Positioning for Big Tech's next move
Спикеры
Joe Terranova
— Старший управляющий директор, Virtus Investment Partners
Scott Wapner
— Ведущий, CNBC
Bryn Talkington
— Управляющий партнер, Requisite Capital Management
Shannon Saccocia
— Член инвестиционного комитета
Brian Belski
— Главный инвестиционный стратег, BMO Capital Markets
The Investment Committee debates whether earnings momentum can keep pushing the market higher after Yardeni raised his S&P target to 8400. Speakers broadly lean bullish on earnings-led upside, especially in tech and AI, but flag elevated expectations into NVIDIA's upcoming report. Positioning, flows, valuations, and NVIDIA-specific technicals are all discussed as reasons the AI trade may continue.
- Ed Yardeni raises his S&P 500 target to 8400 on earnings-led melt-up momentum.
- Joe Terranova sees profit margins near 17% and systematic buying driving the S&P toward 8000.
- Bryn Talkington highlights NVIDIA, Broadcom, and Micron as monster earnings drivers inside the indexes.
- Shannon Saccoccia views tech P/E compression and memory weakness as technical, favoring the next AI phase.
- Brian Belsky points to a strong tech beat rate and major institutional inflows back into tech and chips.
- Joe Terranova details a strong NVIDIA pre-earnings setup but cautions about the other side of earnings.
- Bryn Talkington argues NVIDIA is cheap and may catch up if it clears the 230 technical ceiling.
Идеи
S&P 500 heads toward 8000-plus.
Ed Yardeni's 8400 S&P target reflects a roaring 20s earnings-led melt-up; profit margins can move toward 17%, and once the S&P breaks above the August 5 high of 7793, systematic funds should engage further and drive the market toward 8000.
NVDA, AVGO, MU earnings power indexes.
The earnings composition of the S&P and Nasdaq has changed: NVIDIA, Broadcom, and Micron are top-ten index holdings, and their monster earnings can keep pushing index-level profit growth higher, making Yardeni's 8400 target plausible.
NVDA, AVGO, MU earnings power indexes.
Ahead of NVIDIA earnings, consensus revenue growth is re-accelerating to 96%, earnings growth is 114%, free cash flow should reach $47 billion, and next-quarter guidance could hit $100 billion, so the market is getting in front of a strong quarter and working back toward the 236 May high, though post-earnings caution is warranted.
Tech valuation supports next AI phase.
Tech's P/E has compressed and the market is pivoting to the next phase of AI; the recent memory unwind looks technical rather than fundamental, and NVIDIA's MOUs plus expanded credit/private funding signal wider AI investment that should support earnings-driven tech leadership.
Flows support tech, chips, momentum recovery.
Tech's 85.1% beat rate and the second-biggest institutional inflow ever, driven by hedge fund clients after deleveraging, show positioning is cleaner and money is returning to tech, chips, and momentum.
Далее
This CNBC video, published August 12, 2026, features Joe Terranova, Bryn Talkington, Shannon Saccocia, Brian Belski discussing SPY, AVGO, MU, NVDA, SMH, XLK, MTUM. 5 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Joe Terranova, Bryn Talkington, Shannon Saccocia, Brian Belski · Tickers: SPY, AVGO, MU, NVDA, SMH, XLK, MTUM