Mark Newman: latest market views

Summary

Mark Newman is a managing director and senior analyst at Bernstein covering US IT hardware, including Apple and Super Micro Computer, who returned to the firm after an earlier 2010-2021 stint covering memory, energy storage and electric vehicles.

Chorus has 6 views from Mark Newman across 2 episodes on CNBC Power Lunch since October 30, 2026. Their latest calls: bullish on Apple, Sandisk and Seagate Technology Holdings.

Where they stand

Their latest bullish or bearish call on each company.

• AppleBullish · November 3, 2026
• SandiskBullish · November 3, 2026
• Seagate Technology HoldingsBullish · November 3, 2026

What they talk about most

• Apple · 3
• AI chips & semiconductors · 1
• Sandisk · 1
• Seagate Technology Holdings · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• AI chips & semiconductors

  Memory stock selloff is a panic; AI capex won't glut memory, and DRAM, NAND and HDD pricing keeps rising.

  Newman argues the market is panicking that the AI bubble is about to burst and that AI capex will decline sharply, leaving a memory glut. He says there is no evidence of that. Compute remains very tight and demand stays very strong, so demand for memory, DRAM, NAND flash and hard disk drives is far ahead of supply. Prices for these components keep rising even though the share prices have fallen recently, so he thinks the market has the situation wrong.

  “Clearly, the market is panicking that the AI bubble is about to burst. We don't really see any evidence of that... Demand remains very, very strong. Compute remains very, very tight... pricing for all these components continues to go up despite the share prices recently going down.”at 3:22

  CNBC Power Lunch: Election Day, Data Center Debate and AI Sector Fallout · November 3, 2026

• AppleBullish

  Apple's strong revenue and iPhone guide justify a higher target despite weak gross margin.

  Newman raised his Apple price target after the company reported very strong revenue. Its revenue guide was surprisingly strong even though the base iPhone 18 and iPhone 18 Air launch was delayed to March. iPhone revenue is still trending up, and the company guided to 8.5% midpoint year-over-year revenue growth for the December quarter, which he calls phenomenal given the delayed best-seller. The weak point was gross margin, which was a bit light. He is still optimistic on the long term because of revenue growth.

  “Yeah, so for Apple, last night they reported very strong revenue... iPhone revenue is still trending up, they guided 8.5% in the midpoint revenue growth year on year for the December quarter, which is just phenomenal.”at 4:29

  CNBC Power Lunch: Election Day, Data Center Debate and AI Sector Fallout · November 3, 2026

• Seagate Technology HoldingsBullish

  Seagate is Bernstein's top memory pick: lowest risk, accelerating HDD pricing, and a HAMR cost lead.

  Newman calls Seagate his top pick because it carries significantly lower risk than other memory names. Hard disk drive pricing is accelerating rather than decelerating. Seagate has a significant technology lead in HAMR, the next-generation HDD technology, so its costs fall faster than competitors'. Accelerating prices, faster cost declines and strong volume growth lead to an earnings CAGR well over 100%. The stock trades in the low teens on those earnings.

  “Right now, I still like them. I mean, our top pick is Seagate because for Seagate, it is significantly lower risk than some other memory names... hard disk drive pricing is actually accelerating.”at 5:43

  CNBC Power Lunch: Election Day, Data Center Debate and AI Sector Fallout · November 3, 2026

• SandiskBullish

  Newman would buy SanDisk on the sharp dip, betting on memory pricing running ahead of supply.

  Newman is still optimistic on the memory names and says he would be buying SanDisk at this level given the sharp dip. His underlying case is that memory demand is far ahead of supply and component prices keep rising even as the stock has fallen. He calls SanDisk a buy, though he ranks Seagate as the lower-risk choice.

  “I still am optimistic on the memory names too, and I'd be buying Sandisk here given this sharp dip.”at 5:51

  CNBC Power Lunch: Election Day, Data Center Debate and AI Sector Fallout · November 3, 2026

• AppleBullish

  Apple is a defensive haven in tech because its low AI capex leaves little downside if the AI bubble bursts.

  Mark Newman argues Apple is seen as the defensive safe haven within tech because it is not spending the roughly $100 billion a year in capex that other companies are. Its capex was about $13 billion last year and is around $11 billion this year. Its free cash flow machine, continuous buybacks and growing earnings mean little risk if the AI bubble bursts. He expects the trade to flip back as sentiment on AI improves, and Apple to lag then.

  “I think it should be, because they are not spending the 100,000,000,000 or so in CapEx a year that some of these other companies are. So they are somewhat protected from this AI trade.”at 27:43

  CNBC Power Lunch: Tech Sell-Off, AI Panic and Market Rotation: Power Lunch · October 30, 2026

• AppleBullish

  Apple has a strong moat as the consumer gateway to AI because the phone remains the main AI interface.

  Mark Newman argues Apple has a near-perfect moat even though it spends little on AI. He says Apple is the consumer gateway to AI because people want something easy to talk to while walking around, and that will mostly be on the phone. He says wearables will not have enough processing or battery power to replace it yet, so AI will need to tether to a device like the phone.

  “I think they do. I mean, I think they are, despite not spending anything in AI, they are the consumer gateway to AI. How you to use AI? It's mostly going be on your phone.”at 29:48

  CNBC Power Lunch: Tech Sell-Off, AI Panic and Market Rotation: Power Lunch · October 30, 2026

Shows

• CNBC Power Lunch · 2 episodes