Podcast Summary: CNBC Halftime Report

Episode: Fresh AI Jitters Shake the Market
Date: December 12, 2025
Host: Scott Wapner
Guests: Steve Weiss, Jim Laventhal, Brenda Vincelo, Kevin Simpson

Episode Theme & Purpose

This episode of CNBC’s Halftime Report unpacks a volatile trading day driven by fresh jitters over AI-related stocks and infrastructure, particularly after Oracle announced delays in data center projects. The panel of seasoned investors debates whether today’s selloff is a sign of deeper trouble in the AI space or just market nerves, discusses broader market rotations beyond Big Tech, and shares specific portfolio moves and stock perspectives for the months ahead.

Key Discussion Points & Insights

1. Oracle’s Data Center Delay: Catalyst for Market Anxiety

• Oracle delays part of its OpenAI-related data center buildout to 2028, citing labor and material shortages.
  • "But a delay is a delay and frankly, anything that calls into question the pace of the build out or the return on the investment is going to make this market skittish." (Scott Wapner, 01:21)
• Market reaction was swift, especially in tech and infrastructure names linked to AI demand.
• Panel perspectives:
  • Steve Weiss: Views the sell-off as an "overreaction, knee jerk, emotional reaction" (14:45) and took the opportunity to buy the Qs (Nasdaq ETF) for a quick trade.
  • Brenda Vincelo: Sees this as healthy reality-check; “I don't think we want to do a repeat of the telecom buildout that happened in the late 90s...” (04:12).

2. AI: Excitement Versus Speculative Risk

• Investors wrestle with uncertainty about long-term AI demand and infrastructure needs.
  • "Is the demand still going to be there in 2028? Are we going to have overbuilt already by 2028? ...You just don't know." (Scott Wapner, 03:39)
• Oracle and OpenAI deal concerns:
  • Seema Modi reports: Delays may be rooted in financing and could force Oracle to tap debt markets sooner, driving up CDS (credit default swaps) (05:41).
  • Jim Laventhal: Still holding Oracle, acknowledges it's now "a speculative stock" tied to Ellison and OpenAI execution (07:35, 10:00).
  • Steve Weiss: Emphasizes the importance of actual revenue from OpenAI, warns not to “put all your eggs in one basket” with Oracle (09:13).
• AI as a proxy for optimism and fear:
  • "It's like hopes, AI dreams, AI jitters, AI doesn't work out. This stock and CDS are sort of reflecting everything." (Scott Wapner, 11:35)
  • Weiss stresses volatility will be part of the AI theme but is personally “all in” on the long-term revolution (19:31).

3. Broader Market Rotation: Running It Hot Beyond Tech

• Equal-weight S&P, Dow, and small/mid caps outperform as tech falters.
  • "Wolf Research today says is the broadening finally happening?...It’s the small caps, it’s the micro caps, things that are going to work if the administration wants to run this economy hot..." (Scott Wapner, 20:27)
• Focus on financials, industrials, and midcaps:
  • Brenda Vincelo: Sees opportunity as earnings catch up in midcaps, especially regional banks and REITs (21:39).
  • Jim Laventhal: Notes earnings growth from the “other 493 stocks” must actually materialize for the rotation to be sustainable (22:20).

4. Individual Stocks & Sector Moves

• Chip sector weakness:
  • Applied Materials, Micron, and Broadcom sold off, but the panel sees opportunity to buy the dip.
  • Kevin Simpson: Bought Micron and Applied Materials amid pullbacks (17:38).
• Non-tech “power players” also see volatility:
  • GE Vernova, Constellation, Eaton, Nextera, Quanta, Vertiv discussed as plays on grid/electrification.
  • Brenda Vincelo: Remains bullish on grid/electrification infrastructure beyond just data centers (13:09).
• Other stock moves:
  • Visa: Remains attractive on payments adoption (25:21, Brenda).
  • Goldman Sachs: Kevin trims position for portfolio management (23:56–24:45).
  • Caterpillar, Delta, Unity Software, Hasbro: All highlighted as recent under-the-radar winners (42:09–44:33).
  • Space plays (Rocket Lab, AST SpaceMobile, Planet Labs): Kevin notes huge gains, especially for Rocket Lab which is becoming a “massive competitor to SpaceX” (45:08).

5. Seasonality, Portfolio Moves & Valuations

• Window dressing and tax-loss harvesting now influencing moves.
• Rotation from crowded tech to cyclicals for 2026 highlighted (Mike Santoli, 39:13).
• Caution on overhyped ‘growth’ stories reverting to value names (e.g., Linde), as the energy transition narrative cools (37:09–38:28).
• Rise in defensive sectors: Healthcare (Intuitive Surgical, 28:00), Aerospace & Defense (Leidos, Lockheed, Boeing, 28:41–29:31).

Notable Quotes & Memorable Moments

• On AI Market Jitters:
  “But a delay is a delay and frankly, anything that calls into question the pace of the build out or the return on the investment is going to make this market skittish.” (Scott Wapner, 01:21)

• On AI Demand Uncertainty:
  "Nobody knows the answer to those questions ...I think we don't want to get ahead of ourselves." (Brenda Vincelo, 04:12)

• On Oracle's Speculative Position:
  "This is now a speculative stock, but if it comes through... this is a stock that [at] 180 right now will be over $300 kind of in the blink of an eye." (Jim Laventhal, 10:00)

• On Broader Market Rotation:
  "For this [cyclical] trade to work in a sustainable way earnings growth from what I'm going to call the other 493 stocks has to pick up..." (Jim Laventhal, 22:20)

• On AI ‘Architects’ Symbolism:
  "These are the architects of AI sitting way up on this, on this piece of steel. I couldn't help but think, look out below also." (Scott Wapner, 18:51)

• On Linde and Renewables:
  "We've seen the decline as it goes back to being a value stock. It's no longer a growth stock..." (Jim Laventhal, 38:28)

• On Rocket Lab’s Run:
  "It's quietly becoming a massive competitor to SpaceX ...small satellites, top to bottom, start to finish, it's an amazing company." (Kevin Simpson, 45:08)

Timestamps for Key Segments

| Timestamp | Segment | |------------|----------------------------------------------------------------------------------------------------| | 01:00 | Host Scott Wapner sets up the day’s AI jitters and market reversal | | 02:22 | Steve Weiss on the 'overreaction' to Oracle news; trading opportunity | | 04:12 | Brenda Vincelo on data center risk and lessons from the 90s telecom bust | | 05:41 | Seema Modi on Oracle’s financing and CDS spike | | 07:35 | Jim Laventhal keeps Oracle as a speculative bet on Ellison and Altman | | 09:13 | Weiss flags OpenAI revenue risk as key Oracle uncertainty | | 11:35 | Discussion: AI sentiment proxies and market psychology | | 13:09 | Brenda Vincelo on grid, electrification plays (Eaton/Quanta) | | 14:45 | Weiss on Vertiv – exploiting a sell-off for a quick trade | | 15:12 | Broadcom’s sell-off after earnings – panel sees opportunity | | 17:38 | Simpson buying Micron and Applied Materials | | 18:51 | ‘Architects of AI’ Time magazine cover: symbolism and market risk | | 20:27 | Wapner introduces theme: broadening of the rally beyond tech | | 21:39 | Vincelo on midcaps, REITs, regional banks as coming beneficiaries | | 22:20 | Laventhal: Earnings growth from everything outside mega-cap tech is required | | 24:30 | Simpson trims Goldman Sachs on size/risk management | | 25:21 | Vincelo highlights Visa for global payments/consumption trend | | 28:00 | Intuitive Surgical buy in top-performing healthcare sector | | 28:41 | Aerospace & Defense sector upgrades (Leidos, Lockheed, Boeing) | | 37:09 | Linde – from growth to value and potential energy transition disappointment | | 39:13 | Mike Santoli on AI trade risk and market rotation | | 42:09 | Under the radar rallies: Caterpillar, Delta, Unity Software, Hasbro | | 45:08 | Simpson on space plays – Rocket Lab, AST SpaceMobile |

Final Trades

• Brenda Vincelo: Palo Alto Networks – “Still think there's a lot of room for growth for wallet share within that security ecosystem to go to that company.” (46:35)
• Kevin Simpson: Micron Technology ahead of earnings “if you like valuations” (46:45)
• Jim Laventhal: “The Farmer Adobe. I do think the momentum has turned positive” (46:51)
• Steve Weiss: “Vertava, I think you should buy it here. It's going to bounce.” (46:55)

Tone

The conversation throughout was candid, sometimes humorous, and highly practical—reflecting market veteran skepticism, but also optimism for using volatility as opportunity. The guests repeatedly warn listeners not to get swept up in AI euphoria, but also not to miss out as the trade “broadens” beyond just tech.

This summary covers all dynamic debate, actionable insights, and notable sentiments for investors tracking the pulse of Wall Street’s AI trade—and its ripple effects across every sector as we approach 2026.