Trade Tracker: Stephanie Link buys Micron and more Nvidia

Watch on YouTube ↗ | July 21, 2026 at 19:40 | 9:03 | CNBC

Speakers

Stephanie Link — Chief Investment Strategist, Hightower

Joe Terranova — Senior Managing Director, Virtus Investment Partners

Josh Brown — CEO, Ritholtz Wealth Management

Jason Calacanis — Angel Investor / Founder, LAUNCH

Summary

Stephanie Link buys Micron and Nvidia, citing dip-buying opportunities in AI infrastructure. The panel debates the AI trade, with Josh Brown highlighting a bounce ahead of Google earnings and Joe Terranova noting a potential rotation into mega-cap tech.

Stephanie Link added Micron after a 24% pullback, citing strong fundamentals and pricing power.
She also added Nvidia, calling it the cheapest since 2019 with dominant GPU market position.
Joe Terranova views the Micron/Nvidia pullback as a low-risk entry point near technical support.
Joe also notes a momentum factor unwind and a possible handoff to Apple, Meta, and Amazon.
Josh Brown says the AI trade got washed out and is bouncing, urging longs ahead of Google earnings.
Jason argues 48% of S&P earnings growth will come from semiconductors and capex will not slow.
The broad consensus remains bullish on the AI capex theme, with Google seen as a key catalyst.

Ideas

Stephanie Link Chief Investment Strategist, Hightower 0:28

Strong fundamentals, pricing power, 24% dip.

The entire AI trade got washed out this month, and today's price action shows the market wants to be long these names. Being bullish on the theme requires being positioned ahead of Google earnings, which serve as an affirmation of capex plans and forward guidance. Google could even signal more projects than expected 90 days ago. The stocks that corrected 20-30% are now bouncing, and that is healthy for a longer-term uptrend.

Stephanie Link Chief Investment Strategist, Hightower 1:32

Nvidia cheap, growing, dominating GPU market.

For those who do not own Micron and Nvidia, the pullback has taken the stocks into technical support above the 100-day moving average, creating a low-risk, well-defined point of entry. The fundamentals around memory, high-bandwidth memory, and AI infrastructure are well known, and hyperscalers will continue to spend. Sentiment and positioning reached an extreme and have now worked off the overbought condition.

Joe Terranova Senior Managing Director, Virtus Investment Partners 4:00

Mega-cap tech handoff from momentum continues.

The momentum factor has fallen dramatically this month, and a handoff is occurring beneath the surface as mega-cap tech stocks like Apple, Meta, and Amazon are performing very well in July. This rotation may continue, providing support to the broader market.

Josh Brown CEO, Ritholtz Wealth Management 4:49

AI trade bounce ahead of Google earnings.

The entire AI trade got washed out this month, and today's price action shows the market wants to be long these names. Being bullish on the theme requires being positioned ahead of Google earnings, which serve as an affirmation of capex plans and forward guidance. Google could even signal more projects than expected 90 days ago. The stocks that corrected 20-30% are now bouncing, and that is healthy for a longer-term uptrend.

Jason Calacanis Angel Investor / Founder, LAUNCH 8:15

Semiconductor index supported by earnings growth.

The pullback in semiconductors was a positioning unwind after parabolic first-half runs, and the rotation into other sectors is healthy. Going forward, 48% of S&P earnings growth will come from the semiconductor index, providing clear visibility on profits. Capex is not going to slow, and Google will reaffirm and potentially raise its spending plans, keeping the fundamental story intact.

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This CNBC video, published July 21, 2026, features Stephanie Link, Joe Terranova, Josh Brown, Jason Calacanis discussing MU, NVDA, AAPL, META, AMZN, WDC, INTC, AMD, GLW, CIEN, SOXX, SMH. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Stephanie Link, Joe Terranova, Josh Brown, Jason Calacanis · Tickers: MU, NVDA, AAPL, META, AMZN, WDC, INTC, AMD, GLW, CIEN, SOXX, SMH