Halftime Report Podcast Summary

Episode: Nvidia Turns Negative: What it Means for the Market
Air Date: November 20, 2025
Host: Frank Holland (in for Scott Wapner)
Panelists: Joe Terranova, Stephanie Link, Brent, CNBC’s Steve Liesman

Overview

This episode tackles the sudden reversal in the stock market following Nvidia’s post-earnings surge and subsequent decline. The panel dissects the interplay between major earnings (with a focus on Nvidia), crypto’s sharp drop, shifting investor sentiment, sector rotations, the broader macroeconomic backdrop, and what all of this could mean for the remainder of the year. Along the way, the team discusses trades in everything from AI heavyweights to consumer stocks, and brings in a Fed watcher to interpret the latest jobs report.

Key Discussion Points & Insights

1. Market Reversal After Nvidia’s Earnings

Session low snapshot: After an initial rally post-Nvidia earnings, all major indices fell into the red—S&P down 0.25%, Nasdaq down 0.33%, Dow off 45 points.
“We were in rally mode earlier today...after that great Nvidia report that made every index pop, and now we're giving up all those gains.” — Frank Holland (00:46)
Crypto’s Role: Joe points out that aggressively leveraged positions in cryptocurrencies (notably Bitcoin and Ethereum, both down >20% on the quarter) triggered a wider risk-off move and deleveraging in equities as well.
“Etherium, Bitcoin...both rolled over in the middle of the day, took the market down, the equities market down with the crypto market...the market right now wants to allocate towards the AI theme, but it wants to do it with the quality names.” — Joe Terranova (01:30)

2. Nvidia: Still a Star, or Ripe for Taking Profits?

Earnings stand out: Nvidia posted 63% total revenue growth, 66% data revenue growth, and robust guidance.
“There's absolutely nothing wrong with Nvidia. The problem is it's 7% of the S&P 500, very well liked...very over owned.” — Stephanie Link (03:39)
Panel consensus: Nvidia’s fundamentals remain solid, but widespread ownership and “animal spirits” moving out of the market explain the tepid price action.
Should you buy the dip?
“If you don't own Nvidia, no, I don't think I would be buying...I'd rather see some strength reflected with a breakout above a new all time high. There's your confirmation.” — Joe Terranova (07:27)
Options viewpoint:
“I do think this $200 for Nvidia is a ceiling...If it can't be a sustainable rally today, I do think that $200 is going to be a, a tougher spot for it to break through.” — Brent (11:45)

3. Ripple Effects: AI, Data Centers, and Industrials

Knock-on selling: The pressure isn’t limited to Nvidia; it’s rippling through data centers, grid players, utility, and industrials linked to the AI buildout.
“It's like this knock-on effect and I don't think it's...the right action to be honest with you. If it's because of bitcoin and people are taking risk down, go to these quality companies...” — Stephanie Link (03:39)
Strategic buying:
“Vertiv, Eaton, Quanta Services, GE Vernova, Rockwell Automation...I own all of them. I like all of them very much...you buy on the weakness especially when you have orders and backlog to the degree that you have in all of these names...” — Stephanie Link (08:42)
Meta Platforms as a value play: Steph highlights a 25% drop as overdone given strong ad and video engagement numbers, and is adding.

4. Deleveraging in Crypto and Macro Markets [05:36–07:04]

Brent’s take:
“I think you have this delevering in crypto. I think you have some hedge funds and institutions that are offside in this yen borrowing yen, and so that you have this liquidity sucking out of the market.” — Brent (05:36)
- The unwinding of leveraged trades, especially with Japanese yen borrowing and a tight repo market, is amplifying economic stress signals.

5. Animal Spirits and the “Mag 7” [10:32–11:18]

Joe on process over impulse:
“My process is becoming more and more rules based...I would rather have bought Nvidia on a breakout above that new all time high...” (07:27)
Mag 7 earnings:
“If you look at the MAG7, I think we basically went 7 for 7 with this earnings report. There really was no disappointment in any of these Mag 7 names.” — Joe Terranova (10:32)

6. Rotations, Valuations & Sector Winners [13:06–14:30]

Profit-taking theme: Parabolic names (AMD, Micron) get hit hardest in a “raise liquidity, remove leverage” environment. Valuations aren't driving action; it's all about risk and positioning.
Stock selection:
“Stocks follow profits over the long haul on the way up and on the way down...companies where the earnings estimates actually went higher...that doesn't scare me at all.” — Stephanie Link (14:30)

7. The Fed, Jobs Data, & Macro Tensions [20:41–26:08]

Jobs report beats, but unemployment rises:
“Nonfarm parallel to 119. That was against an estimate of 50,000. Unemployment rate ticking up 4.4%...wages were disinflationary...” — Steve Liesman (20:59)
Worker stress:
“What we hear from the workers is that they're holding on to their jobs for dear life if they have them...But what I also heard...was that the money they have coming in is just not stretching as far as it used to.” — Stephanie Link and Brent [21:48–22:03]
Fed outlook:
“I think a data dependent Fed ought to pause and be dependent on the data here...there's a lot of discussion as to how much the job market is weakening...” — Steve Liesman (23:36)
Macro risks:
“The things that end up blowing up are the things the Fed is not looking at...So that's happening. I think you got to be on your guard, Joe, is all I can tell you and hope that there's enough equity in front of the debt to soak up the losses.” — Steve Liesman (25:09)

8. Consumer & Retail Standouts [28:05–32:47]

Walmart soars: Strong e-commerce, market share gains, but pricey; analyst recommends patience for entry.
“I think you might be able to get this a little bit lower, maybe in the low 90s at some point. But we do...maintain [our] position.” — Joe Terranova (28:05)
Consumer shopping trends:
“I find myself more and more ordering from Wal Mart versus Amazon...they have locations everywhere, and you can get what you want in 30 to 45 minutes.” — Brent (29:35)
Off-price retail climate:
“Where you're seeing the strength is where there is price sensitivity on the part of the consumer. And that's TJX, that's Ross Stores.” — Joe Terranova (31:00)
Steph on Gap:
“[They] did a great job revitalizing their product brands...stock is cheap. So I have seller’s remorse. But I was up 20%. So...if we see any kind of selloff...I would get back in.” — Stephanie Link (32:12)

9. Final Trades and Notable Moves [44:07–46:39]

Stephanie Link buys: New position in Natera (women’s health/oncology); bullish on Meta, Microsoft, and Amazon.
“I've been looking at this stock for about six months. I just decided to pull the trigger. Very small position...” — Stephanie Link (44:07)
Brent: Likes Alphabet (Google) for strong performance even in weak market, citing new Gemini 3 and DeepMind releases. (46:06)
Joe: Recommends Welltower, a healthcare REIT, as rates decline. (46:33)
Stephanie Link: Also highlights Starbucks turnaround and continued momentum. (46:21)

Notable Quotes & Memorable Moments

On Crypto’s Market Impact:
“Excessive leverage, Frank, is always the troubling spot in the market.” — Joe Terranova (01:30)
On Quality Amid Volatility:
“Stocks follow profits over the long haul on the way up and on the way down...that, that doesn't scare me at all. That actually gives me the confidence to be adding to some of those numbers.” — Stephanie Link (14:30)
On the Fed’s Dilemma:
“I think a data dependent Fed ought to pause and be dependent on the data here. But that's just me.” — Steve Liesman (23:36)
On Sector Resilience:
“There really was no disappointment in any of these Mag 7 names. So the visibility in terms of strong earnings growth and the guidance towards continuing that into 2026, it's clear it's there.” — Joe Terranova (10:32)
On Walmart’s Advantage:
“Walmart...has locations everywhere, and you can get what you want in 30 to 45 minutes.” — Brent (29:35)

Key Segment Timestamps

00:46 – Show opens: Market in reversal mode post-Nvidia
01:30 – Crypto’s impact on equities (Joe)
03:39 – Nvidia’s fundamentals dissected (Stephanie)
05:36 – Brent on deleveraging and macro liquidity stress
07:27 – Joe on disciplined Nvidia strategy
08:42 – Steph’s buy-the-dip picks beyond Nvidia
10:32 – Joe reiterates Mag 7 strength, calls for confirmation
13:06 – Rotation pressure on AI-adjacent stocks
14:30 – Steph on long-term thesis vs. short-term volatility
20:41 – Steve Liesman joins on jobs data and Fed talk
21:48 – Panel on worker stress amid inflation
23:36 – Steve on the need for Fed patience
28:05 – Walmart earnings reaction and consumer sentiment
32:12 – Steph’s thoughts on Gap
39:40 – Datadog, Palo Alto, and cyber sector
40:54 – Mike Santoli’s midday word: market technicals and sentiment
44:07 – Stephanie’s new buy: Natera (healthcare/femtech)
46:06–46:39 – Final trades: Google, Starbucks, Welltower

Summary Table: Panelists’ Stock Views

| Stock/Sector | Bullish/Bearish Panelists | Reason | |-----------------------|--------------------------|---------------------------------------------------------| | Nvidia (NVDA) | Panel is bullish LT but cautious ST | Fundamentals intact, over-owned, wait for new highs | | Meta Platforms (META) | Stephanie Link | Oversold after drop, ad/pricing/engagement growth | | Microsoft (MSFT) | Stephanie Link | Bought on quarter dip, sees as core holding | | Amazon (AMZN) | Stephanie Link | Retail strength underappreciated, accelerating AWS | | Vertiv, Eaton, Quanta, Rockwell, GE Vernova | Stephanie Link | Strong backlogs, AI infrastructure beneficiaries | | Welltower | Joe Terranova | Healthcare REITs to benefit as rates fall | | Alphabet (GOOGL) | Brent | Strong performance, AI initiatives | | Walmart | Joe, Brent | Market share, e-commerce strength, but expensive | | Starbucks | Stephanie Link | Early-stage turnaround, positive comps | | Natera | Stephanie Link | Femtech growth, clinical pipeline | | Micron, AMD | Panel cautious | Parabolic moves, vulnerable in risk-off environment | | Diamondback Energy | Brent | Solid, but oil macro headwinds | | Cybersecurity (Palo Alto, CrowdStrike, Bug ETF) | Stephanie, Brent | Long-term secular winners, consolidation opportunity |

Tone & Language

The conversation is brisk, candid, and actionable, with banter and disagreement that feels collaborative, not argumentative. Concerns about macro headwinds, crypto volatility, and technical market structure are balanced with faith in fundamentals and long-term upside—especially in AI, quality tech, and retail leaders.

Conclusion

This Halftime Report episode strikes a balance between sounding the alarm on short-term volatility (driven by crypto deleveraging, profit-taking, and technical levels) and reiterating bullish calls on quality stocks in AI, tech, and retail. The team’s advice? Don’t panic-sell quality; look for opportunities amid noise, keep disciplined on entry points, and pay attention to macro signals—particularly jobs and the Fed.

For more actionable ideas, ticker talk, and market analysis, tune in each weekday at noon on CNBC’s Halftime Report.

Halftime Report Podcast Summary

Overview

Key Discussion Points & Insights

1. Market Reversal After Nvidia’s Earnings

Session low snapshot: After an initial rally post-Nvidia earnings, all major indices fell into the red—S&P down 0.25%, Nasdaq down 0.33%, Dow off 45 points.
“We were in rally mode earlier today...after that great Nvidia report that made every index pop, and now we're giving up all those gains.” — Frank Holland (00:46)
Crypto’s Role: Joe points out that aggressively leveraged positions in cryptocurrencies (notably Bitcoin and Ethereum, both down >20% on the quarter) triggered a wider risk-off move and deleveraging in equities as well.
“Etherium, Bitcoin...both rolled over in the middle of the day, took the market down, the equities market down with the crypto market...the market right now wants to allocate towards the AI theme, but it wants to do it with the quality names.” — Joe Terranova (01:30)

2. Nvidia: Still a Star, or Ripe for Taking Profits?

Earnings stand out: Nvidia posted 63% total revenue growth, 66% data revenue growth, and robust guidance.
“There's absolutely nothing wrong with Nvidia. The problem is it's 7% of the S&P 500, very well liked...very over owned.” — Stephanie Link (03:39)
Panel consensus: Nvidia’s fundamentals remain solid, but widespread ownership and “animal spirits” moving out of the market explain the tepid price action.
Should you buy the dip?
“If you don't own Nvidia, no, I don't think I would be buying...I'd rather see some strength reflected with a breakout above a new all time high. There's your confirmation.” — Joe Terranova (07:27)
Options viewpoint:
“I do think this $200 for Nvidia is a ceiling...If it can't be a sustainable rally today, I do think that $200 is going to be a, a tougher spot for it to break through.” — Brent (11:45)

3. Ripple Effects: AI, Data Centers, and Industrials

Knock-on selling: The pressure isn’t limited to Nvidia; it’s rippling through data centers, grid players, utility, and industrials linked to the AI buildout.
“It's like this knock-on effect and I don't think it's...the right action to be honest with you. If it's because of bitcoin and people are taking risk down, go to these quality companies...” — Stephanie Link (03:39)
Strategic buying:
“Vertiv, Eaton, Quanta Services, GE Vernova, Rockwell Automation...I own all of them. I like all of them very much...you buy on the weakness especially when you have orders and backlog to the degree that you have in all of these names...” — Stephanie Link (08:42)
Meta Platforms as a value play: Steph highlights a 25% drop as overdone given strong ad and video engagement numbers, and is adding.

4. Deleveraging in Crypto and Macro Markets [05:36–07:04]

Brent’s take:
“I think you have this delevering in crypto. I think you have some hedge funds and institutions that are offside in this yen borrowing yen, and so that you have this liquidity sucking out of the market.” — Brent (05:36)
- The unwinding of leveraged trades, especially with Japanese yen borrowing and a tight repo market, is amplifying economic stress signals.

5. Animal Spirits and the “Mag 7” [10:32–11:18]

Joe on process over impulse:
“My process is becoming more and more rules based...I would rather have bought Nvidia on a breakout above that new all time high...” (07:27)
Mag 7 earnings:
“If you look at the MAG7, I think we basically went 7 for 7 with this earnings report. There really was no disappointment in any of these Mag 7 names.” — Joe Terranova (10:32)

6. Rotations, Valuations & Sector Winners [13:06–14:30]

Profit-taking theme: Parabolic names (AMD, Micron) get hit hardest in a “raise liquidity, remove leverage” environment. Valuations aren't driving action; it's all about risk and positioning.
Stock selection:
“Stocks follow profits over the long haul on the way up and on the way down...companies where the earnings estimates actually went higher...that doesn't scare me at all.” — Stephanie Link (14:30)

7. The Fed, Jobs Data, & Macro Tensions [20:41–26:08]

Jobs report beats, but unemployment rises:
“Nonfarm parallel to 119. That was against an estimate of 50,000. Unemployment rate ticking up 4.4%...wages were disinflationary...” — Steve Liesman (20:59)
Worker stress:
“What we hear from the workers is that they're holding on to their jobs for dear life if they have them...But what I also heard...was that the money they have coming in is just not stretching as far as it used to.” — Stephanie Link and Brent [21:48–22:03]
Fed outlook:
“I think a data dependent Fed ought to pause and be dependent on the data here...there's a lot of discussion as to how much the job market is weakening...” — Steve Liesman (23:36)
Macro risks:
“The things that end up blowing up are the things the Fed is not looking at...So that's happening. I think you got to be on your guard, Joe, is all I can tell you and hope that there's enough equity in front of the debt to soak up the losses.” — Steve Liesman (25:09)

8. Consumer & Retail Standouts [28:05–32:47]

Walmart soars: Strong e-commerce, market share gains, but pricey; analyst recommends patience for entry.
“I think you might be able to get this a little bit lower, maybe in the low 90s at some point. But we do...maintain [our] position.” — Joe Terranova (28:05)
Consumer shopping trends:
“I find myself more and more ordering from Wal Mart versus Amazon...they have locations everywhere, and you can get what you want in 30 to 45 minutes.” — Brent (29:35)
Off-price retail climate:
“Where you're seeing the strength is where there is price sensitivity on the part of the consumer. And that's TJX, that's Ross Stores.” — Joe Terranova (31:00)
Steph on Gap:
“[They] did a great job revitalizing their product brands...stock is cheap. So I have seller’s remorse. But I was up 20%. So...if we see any kind of selloff...I would get back in.” — Stephanie Link (32:12)

9. Final Trades and Notable Moves [44:07–46:39]

Stephanie Link buys: New position in Natera (women’s health/oncology); bullish on Meta, Microsoft, and Amazon.
“I've been looking at this stock for about six months. I just decided to pull the trigger. Very small position...” — Stephanie Link (44:07)
Brent: Likes Alphabet (Google) for strong performance even in weak market, citing new Gemini 3 and DeepMind releases. (46:06)
Joe: Recommends Welltower, a healthcare REIT, as rates decline. (46:33)
Stephanie Link: Also highlights Starbucks turnaround and continued momentum. (46:21)

Notable Quotes & Memorable Moments

On Crypto’s Market Impact:
“Excessive leverage, Frank, is always the troubling spot in the market.” — Joe Terranova (01:30)
On Quality Amid Volatility:
“Stocks follow profits over the long haul on the way up and on the way down...that, that doesn't scare me at all. That actually gives me the confidence to be adding to some of those numbers.” — Stephanie Link (14:30)
On the Fed’s Dilemma:
“I think a data dependent Fed ought to pause and be dependent on the data here. But that's just me.” — Steve Liesman (23:36)
On Sector Resilience:
“There really was no disappointment in any of these Mag 7 names. So the visibility in terms of strong earnings growth and the guidance towards continuing that into 2026, it's clear it's there.” — Joe Terranova (10:32)
On Walmart’s Advantage:
“Walmart...has locations everywhere, and you can get what you want in 30 to 45 minutes.” — Brent (29:35)

Key Segment Timestamps

00:46 – Show opens: Market in reversal mode post-Nvidia
01:30 – Crypto’s impact on equities (Joe)
03:39 – Nvidia’s fundamentals dissected (Stephanie)
05:36 – Brent on deleveraging and macro liquidity stress
07:27 – Joe on disciplined Nvidia strategy
08:42 – Steph’s buy-the-dip picks beyond Nvidia
10:32 – Joe reiterates Mag 7 strength, calls for confirmation
13:06 – Rotation pressure on AI-adjacent stocks
14:30 – Steph on long-term thesis vs. short-term volatility
20:41 – Steve Liesman joins on jobs data and Fed talk
21:48 – Panel on worker stress amid inflation
23:36 – Steve on the need for Fed patience
28:05 – Walmart earnings reaction and consumer sentiment
32:12 – Steph’s thoughts on Gap
39:40 – Datadog, Palo Alto, and cyber sector
40:54 – Mike Santoli’s midday word: market technicals and sentiment
44:07 – Stephanie’s new buy: Natera (healthcare/femtech)
46:06–46:39 – Final trades: Google, Starbucks, Welltower

Summary Table: Panelists’ Stock Views

Tone & Language

Conclusion

For more actionable ideas, ticker talk, and market analysis, tune in each weekday at noon on CNBC’s Halftime Report.

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Nvidia Turns Negative: What it Means for the Market 11/20/25

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Summary

Halftime Report Podcast Summary

Overview

Key Discussion Points & Insights

1. Market Reversal After Nvidia’s Earnings

2. Nvidia: Still a Star, or Ripe for Taking Profits?

3. Ripple Effects: AI, Data Centers, and Industrials

4. Deleveraging in Crypto and Macro Markets [05:36–07:04]

5. Animal Spirits and the “Mag 7” [10:32–11:18]

6. Rotations, Valuations & Sector Winners [13:06–14:30]

7. The Fed, Jobs Data, & Macro Tensions [20:41–26:08]

8. Consumer & Retail Standouts [28:05–32:47]

9. Final Trades and Notable Moves [44:07–46:39]

Notable Quotes & Memorable Moments

Key Segment Timestamps

Summary Table: Panelists’ Stock Views

Tone & Language

Conclusion

Summary

Halftime Report Podcast Summary

Overview

Key Discussion Points & Insights

1. Market Reversal After Nvidia’s Earnings

2. Nvidia: Still a Star, or Ripe for Taking Profits?

3. Ripple Effects: AI, Data Centers, and Industrials

4. Deleveraging in Crypto and Macro Markets [05:36–07:04]

5. Animal Spirits and the “Mag 7” [10:32–11:18]

6. Rotations, Valuations & Sector Winners [13:06–14:30]

7. The Fed, Jobs Data, & Macro Tensions [20:41–26:08]

8. Consumer & Retail Standouts [28:05–32:47]

9. Final Trades and Notable Moves [44:07–46:39]

Notable Quotes & Memorable Moments

Key Segment Timestamps

Summary Table: Panelists’ Stock Views

Tone & Language

Conclusion