Speaker · Updated
Stephanie Link: latest market views
Hightower Advisors
Summary
Stephanie Link is the Chief Investment Strategist, Head of Investment Solutions and Equity Portfolio Manager at Hightower Advisors. She is also a CNBC contributor and previously co-managed Jim Cramer's Charitable Trust.
Chorus has 34 views from Stephanie Link across 5 episodes on CNBC Closing Bell and CNBC Halftime Report since October 19, 2026. Their latest calls: bullish on Amazon.com, Broadcom, GE Aerospace and iShares MSCI Brazil ETF; bearish on The Boeing Company.
Where they stand
Their latest bullish or bearish call on each company.
- Amazon.comBullish ·
- BroadcomBullish ·
- GE AerospaceBullish ·
- iShares MSCI Brazil ETFBullish ·
- NVIDIABullish ·
- Space Exploration TechnologiesBullish ·
- The Boeing CompanyBearish ·
- ZscalerBullish ·
- GE VernovaBullish ·
- Meta PlatformsBullish ·
- Quanta ServicesBullish ·
- ServiceNowBullish ·
- SLBBullish ·
- Vertiv Holdings CoBullish ·
- Wells Fargo & CompanyBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
Amazon.comBullish
Amazon's 17x multiple for fast-growing AWS is attractive; expects AWS growth and margins to deliver.
Link says Amazon has beaten consensus in 12 of the last 14 quarters, an 86% beat rate, so she expects a fine quarter. AWS drives about 60% of operating income and she expects operating margins of roughly 39-40%. She points to Azure at 48% and Google Cloud at 103% with strong backlogs, and expects AWS growth in the low 40s versus 37% last quarter. The stock is down 13% from August highs and up only 6% year to date, trading at 17 times earnings. She finds that attractive for a business with a large growing piece, though she notes there are many moving parts.
“It's trading at 17 times, 17 times for 60% of the business that is gonna grow in the low forties to me is very attractive.”at 12:12
Market rally is broadening beyond defensives, with many sectors growing earnings; not just a defensive move.
Link says about half the S&P 500 has reported, with roughly 25% overall earnings growth, and that energy, tech, materials, industrials and financials are all participating. She argues the market is broader than a defensive rotation. She points out that with communication services and tech down about 2% and Google down 13%, the S&P would have fallen double digits under old conditions, yet it was only down about 50 basis points and the equal-weight index was flat.
“we're 50% through on the S and P 500, and we have many different sectors that have actually participated in the 25% overall growth... So it is broader than just being defensive in my mind.”at 15:50
Strong GDP and low claims make the economy strong enough to support cyclical stocks.
Link cites data released that day: GDP growth of 3.4%, continued very low weekly jobless claims, and core PCE roughly in line with expectations without anything alarming. She says the data was very supportive of cyclical sectors. She also notes the Fed made no change, and that the economy is strong enough to handle the rate outlook she expects.
“I'm very happy the economy, the data we got today was very much supportive of cyclicals with a GDP of 3.4%”at 16:28
AI is in its fourth inning; hyperscaler spending continues and financing remains available.
She argues the AI cycle is still early. Hyperscalers keep spending and are getting financing through debt, equity and private markets, and they say the spending will not end. Stocks are holding up despite that. Monetisation is showing: SpaceX's AI rental business grew about 700%, and Meta's total revenue rose 26%. Semiconductor results should be very good as a result.
“I think we're in the fourth inning in AI”at 6:36
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
BroadcomBullish
Broadcom's AI revenue guidance is credible, with margins strong and the stock cheap at 15x.
Broadcom guided AI revenue to $115B in 2027 and $230B by 2028. The Anthropic deal has secured about $60B of 2027 revenue, and the market doubted the guidance. Gross margin is 73% and operating margin 66%, so margins are not falling off a cliff. She estimates earnings power of about $22 by 2028, which puts the stock at about 15 times. The stock is down 2% this year after a 60% gain.
“for 2027 to be 115,000,000,000 to grow to 230,000,000,000 by 2028. ... Gross margin's at 73%. Operating margin's at 66%.”at 15:50
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
NVIDIABullish
Nvidia's balance sheet can fund its AI buildout, and demand for its chips is real.
Broadcom generates about $18B of cash a quarter. Nvidia generates about $48B a quarter. She argues Nvidia's balance sheet is strong enough to fund its own growth, unlike the neocloud players whose balance sheets are weak. She says there is real demand for its products.
“They're generating $48,000,000,000 a quarter. Their balance sheets are great. They can fund if they want to, and they obviously want to. And there's real demand there.”at 17:34
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Space Exploration TechnologiesBullish
SpaceX is a long-term buy, with about 200M Starlink subscribers expected by 2030.
She owns SpaceX for the long term. Its AI compute rental business grew more than 700% year over year, and its connectivity business grew 70%, which she sees as another route to winning. She expects Starlink to reach about 200 million subscribers by 2030 and says SpaceX has low-cost and first-mover advantages in space. The stock is still down about 25% from its highs, and she would add on further pullbacks.
“I own this for the very long term... I think they're on path to see something like 200,000,000 subscribers in Starlink by 2030.”at 24:36
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
iShares MSCI Brazil ETFBullish
Brazil's selloff after the election is overdone; she is adding to EWZ for its demographics.
She bought Brazil for demographics, not for either election candidate: about 214 million people, the seventh-largest country and the largest in Latin America. Under Lula, fiscal and monetary policy have been good, the currency has strengthened and stocks have outperformed. Inflation is still high but falling, and she cited a record unemployment figure. Agriculture is 23% of GDP and the country has abundant power. The short-term drop is overdone and she will keep adding.
“I didn't buy it for either candidate. I bought it because the demographics are enormous.”at 28:04
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
The Boeing CompanyBearish
Boeing's beat came from the wrong segments, and free cash flow targets look hard to reach.
Boeing beat revenue estimates, but the beat came from defense and services rather than commercial aviation. Production costs rose and supply-chain problems persisted. Free cash flow beat in the quarter, but she thinks reaching the $1B to $3B target for the year will be very hard, and she is not alone. The turnaround had momentum and then stalled, and she has held the stock a long time.
“they beat revenues, but in the wrong places. Defense and services, not in commercial aviation... it's gonna be really hard for them to get to the 1 to $3,000,000,000 of free cash flow for this year”at 33:10
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
GE AerospaceBullish
GE had a great quarter, and the stock's post-earnings drop is an opportunity to add.
GE had a great quarter, which she contrasts with Boeing's weaker one. The stock fell on the news, which she sees as an overreaction, and she added to her position. She prefers it to Boeing.
“I much prefer GE. They had a great quarter, and that stock fell on the news, and I and I actually added more to that one.”at 33:45
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
ZscalerBullish
Zscaler is cheap versus cybersecurity peers and should catch up after lagging this year.
Link recently bought Zscaler. The stock is up only about 15% year to date, while Palo Alto and CrowdStrike are up more than 100%. She says its valuation at a roughly 50% discount on EV-to-sales does not make sense given the fundamentals. Remaining performance obligations are growing 27% and annual recurring revenue is growing 25%. She expects the stock to play catch-up, though she isn't sure it closes the full gap to peers.
“I just recently bought Zscaler because it's only up 15% year to date, but Palo Alto and CrowdStrike are up over a 100%. And I think the stock, the valuation at 50% discount to EV sales really doesn't make a lot of sense.”at 39:52
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Market is broadening because the economy is holding up and earnings are strong; the defensive leadership is not the right call.
Earnings are up 38% with about 20 companies reported. Retail sales rose 5.1% excluding gasoline, and ISM manufacturing and services are both well above 50, signalling expansion. Yields fell from 5.36% to 4.95% this week, and the S&P equal weight is up almost 2% week to date while the S&P is down 0.5%. Materials, financials and discretionary are each up about 6% month to date and homebuilders up 3%. She concedes the leaders are somewhat defensive but argues the broadening is real because the economy is doing okay despite the unknowns, and says the value is in the cyclical sectors.
“So we're broadening out because the economy is doing okay in the face of all the unknowns.”at 2:20
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Meta PlatformsBullish
Meta's monetization and revenue growth should support confidence in its upcoming earnings.
She cites Meta's monetization up 26%, arguing that monetization and growth will increase and give people confidence. Later she notes Meta put up 26% revenue growth, OpEx came in better than expected even as capex rose for the full year, and she is controlling what it can control. She acknowledges the stock fell and expects the story to improve in the upcoming report.
“Meta, I know the stock fell, but their monetization up 26%. I think that is gonna drive the company's next week that report earnings.”at 3:29
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
The bond rally is a flight to safety on AI fears, not a sign of a slowing economy.
She argues the yield drop was a spark that lit the bond rally. She does not see a slowing economy, since retail sales, ISM and earnings are all strong. She thinks the move is a flight to safety on fears that the AI story could unravel, which would hit the economy because AI has had the biggest influence on it.
“It's not slowing economy... I think that's a flight to safety a little bit on fears”at 13:54
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Amazon.comBullish
AWS growth could accelerate to 42-43% as doubled capacity lets it meet demand.
She bought more Amazon in one account. She expects AWS to accelerate from 37% growth last quarter to 42 or 43% because it has doubled its capacity, so it can meet demand better than in recent quarters. AWS is one of Amazon's highest-margin businesses outside advertising, so the quarter should be strong.
“I actually think AWS could accelerate from 37% growth last quarter to 42 or 43% because they have doubled their capacity.”at 16:20
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Vertiv Holdings CoBullish
Vertiv's pullback is not justified by fundamentals; she sees it as a buy now.
She owns Vertiv for the AI infrastructure build-out and its supply chain. Vertiv is still up 21% year to date and she has felt the pain of the recent drop, but she does not think the fundamentals justify the pullback. She expects great quarters, great backlogs, better margins and market share gains, and says the stock is a buy now. Momentum may be slipping from the group.
“But I don't think the fundamentals justify the pullback. Maybe the momentum is kinda slipping from the group, but I do think, overall, they're gonna have great quarters, great backlogs, better margins, market share gains across all three of these names that I just mentioned, and I think they're buys now.”at 24:14
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
GE VernovaBullish
GE Vernova's pullback is unjustified by fundamentals; she sees it as a buy now.
She owns GE Vernova for the AI infrastructure build-out and its supply chain. It is still up 26% year to date, and she has felt the pain of the recent pullback. She does not think fundamentals justify the drop and expects great quarters, backlogs, better margins and market share gains, so she calls it a buy now.
“But I don't think the fundamentals justify the pullback. Maybe the momentum is kinda slipping from the group, but I do think, overall, they're gonna have great quarters, great backlogs, better margins, market share gains across all three of these names that I just mentioned, and I think they're buys now.”at 24:14
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Quanta ServicesBullish
Quanta's pullback is unjustified by fundamentals; she sees it as a buy now.
She owns Quanta for the AI infrastructure build-out and its supply chain. It is up 29% year to date, and she has felt the recent pain. She does not think fundamentals justify the pullback and expects great quarters, backlogs, better margins and market share gains, so she calls it a buy now.
“But I don't think the fundamentals justify the pullback. Maybe the momentum is kinda slipping from the group, but I do think, overall, they're gonna have great quarters, great backlogs, better margins, market share gains across all three of these names that I just mentioned, and I think they're buys now.”at 24:14
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Wells Fargo & CompanyBullish
Wells Fargo is undervalued at 1.5x book and should catch up over the next couple of quarters.
She is buying more after a strong quarter. The stock is down 11% year to date despite progress after the asset cap lift. She argues the ROTCE targets of 7 to 18% are not aggressive and the bank can do better. Guidance for net interest income was better than she expected, and net interest margins expanded for the first time in several quarters. At 1.5 times book the stock is a value and a laggard that should play catch-up.
“I think the stock at 1.5 times book, Scott, is... It's a value here, and I... It's just a bit of laggard, and I just think it's gonna play catch up over the next couple of quarters.”at 28:05
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
ZscalerBullish
Zscaler trades at a discount to history and its margins should expand to 27-30% by 2030.
She is adding Zscaler as a new position. It is up only 9% year to date versus over 120% for CrowdStrike and Palo Alto, and trades at a 50% discount to its historic EV to sales. Its total addressable market on existing customers is growing about 15 billion, and the TAM is expected to grow 25%. Margins are expected to expand to 27 to 30% by 2030. She calls it a show-me story after weak quarters but says the growth and valuation make it look like one of the best buying opportunities.
“It trades at a discounted valuation, 50% discount EV to sales versus its historic rate. ... Margins are going to expand between now and 2030 to 27 to 30%.”at 29:27
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Space Exploration TechnologiesBullish
SpaceX's strong quarter and AI revenue growth show the story is just getting going.
She describes SpaceX's quarter as phenomenal: total revenue up 161%, led by AI revenue up 754%. Capacity grew 22% sequentially, which gives great visibility, and guidance rose 50% relative to expectations. She says the story is just getting going and she likes both the story and the stock move, backing a double upgrade.
“It was a phenomenal quarter. They have phenomenal momentum. Total revenues of a 161%, led by AI total revenue growth of 754%.”at 35:43
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
ServiceNowBullish
ServiceNow is not expensive for its 20-25% growth; the market misunderstands the story.
Link argues ServiceNow's valuation is reasonable for its growth. She cites 20-25% revenue growth, a roughly 25x multiple and margin expansion, and calls the stock's story 'totally misunderstood'. The valuation case rests on growth outpacing the multiple, and she has no stated position in the stock.
“Right. For the growth that you're getting. I mean, 20 to 25% growth, 25x times multiple margin expansion.”at 37:37
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
SLBBullish
SLB's earnings power could be much higher once the Middle East war ends and that business recovers.
Link says SLB reported a really good quarter, helped by consistent execution and a CEO she describes as very consistent. Margins have upside. Its Middle East business is sluggish because of the war, so if the conflict ends, the company's earnings power could be much larger than current results show.
“And this is when the Middle East business is kinda sluggish given what's going on with the war. So just imagine if we ever get through that, what this earnings power of this company could be.”at 42:54
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
The Boeing CompanyUncertain
Boeing's stock hinges on whether it guides to $4-5B of 2027 cash flow, which would be fine given low expectations.
Link expects mixed results ahead of Boeing's Tuesday report. Deliveries will be light because of product constraints, but the question is when cash flow improves. She asks whether the company will guide to $4-5 billion for 2027. If it does, she thinks the stock will be fine, given low expectations after a weak year with the stock down 13% year to date.
“Its deliveries are gonna be light because of product constraints, but when do we get better cash flow? Is it 4 to 5,000,000,000 for 2027? I think if they guide to that, we'll be okay, especially given the low expectations.”at 43:29
CNBC Halftime Report: Shifting Sentiment and Sliding Semis: The Investment Committee's Strategy 10/23/26 ·
Meta PlatformsBullish
Muse is a game changer for Meta; its early adoption and engagement gains support a bullish view.
Link expects Instagram time spent growth to accelerate to about 19% from 14% last quarter, and expects impressions to accelerate too. She cites Muse's early traction: 11 million downloads in the first 40 days and 2.5 million daily active users. She calls Muse a game changer that can leverage Meta's roughly 4 billion users and generate ROI. She still wants to see monetization come through. She also expects capex to be heavy and may bring an equity offering, but her focus is on fundamentals.
“time spent in Instagram can actually get to 19% growth from 14% growth last quarter. So that acceleration is exciting to me.”at 5:36
AI infrastructure & data centers
AI capex is rising and demand will outstrip supply for years; data-center builders down 30% are buys.
Link says capex numbers are going higher, not lower, and that demand is outstripping supply now and will for the next several years. Industrials exposed to the data-center build-out are down about 30%. She says she will buy them now and that Joe Terranova also wants to buy them. She sees the rally as broadening beyond AI to financials and industrials.
“CapEx numbers are going higher, not lower. And demand is outstripping supply at this moment in time and will for the next several years.”at 19:56
BroadcomBullish
Link owns Broadcom as a selective semiconductor pick with a strong balance sheet.
Link says she wants to be selective in semiconductors and to own companies with good balance sheets. She names Broadcom as one of the chip stocks she owns, tied to data-center demand outstripping supply for several years.
“I wanna be selective on semiconductors. I wanna own good balance sheets. You know which ones I own, NVIDIA, Broadcom, and Micron.”at 20:10
Micron TechnologyBullish
Link owns Micron as a selective semiconductor pick with a strong balance sheet.
Link says she wants to be selective in semiconductors and to own companies with good balance sheets. She names Micron as one of the chip stocks she owns, tied to data-center demand outstripping supply for several years.
“I wanna be selective on semiconductors. I wanna own good balance sheets. You know which ones I own, NVIDIA, Broadcom, and Micron.”at 20:10
NVIDIABullish
Link owns Nvidia as a selective semiconductor pick with a strong balance sheet.
Link says she wants to be selective in semiconductors and to own companies with good balance sheets. She names Nvidia as one of the chip stocks she owns. Her reasoning ties to data-center demand outstripping supply for several years, though she gives no Nvidia-specific numbers.
“I wanna be selective on semiconductors. I wanna own good balance sheets. You know which ones I own, NVIDIA, Broadcom, and Micron.”at 20:10
Wells Fargo & CompanyBullish
Link is adding to Wells Fargo after a very good quarter.
Link says she is adding to financials and points to Wells Fargo's very good quarter as the reason. She sees financials as part of a broader rally beyond AI. Her case rests on the quarterly result, with no further detail.
“I'm also adding to financials. Wells Fargo, they had a very good quarter.”at 20:19
4 older views from Stephanie Link are on the episode pages, and all of them are a question away in your AI with Chorus.
Shows
- CNBC Closing Bell · 3 episodes
- CNBC Halftime Report · 2 episodes
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