Speaker · Updated
Paul Hickey: latest market views
Bespoke Investment Group
Summary
Paul Hickey is co-founder of Bespoke Investment Group, which he started in 2007 with Justin Walters, and is a head portfolio manager for its wealth management service and co-author of the weekly Bespoke Report.
Chorus has 6 views from Paul Hickey across 2 episodes on CNBC Power Lunch and CNBC Closing Bell since October 28, 2026. Their latest calls: bullish on Oracle; bearish on NVIDIA and Alphabet.
Where they stand
Their latest bullish or bearish call on each company.
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
NVIDIABearish
Jensen Huang's exit is a major negative catalyst for Nvidia stock, but not the whole chip sector.
Hickey sees the CEO departure as a major negative catalyst for Nvidia's stock, which he calls a real hit. He argues the impact on the broader semiconductor sector is much less clear. Nvidia has become largely decoupled from semis over the past several months, even negatively correlated with the sector over about five months, so he doesn't think the stock's problems will necessarily spread to the group. He compares the situation to a star quarterback leaving a team, which hurts, but the team doesn't always fall apart. He says he is not sure how important Nvidia is to the broader semiconductor sector.
“But I think you think of it as this could be a major negative catalyst. For the stock, it is. But for the overall semiconductor sector, I'm not sure how important it is.”at 4:46
CNBC Power Lunch: Power Lunch: NVIDIA CEO Exit, Tech Volatility and Crypto Pressure ·
New Congress is a marginal negative for tech, but the broader economy and market outweigh legislators.
Hickey says the new political makeup in Washington may be a marginal negative for tech, since the incoming Congress could bring investigations and regulatory pressure. But he argues the economy and the market are much bigger than any group of legislators. He says a single company's fortunes, Nvidia included, will not determine the market's direction.
“maybe at the margin it's a negative, but the economy and the market in general are bigger than what some legislators in DC...”at 9:30
CNBC Power Lunch: Power Lunch: NVIDIA CEO Exit, Tech Volatility and Crypto Pressure ·
OracleBullish
Oracle needing only about $20B more from capital markets is encouraging for the AI trade.
Oracle is showing it will only need to go to the capital markets for about another $20B, and he calls that encouraging. Oracle's announced limit on how much more money it will raise eased worries about the financing cost of the AI buildout. Those worries had weighed on AI-linked stocks, and the news lifted them.
“they are only gonna have to go into the capital markets for another 20,000,000,000, which is encouraging.”at 4:13
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test; Warsh’s Latest Fed Decision 10/28/26 ·
Semis and memory stocks must lead the AI bull market; holding their support range is key for the trade.
He calls this an AI bull market, so the semiconductor and memory stocks must lead it. They finished last week at support after a washout and are rallying from it. As long as they hold that range, he thinks it is very positive for the overall trade. He sees these two sectors as the keys to the market right now.
“This has been an AI bull market, and for those... AI is gonna have to lead, those two sectors need to lead. They finished last week right at support and they're rallying.”at 4:59
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test; Warsh’s Latest Fed Decision 10/28/26 ·
AlphabetBearish
Search weakness will overhang Alphabet unless management addresses it, and this could be its worst earnings reaction.
Hickey says the search business will stay an overhang unless the company addresses investors' questions. Management did not fully answer them on the last quarterly call, and if it doesn't answer them on this call either, the stock will keep weakening. He notes the worst one-day earnings reaction in the company's history was a 9.7% decline, and says this could be its worst reaction as a public company, which is a negative.
“The search is gonna just be an overhang unless... Last quarterly report, they didn't quite address those needs... Those questions. And if they don't address them on this call, it's just gonna be more weakness.”at 47:25
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test; Warsh’s Latest Fed Decision 10/28/26 ·
Gradual Fed moves in either direction are good for stocks; aggressive moves make the market uncomfortable.
Hickey argues the market's reaction depends on the pace of Fed policy. Aggressive hiking or cutting makes the market uncomfortable, while gradual moves in either direction are a great setup, since they mean policy is tightening or easing without urgency. He says forward returns after these start-stop cycles have been much better than average, even over the next three months. The Fed's hold at this meeting fits the calm backdrop he describes.
“When the fed's either hiking or cutting rates, when they're doing it aggressively in either direction, that's when the market gets really uncomfortable. When they can do it gradually in either direction, that's a great situation for the market.”at 48:02
CNBC Closing Bell: Big Tech Earnings Put the Rally to the Test; Warsh’s Latest Fed Decision 10/28/26 ·
Shows
- CNBC Power Lunch · 1 episode
- CNBC Closing Bell · 1 episode
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