Speaker · Updated
Rob Sechan: latest market views
NewEdge Wealth
Summary
Rob Sechan is CEO of NewEdge Wealth and a regular member of CNBC's Halftime Report Investment Committee, formerly an institutional consultant at UBS Private Wealth Management.
Chorus has 19 views from Rob Sechan across 2 episodes on CNBC Halftime Report since October 22, 2026. Their latest calls: bullish on Alphabet, Fortinet, Microsoft and ServiceNow; bearish on Netflix.
Where they stand
Their latest bullish or bearish call on each company.
- AlphabetBullish ·
- FortinetBullish ·
- MicrosoftBullish ·
- ServiceNowBullish ·
- Alibaba Group HoldingBullish ·
- Lam ResearchBullish ·
- Lockheed MartinBullish ·
- Meta PlatformsBullish ·
- NetflixBearish ·
- Union PacificBullish ·
What they talk about most
- AI infrastructure & data centers · 2
- Alphabet · 1
- Cybersecurity · 1
- Fortinet · 1
- Microsoft · 1
- ServiceNow · 1
- US Treasuries & yields · 1
- AI bubble & tech valuations · 1
- AI: overall outlook · 1
- Alibaba Group Holding · 1
- International Business Machines · 1
- Lam Research · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
AlphabetBullish
Market is reacting too early on Alphabet; patience pays since it can fund AI from its legacy cash cow.
Sechen says the market is shifting from rewarding AI spending to demanding proof of AI monetization, and he thinks that shift is a little early for Alphabet. He calls Alphabet the only company that has financed its AI build-out from a legacy business effectively, and the only one combining compute, internal chips, AI models and users. He says Google Cloud was a bright spot, up 103%. He argues the best companies build a second engine to disrupt the first, and Alphabet has had time to figure out AI monetization. The bet on Alphabet failing to monetize AI was a bad one. He also says investors should be ready to stick out the ebbs and flows and would trim on multiple expansion. He notes the desk had reduced to neutral earlier in the year.
“I think we're in a place where the entire market is moving from where you're getting rewarded for spending on AI to where you're having to prove that you're monetizing AI. I actually think it's a little earlier than it should be personally, and I think it's gonna pay to be patient with Google.”at 4:18
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
MicrosoftBullish
Microsoft is firing on all cylinders: Azure accelerated to 48%, and Office is irreplaceable.
Sechen says there are some questions about earnings quality because part of Microsoft's revenue is tied to OpenAI, which was a bit of an issue. He is not surprised by lighter capex. But he says Microsoft had a very strong operational quarter, with Azure accelerating from 42% to 48%. He calls it a company that can fire on all cylinders. He also says Office has proved irreplaceable and benefits from the ecosystem, positioning it better than Alphabet, which has had search trouble.
“it had a very strong quarter operationally. Azure, 42 to 48%, so accelerating. You know, this is a company that can fire on all cylinders, and it is.”at 18:09
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
Fixed income is as attractive as ever as a shock absorber against equity volatility.
Sechen says one of his two bets is that the shock absorber investors get from fixed income is still as attractive as it has ever been. He pairs this with the view that the AI spending theme will not go away. In the current volatile tech environment, bonds provide a cushion against equity swings.
“There's two bets I'm making. Number one, the shock absorber that you get from fixed income right now is still as attractive as it's ever been.”at 22:52
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
AI infrastructure & data centers
Contracted demand for data-center and fiber buildout is far out; a long-term theme that will spend more.
Sechen looks at the private investment landscape and sees strong demand for products used in data centers, including fiber, with contracted demand stretching far out. He calls this a long-term secular theme that will not go away and says the spending will continue. He admits the next stretch will be tough as the market digests the news, but on the other side it will be explosive. He is positioned as a broadening-out bet on this theme.
“When we look at the private investment landscape and we see the amount of demand for product, whether it be for fiber or anything that goes into data centers and is supporting this ecosystem, the contracted demand is so... It's far as far out as the eyes can see.”at 22:52
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
ServiceNowBullish
ServiceNow's selloff is a multiple reset, not fundamental damage from AI; a good time to buy.
Sechen says ServiceNow is still a wonderful business, up about 60% since the last print. The multiple moved from 20 to 30 and has been rerated back to about 25. He calls this a story of good not being good enough, not fundamental deterioration. The company is still a strong grower with strong free cash flow and is investing in its AI business before seeing monetization. He says it is not being destroyed by AI and it is probably a time to buy.
“It is still a wonderful business. ... This is a story of good not being good enough, not fundamental deterioration. It's still a strong grower. It's still a strong free cash flow.”at 30:15
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
FortinetBullish
Fortinet's selloff on guidance and margins is sympathy; its end-to-end hardware-plus-software model is stickier.
Sechen says Fortinet was down on a light guidance and gross margin miss, but he thinks many cyber names are down in sympathy and he would be surprised if the reaction is as large as the stock move suggests. Josh Brown argued Fortinet would not win if enterprises consolidate on one platform vendor. Sechen counters that Fortinet is the only company providing end-to-end security, combining software and hardware, which provides a stickier customer base and makes it hard to take over.
“I think it's tough to take over. They are the only one that provides end to end. The combination of software and hardware provides a stickier base.”at 31:32
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
Cybersecurity selloff is a one-off, not a rewrite, since security is not losing priority in the AI ecosystem.
Asked whether the reaction is the all-clear to short cyber, Sechen says he believes it is a one-off, not a full rewriting of the sector. Security cannot take a back seat to anything given what is happening in the AI ecosystem. But a rising tide does not lift every boat, so investors need to be selective. He says the software and cyber names should not be treated equally, and he is focused on specific names.
“I believe it is a one off. I don't believe that this is a full rewriting of the...”at 32:20
CNBC Halftime Report: Tech Earnings Weigh on the AI Trade 10/29/26 ·
Meta PlatformsBullish
Meta's heavy AI spending will pay off; core business shows AI monetization, so the sell-off is overdone.
Meta's core business is firing on all cylinders and has shown proof of AI monetization. Rob is not worried about the negative free cash flow and the missing 2027 spending guidance in the short run. He argues Meta would not spend this much unless it believed it could monetize the spending. The stock's drop reflects fear about margins and financing, not the results, which include six straight quarters of revenue beats, 20%+ growth, and raised guidance.
“I'm not that worried about it in the short run. The core business is firing on all cylinders. They've showed proof of AI monetization.”at 2:46
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
The AI trade underpins the whole economy, so any threat to it will cause market wobbles.
Rob argues the AI or superintelligence trade, for better or worse, underpins the whole economy. Anything that threatens it will cause a wobble. He points to the current Meta share-class split and the financing pressure around it as one such threat that is playing out live.
“For better or worse underlies the whole economy, and anything that's gonna be a threat to that is gonna cause a wobble.”at 3:06
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
AI infrastructure & data centers
Rising cost of capital for AI buildout still leaves margin, since returns exceed the cost of capital.
Rob agrees the weighted average cost of capital for AI spenders will rise. He argues that forward returns on that spending still leave a margin. The real risk is that expenses rise so much that they compress margins and returns while the cost of capital keeps climbing. He cites David Solomon's view that companies growing faster than their cost of capital will still find the money.
“So the weighted average cost of capital is going to go up? No question. But the forward returns that they're earning on that, there's still margin in that.”at 5:28
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
AI giants' valuation premium has compressed; they still grow above market and will normalize higher.
Rob expects a normalization period, but the companies will still grow faster than the market. Their valuation premium has compressed to about 9% over the S&P, which reflects higher rates, harder capital raising, and Meta's new share class for equity issuance. He expects investors to eventually decide whether that growth at that price is worth owning, relative to other sectors.
“So I think there will be a normalization period, and these companies are still going to be growing in above market rates. ... They've rerated to a point where they're trading at a 9% premium, maybe today.”at 13:15
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Lam ResearchBullish
Lam Research's results are excellent; the drop reflects macro risk-off, not fundamentals.
Lam Research posted record revenue and 74% year-over-year EPS growth, which Rob calls epic numbers. The stock and the wider semiconductor complex, which he says the fund owns a lot of, are down because of macro concerns and a risk-off trade. He doesn't think investors should give up these investments, since the fundamentals are strong and the market will eventually reevaluate.
“even on Lam, their revenue was a record. Their EPS grew 74% year on year. These are epic numbers.”at 16:05
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
International Business MachinesUncertain
IBM has not yet proven it can leverage AI rather than be disrupted by it; patient hold.
IBM beat and raised, and Rob holds it. It was bought at about 12 times earnings and is more expensive now. He sees some evidence in the quarter that IBM can navigate AI effectively, but IBM still has to prove it can leverage AI rather than be disrupted by it. Rob is being patient with the stock.
“they still have to prove that they can leverage AI versus being disrupted by it. And I do just do not think they're there yet.”at 20:17
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
NetflixBearish
Netflix is a weaker grower and won't turn around soon; a likely tax-loss sale this year.
Netflix's in-line quarter and weaker guidance will not be enough to turn the stock around in the short run. Engagement has failed to respond to rising content investment and leadership changes, and solutions will need patience and lower margins. Netflix is now a weaker grower than it has been in a long time, so Rob thinks it could be a tax-loss sale candidate later this year.
“Holding now. However, kind of an in line quarter in weaker guidance are not gonna be enough to turn this stock around in the short run.”at 27:53
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Lockheed MartinBullish
Lockheed is a great place to be: not expensive, with strong missile demand amid world tensions.
Lockheed has rectified its F-35 issues. Demand for its missile systems is incredibly healthy, and there is a shortage of this type of product in the market. The stock is up year to date but still not expensive, making it a way to play global tensions.
“This is a great place to be. The stock is up quite a bit year to date. It's still not expensive.”at 30:00
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Union PacificBullish
Union Pacific has strong pricing power and is not expensive, a good place to hide.
Union Pacific is levered to industrial volumes and should keep benefiting from pricing power, as an oligopoly. The stock has performed well but is not too expensive. Rob calls it another great place to hide, though it is sensitive to economic activity slowing sharply.
“I think there's gonna continue to be quite a bit of pricing power here. ... I think it's another great place to hide.”at 30:42
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Healthcare is an overweight that benefits from drug trends and from AI superintelligence usage.
Rob's fund is overweight health care, which he calls an enormous beneficiary of secular drug trends. He also expects a forward benefit from the use of superintelligence. Health care is one of the places he has rotated to from AI infrastructure after strong early-year performance, and he still likes names like AbbVie.
“Overweight sector. I think it's an enormous beneficiary of a lot of secular trends in drugs, obviously, but there's also the forward benefit that I think we're gonna see from the usage of superintelligence.”at 36:30
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Alibaba Group HoldingBullish
Alibaba's valuation is reasonable; monetizing its cloud and e-commerce is the open question.
Sechan's fund bought Alibaba in December 2023 and still holds it, up about 50%. He concedes it has given a lot back. Alibaba faces the same capital-intensity concerns as the rest of the sector. It has a growing cloud business and a dominant e-commerce business, so the key question is whether it can monetize them. He argues that the valuation is much more reasonable.
“They're suffering from the same capital intensity concerns that you're seeing across the enterprise. They do have a growing cloud business and a dominant ecommerce business.”at 44:41
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Private credit funds and banks say companies with solid contracts will get AI buildout financing.
Sechan says that when he talks to private credit funds and investment banks, they say companies that need financing and have proper contracts will get it. Those lenders can underwrite the growth. He frames the market as a world of haves and have-nots, where contracted borrowers get funded and weaker ones do not. The view is based on conversations with lenders rather than on specific deal data.
“when you talk to any of the private credit funds, when you talk to the the investment banks, they are saying that the companies that need it and have proper contract will get the financing. We'll be able to underwrite that growth.”at 47:06
CNBC Halftime Report: The AI Race Deepens as Access to Capital Shrinks: Your Next Move 10/22/26 ·
Shows
- CNBC Halftime Report · 2 episodes
Ask your AI what Rob Sechan thinks
Chorus gives Claude, ChatGPT and other assistants every view Rob Sechan has shared on the shows it covers, next to everyone else's. Ask where they stand, what changed, and who disagrees.
Chorus reports what speakers said. It isn't investment advice.