven story is not scalable. ... You need to see a story that's reoccurring over and above what has been event driven.”at 9:00
NetflixBullish
Netflix's ad business is expected to double this year, an important story to watch.
He cites the ad business as an important story for Netflix. He expects it to double this year, and he says that will be important to analyze along with the content plans. He owns the stock, so he is positioned for this growth.
“Lastly, I'll say, you know, the ad business has been an important story as well. We will see a double here this year.”at 9:19
Shows
- CNBC Halftime Report · 2 episodes
- CNBC Closing Bell · 2 episodes
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