Speaker · Updated
Jeremy Siegel: latest market views
WisdomTree
Summary
Jeremy Siegel is chief economist at WisdomTree and the Russell E. Palmer Professor Emeritus of Finance at the Wharton School, known for his research on long-term stock returns and the equity risk premium.
Chorus has 8 views from Jeremy Siegel across 2 episodes on CNBC Closing Bell since October 23, 2026. Their latest calls: bullish on Anthropic.
Where they stand
Their latest bullish or bearish call on each company.
- AnthropicBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AnthropicNeutral
Anthropic should float about $30B more equity instead of borrowing from skittish bond markets.
Siegel argues Anthropic could issue about $30 billion more stock, only about 2% of its market value, avoiding the bond market and sub-investment-grade status, so everyone could buy it. He says bondholders take the downside without the upside, while equity holders share in the upside. Given a skittish bond market, he thinks the company should raise more equity rather than debt.
“Why doesn't it just, float $30,000,000,000 more of stock? That's only two more percent of its market value. Then it wouldn't have to tap the bond market, then it wouldn't have to be noninvestment grade...”at 20:48
AI uncertainty, both upside and downside, has never been greater; investors should diversify beyond AI.
Siegel says the uncertainty about AI, for both upside and downside, has never been greater, which is why the market moves so sharply on AI news. That argues for diversifying into non-AI stocks and not forgetting them, and for holding bonds, which have done well over the period. He frames the rotation into utilities, staples, health care and energy as hedges, the kind of insurance investors buy against an AI slowdown, which would also bring interest rates down.
“the uncertainty about AI, both for upside and downside, has never been greater. ... how important it is to be diversified into the non AI stocks and not forget about them.”at 23:14
The market pullback is mild; value and equal-weight indexes are near highs, so no big decline is coming.
Siegel puts the selloff in perspective. The Nasdaq is down about 9% from its all-time high, which is only pullback territory, the mildest form of decline. The S&P 500 is down about 2%, while S&P value indexes are at all-time highs and the equal-weight index is within about 1% of its high. Tech entered correction territory, but it is still up about 17% for the year, ahead of the S&P's roughly 11-12% gain, which is above its historical average. Overleveraged investors will be hurt, but he does not see the broader market and economy heading into a big decline. Wapner pushed back that about 60% of S&P 500 constituents are down 20% or more from their highs.
“But when I take a look at the entire market and what's going on in the entire economy, I don't feel that this is a [sign] of something that's gonna be a big decline.”at 24:22
AnthropicBullish
Anthropic's IPO will be the SpaceX of the fall; investors should want a small piece.
Siegel calls Anthropic's IPO the SpaceX of the fall. He notes that companies worth more than $2 trillion going public is unprecedented, and that OpenAI could follow early next year. He argues investors should want a little piece of it. He still expects Anthropic to go ahead in November despite the Feet report, and says IPO prices track enthusiasm for the industry being floated.
“it's gonna be the, you know, the SpaceX of of of the of the fall... you want a little a little piece in that”at 28:08
Market is not in trouble; value indexes hit record highs despite the AI trade wobbling.
Siegel points to the Russell 1000 Value index hitting an all-time high the previous day, and the S&P value index also at a record. He says this makes it hard to argue the market is in trouble. He acknowledges the AI trade, which has been the winning trade, has wobbled and says investors should balance portfolios. His overall read is that the broad market is healthy even as AI leadership weakens.
“the Russell 1,000 value index... hit an all time high. ... So, you know, it's hard to say the market's in trouble.”at 1:57
Ten-year yield now moves with AI sentiment; positive AI spending news pushes long yields higher.
Siegel says any news or sentiment suggesting AI spending will pay off sends the AI trade up and also pushes yields up. He says he is thoroughly convinced the ten-year is tightly connected to AI sentiment right now. He describes a seesaw: when long rates fall, financing gets cheaper and value stocks benefit, so the flows between AI and value stocks move with the long rate.
“I'm thoroughly convinced that ten year is really connected to the hip right now to to that AI, to the AI sentiment.”at 3:16
Market sentiment, positioning & volatility
Fragile AI sentiment flows now overwhelm individual company earnings in driving stock moves.
Siegel explains that strong earnings from names like Micron, Lam Research and Western Digital are not lifting their stocks. He argues the big-picture question of whether AI spending pays off overwhelms individual earnings. Strong earners may fall less if sentiment turns, but he says sentiment is so fragile and volatile that it dominates the flows into AI names. He says investors are waiting for more information before the sentiment settles.
“I think that sentiment is... so fragile, so volatile that that is now dominating these... flows towards the AI.”at 8:16
Fed will not move next week; the meeting will be short and uneventful.
Siegel expects the Fed to hold at next week's meeting. He notes the last meeting was interesting because it went against Trump's recommendation, but he says this one will be boring. He expects a short news conference, possibly around fifteen minutes, and a five-sentence statement. The Summary of Economic Projections does not come until December, so he sees little for the market to react to.
“I think next week's meeting is gonna be most boring meetings ever... He's not gonna move.”at 10:28
Shows
- CNBC Closing Bell · 2 episodes
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