We've never seen this level of uncertainty the day before a Fed meeting, says Bespoke's Paul Hickey

Watch on YouTube ↗  |  July 28, 2026 at 21:37  |  3:32  |  CNBC
Speakers
Paul Hickey — Co-Founder, Bespoke Investment Group
Melissa Lee — Host, Fast Money

Summary

Paul Hickey of Bespoke discusses chip stocks, Seagate's standout earnings, Ford's strong numbers as economic indicators, and Apple's rich valuation. He sees a broadening market with opportunities beyond mega caps. Host Melissa Lee notes NVIDIA's undervaluation despite its AI centrality. Uncertainty around AI and deleveraging in Korean chip stocks are also highlighted.

  • Seagate's earnings beat and guidance raise stand out among chip stocks.
  • Ford's numbers indicate US economic strength and support the broadening out trade.
  • Apple trades at over 30x earnings, making it the most expensive mega cap, and historically diverges from the market.
  • NVIDIA trades below market multiple despite being the epicenter of AI, suggesting possible undervaluation.
  • The AI trade remains highly uncertain, causing extreme swings in stocks like Oracle.
  • Korean chip trade still faces deleveraging pressure from household leverage.
  • The market focus on mega cap earnings reactions as bellwethers is overblown.
  • Broader market baton-passing is a positive sign.
Ideas
Paul Hickey Co-Founder, Bespoke Investment Group 0:34
Seagate earnings and guidance beat expectations
Seagate reported phenomenal numbers with guidance raised above the prior high end, its commercial business is doing great, and the stock reacted positively to earnings unlike other chip names. This indicates economic strength and supports the broadening out trade.
STX HIGH
Paul Hickey Co-Founder, Bespoke Investment Group 0:50
Ford numbers show US economic strength
Ford's numbers are big and serve as a good indication of overall US economic strength, reinforcing the broadening out trade where other sectors are performing well.
F MED
Paul Hickey Co-Founder, Bespoke Investment Group 2:27
Apple is richly valued and decoupled
Apple trades over 30 times earnings, making it the most expensive of the five largest S&P companies. Historically, what's good for Apple hasn't been good for the overall market, indicating it is richly valued and decoupled from broader market dynamics.
AAPL HIGH
Melissa Lee Host, Fast Money 2:54
NVIDIA undervalued relative to AI potential
NVIDIA is trading below the market multiple, which is fascinating given it is the epicenter of the AI trade. This disconnect suggests potential undervaluation relative to its AI role.
NVDA MED
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This CNBC video, published July 28, 2026, features Paul Hickey, Melissa Lee discussing STX, F, AAPL, NVDA. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Hickey, Melissa Lee  · Tickers: STX, F, AAPL, NVDA