Shifting setups for growth and value

Watch on YouTube ↗  |  April 22, 2026 at 19:02  |  11:35  |  CNBC
Speakers
Joe Terranova — Senior Managing Director, Virtus Investment Partners
Anastasia Amoroso — iCapital
Steve Weiss — Chief Investment Officer, Short Hills Capital Partners

Summary

The Investment Committee debates the record run in semiconductors and the shift from value to growth. Speakers discuss whether chips are overbought, the broadening of the semiconductor theme to include big tech, and the long-term drivers from AI adoption. They also touch on geopolitical risks and oil prices but remain focused on growth and semiconductor demand.

  • Semiconductors are on a record winning streak, driven by growth and AI demand.
  • Growth stocks have outperformed value year-to-date, with a paradigm shift back to growth.
  • Speakers express near-term caution on semiconductors due to overbought conditions but remain long-term bullish.
  • The semiconductor theme is broadening to include big tech companies designing their own chips.
  • AI adoption rates are growing among consumers and enterprises, expanding the TAM for semiconductors.
  • Cyclical acceleration in capex and manufacturing provides another catalyst for chips.
  • Geopolitical tensions and oil prices are risks but currently not derailing the rally.
  • Investors are favoring chip ETFs as the story broadens beyond pure-play AI names.
Trade Ideas
Joe Terranova Senior Managing Director, Virtus Investment Partners 0:50
Semiconductors are growth with revenue growth.
AI adoption is driving demand for semiconductors and power, with consumer and enterprise adoption rates growing and the total addressable market expanding from conversational to authentic to physical AI. Longer-term the trend for semiconductors is up despite near-term consolidation risks.
SOXX HIGH
Joe Terranova Senior Managing Director, Virtus Investment Partners 0:50
Semiconductors are growth with revenue growth.
Semiconductor names are growth and the market currently wants growth, with revenue growth being the common denominator for names like Monolithic Power, Micron, Applied Materials, and Lam Research. The semiconductor story is the economy story, with insatiable demand.
LRCX MPWR MU AMAT HIGH
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:01
Growth outperforming value, shift to growth.
Growth has been the market trend for ten years, and value rotations are short-lived because the investing cohorts are growth-focused and the largest market cap companies are growth.
IVW HIGH
Joe Terranova Senior Managing Director, Virtus Investment Partners 1:01
Growth outperforming value, shift to growth.
Growth has been the market trend for ten years, and value rotations are short-lived because the investing cohorts are growth-focused and the largest market cap companies are growth.
IVE HIGH
Steve Weiss Chief Investment Officer, Short Hills Capital Partners 3:48
Semi theme includes big tech chip designers.
The semiconductor theme is not just traditional chip makers but also includes big tech companies like Alphabet, Amazon, and Meta that are designing their own chips, so investors should consider these as part of the semi bucket.
GOOG AMZN META MED
Joe Terranova Senior Managing Director, Virtus Investment Partners 8:56
Texas Instruments is a free cash flow AI play.
Texas Instruments is a free cash flow story because they've diversified the business and are participating in the AI investment thesis.
TXN MED
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This CNBC video, published April 22, 2026, features Joe Terranova, Steve Weiss discussing SOXX, LRCX, MPWR, MU, AMAT, IVW, IVE, GOOG, AMZN, META, TXN. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Joe Terranova, Steve Weiss  · Tickers: SOXX, LRCX, MPWR, MU, AMAT, IVW, IVE, GOOG, AMZN, META, TXN