CNBC Halftime Report: Buy the AI Sell-Off? (2/13/26)
Host: Scott Wapner
Key Guests/Panelists: Shannon Saccocia, Jim Lebenthal, Amy Raskin, Stephen Weiss, Josh Brown (call-in), Mike Ozanian (SportsBiz), Mike Santoli
Original Air Date: February 13, 2026
Overview
This Halftime Report episode digs into the tumultuous market dynamics of early 2026, with special focus on the aggressive sell-off across tech—particularly AI-adjacent and "disrupted" sectors. Host Scott Wapner leads a lively discussion with top investors about whether the declines represent buying opportunities or justified caution. The panelists also examine shifts in mega-cap tech, winners in industrials and commodities, and break down the logic (and emotion) behind the “sell first, ask questions later” mentality rippling through Wall Street.
Main Themes
- AI-Driven Disruption: The sell-off is hitting a widening array of sectors amid fears of AI-induced obsolescence.
- Fear-Driven Selling: Market reaction is more “shoot first, ask questions later” with little patience for nuance.
- Tactical vs. Long-Term Buys: The group debates where real value lies and where caution is warranted.
- Mega-Cap Tech Weakness: Big names like Amazon, Microsoft, Apple are under pressure and their future returns hotly debated.
- Rotations & Opportunities: Industrial stocks, commodities, and select tech names are seen as both shelter and opportunity.
Key Discussion Points & Insights
1. AI Disruption and the Market’s Reflexive Selling
[01:00-05:44]
- The panel opens by discussing how AI rumors are fueling massive, often indiscriminate, selling across previously strong sectors—software, gaming, legal tech, insurance, property management, freight and more.
- Stephen Weiss observes:
"They're not even waiting to see the whites of their eyes, they're shooting in advance of shooting first... I do think you have to buy. But I'm looking to buy where I can justify the valuation, where AI disrupting them is not even a question." (02:54)
- Shannon Saccocia highlights investor psychology:
"Investors don't want to look stupid... the narrative has switched overnight from 'these companies will grow' to 'they're all doomed by AI.' That's really inaccurate..." (04:34)
2. Buying the Dip: Real Estate Example
[05:44-09:23]
- Josh Brown calls in to discuss buying CBRE after a big drop, driven by fears of AI rendering commercial brokers obsolete:
"If you know literally anything about commercial real estate, you understand nothing that's playing on your screen is based on reality... None of this is disruptible." (06:26)
- Josh mocks the doomsayers:
"We're five years removed from that escaped mental patient James Altucher, telling us NYC is dead because of COVID... I think we're all going to have a good laugh five years from now when it doesn't materialize." (08:37)
3. Tactical vs. Strategic Buys: Disney, Airlines, Software
[09:27-11:11]
- Jim Lebenthal distinguishes between short-term tactical plays (buying software stocks at airline-level valuations) and long-term value buys (like Disney):
"There are tactical plays, and there are opportunities to get great brands at great prices. Doesn't happen often." (10:30)
- Jim notes that you need “dry powder” (cash) to take advantage.
4. Adding Exposure to Software: Cadence, Snowflake, Cognex
[11:11-12:58]
- Amy Raskin describes using the panic sell-off to up positions in Cadence, Snowflake, Cognex:
"We use the indiscriminate selling to add to some of our core positions." (11:33) "Snowflake and CrowdStrike are AI enablers—you need them to make AI work well... With the indiscriminate selling, we thought it was a good opportunity to add." (12:20)
5. Mega-Cap Tech Under Pressure: Amazon, Microsoft, Apple
[14:33-20:41]
- Scott Wapner reviews surprising bear markets in big names:
- Amazon facing longest losing streak since 2006,
- Microsoft’s AI hype failing to translate to financials,
- Apple comes off its worst day since April.
- Weiss expresses skepticism:
"Coming into the year... I said Microsoft would be #1 AI beneficiary. I doubt that now. Their cloud... didn't forecast major AI revenue... I don't know what the E is anymore, and I don't know what the CapEx is going to be anymore." (15:53)
- Shannon Saccocia:
"Amazon expected $40 billion free cash flow at year-start; now expects negative... This is a rerating." (17:09)
- Lebenthal suggests patience:
"These valuations have come down—Microsoft, Apple, Amazon to the low 20s... that is cheap enough to buy. But you just have to wait for these stocks to bottom out." (19:52)
6. Semi Stocks & Select Winners: Applied Materials, Cadence, Impinj
[21:01-22:10]
- Applied Materials and chip design companies like Cadence have fared well, tied to the AI boom.
- Amy Raskin on Impinj:
"Ultra high frequency RFID is key to automation and logistics... We think it has long-term upside even if it's in an air pocket." (21:41)
7. Defensive & Cyclical Rotations: Industrials, Utilities, Energy, Ex-US
[22:47-26:22]
- Panelists rotate into Leidos (defense), industrials, and global ex-US equities.
- Saccocia:
"There's a lot of room to maneuver underneath technology... Emerging markets, Japan, and Europe—cyclical exposure and stay out of this disintermediation theme." (23:53)
- Raskin:
"You’re having a global boom right now… 91% of central banks are easing, you’re getting fiscal stimulus almost everywhere." (24:19)
8. Gold and Commodities Rally
[28:29-31:50]
- Gold hits new highs; miners still lag underlying price.
- Amy Raskin:
"We still own it… the embedded gold price into those valuations are about half of where we are now." (28:50)
- Weiss:
"At this point, what [gold] is, is a safe harbor… I believe a lot of people that were in Bitcoin are now in gold." (29:40)
- Energy (SLB) and natural gas (Williams) called out as additional buys by Amy Raskin.
9. NBA Franchise Valuations Reach Record Highs
[36:00-40:22]
- Mike Ozanian of CNBC SportsBiz reveals the average NBA franchise is now valued at $5.5B; Warriors, Knicks, Lakers all top $10B.
- Ozanian:
"The Warriors are the only NBA team with over $300 million in general ticket revenue… Their EBITDA is second only to the Dallas Cowboys in all of sports." (38:33)
- Private equity and sovereign wealth unlock even higher bids going forward.
10. Stock-Specific Moves: Notably Wynn Resorts
[40:57-44:10]
- Jim Lebenthal bought more Wynn Resorts despite a mixed quarter:
"This is a long term play… This isn’t about whether Vegas is having a good quarter… This is about the United Arab Emirates. They're the first to open a resort there." (41:18)
- Weiss: Why not buy more on dips instead of on strength?
- Jim explains the trading psychology around critical support levels.
11. The Market Technicals and Upcoming Catalysts
[44:47-46:54]
- Mike Santoli reviews recent market resilience, notes:
“Every [pullback] stopped at the same place… under 6,800 and before a 3% pullback."
- Nvidia’s upcoming earnings remain the “next big catalyst.”
Notable Quotes & Moments
- Weiss on AI Sell-off:
"They're not even waiting to see the whites of their eyes..." (02:54)
- Raskin on Adding to Falling Tech:
"Snowflake and CrowdStrike are AI enablers... With indiscriminate selling, we thought it was a good opportunity to add." (12:20)
- Brown on AI and CRE:
"This idea that we're going to have empty skyscrapers all over the world... it just flies in the face of 100,000 years of human evolution." (08:37)
- Weiss on Capex:
"I don't like buying companies when they're in a major cap cycle. I like buying them when they're coming out of it." (18:20)
- Raskin on Gold:
"The embedded gold price into [miners] valuations is about half where we are now." (28:50)
- Ozanian on Warriors:
"Their EBITDA... is second only to the Dallas Cowboys in all of sports." (38:33)
Quick Timestamps for Key Segments
- AI Sell-Off Dynamics: 01:00–05:44, 14:33–20:41
- CBRE Buy & Real Estate: 05:44–09:23
- Software/Tech Adds: 11:11–12:58, 21:00–22:10
- Mega-Cap Tech Discussion: 14:33–20:41
- Defensive/Industrial Buys: 22:47–26:22
- Gold/Commodity Moves: 28:29–31:50
- NBA Valuations: 36:00–40:22
- Wynn Stock Story: 40:57–44:10
- Santoli Market Word: 44:47–46:54
Tone & Atmosphere
Fast-paced, combative, and upbeat—panelists spar over where the market is wrong or right on AI, share actionable picks and market wisdom, and keep the conversation practical for investors managing portfolios mid-selloff. They pair hard numbers with war stories and lightly tease one another while always keeping the next trade in view.
Conclusion
The episode’s major takeaway: While fear of AI-driven disruption has led to sharp, reflexive selling and volatility, seasoned investors are already hunting for opportunities as pricing in some sectors (software, mega-cap tech) hits levels not seen in years. The importance of distinguishing between real risk and narrative-driven panics is clear, with panelists both trading tactically and positioning for the long haul across sectors, regions, and asset classes.