CNBC Halftime Report – “Record High Strategies”

Date: October 24, 2025
Host: Scott Wapner
Guests/Panelists: Steve Weiss, Jim Leventhal, Kevin Simpson, Rob Seechin

Episode Overview

This episode of CNBC’s Halftime Report focuses on a fresh surge to record highs in the equity markets and the strategies top investors are using amid growing optimism over upcoming Fed rate cuts, robust earnings, and a pivotal week for Big Tech ("Mag 7") reports. The panel’s debate centers on whether these market gains are sustainable, which stocks warrant attention as the market pushes new records, and tactical portfolio decisions for both the year-end rally and early 2026.

Key Discussion Points and Insights

1. Market Outlook: Record Highs and the Path Forward

[00:32 – 07:54]

• The Dow is poised to close above 47,000 for the first time amid bullishness over earnings, global leadership meetings, and speculation about rate cuts.

• Scott Wapner opens with:
  “Another record high for stocks ahead of a very big week for your money... five of the seven [mega-caps] are reporting. Jensen Huang gives a keynote on Tuesday. The Fed decision is on Wednesday. The meeting between Presidents Xi and President Trump on Thursday.”

• Weiss’s Position: Taking profits in AI/cloud names (Alphabet, Microsoft, Meta, Taiwan Semi), raising some cash; emphasizes risk of current valuations.

• Seechin’s Counter: Agrees valuations are high, but liquidity, earnings, and positioning push the market higher into year-end.

  • “The chase is on until the end of the year… gold performance could be a catalyst to get investors back engaged in equities.” ([04:06])

• Leventhal: Emphasizes market conviction, notes “anytime the market goes down, it doesn’t even get 2% down off the high before it gets bought.”

• Simpson: Sees today’s CPI print as opening door to multiple cuts (even beyond what’s priced in) and possibly further declines in inflation.

“[The market] just doesn’t seem like it wants to go down.” — Scott Wapner ([00:42])

2. Macro Catalysts & Positioning for Rate Cuts

[07:17 – 09:41]

• Market’s reaction to lower CPI solidifies expectations for imminent rate cuts, possibly as early as December, with more to follow in 2026.
• Shelter deflation is a notable driver behind the CPI decline and sets up a “disinflation” narrative, particularly for sectors sensitive to rates.

“I think this could be the last three-handle we see on CPI. Inflation could be coming down even lower. This is all the reason why we’re seeing the move today.” — Kevin Simpson ([07:17])

3. Mega Cap Earnings: Apple & the Mag 7

[09:06 – 14:56]

• Apple is just $6 away from a $4 trillion market cap. Panel generally bullish but wary of buying ahead of the earnings print.
  • “The super cycle for iPhones isn’t the 17, it’s the 18.” — Kevin Simpson ([09:42])
  • “If you see any pullback in Apple, it’s an opportunity.” ([10:03])
• Debate on whether to trim positions, with some (Simpson, Leventhal) holding through earnings, while others (Weiss) favor selling into strength due to premium valuations.
• Alphabet (Google) and Meta also discussed; valuation appears more attractive vs Apple. Alphabet gets the nod from Leventhal as the most attractive of Big Tech on valuation ([12:57]).
• Seechin highlights that only Tesla and Microsoft are expected to see accelerating earnings next year, raises concerns on heavy capex spending by Big Tech.

“Companies like Apple... if they get ahead of themselves in valuation, it’s a short-term phenomenon because they ultimately grow into that valuation.” — Steve Weiss ([12:19])

4. Semiconductor Sector: AMD’s Surge & Chip Stock Strategies

[16:56 – 19:40]

• AMD hits record highs (up 100% YTD) on positive news regarding quantum computing and key deals with IBM.
  • “This is a case for owning more than just one position in any one sector.” — Kevin Simpson ([17:54])
• Intel also gets a nod on the “sympathy” move, seen as a sign of sector-wide momentum reversing for legacy/languishing chip stocks.
• Qualcomm described as the “most inexpensive way to play semis”; focus on diversification rather than betting exclusively on Nvidia or Broadcom.

“Look at the move the stock has made. If this thing was sleeping for a while, it’s up.” — Scott Wapner on AMD ([17:54])

5. Power Infrastructure & Industrials: Vertiv, GE Vernova, Vistra, Martin Marietta, Walmart

[20:06 – 25:03]

• Power sector names sees high volatility but remain key ways to play surging electricity/data center demand for the AI era.
• GE Vernova bought by Weiss: “Hard to make the case that a company with this inflated valuation is on the bargain shelf, but I believe it is.” ([20:39])
• Vistra added by Simpson as a late-stage beneficiary of U.S. infrastructure build-out.
• Rotation into more “boring” industrials/materials (Martin Marietta) and consumer staples (Walmart, for its growth masquerading as value).
  • Walmart’s ChatGPT-enabled e-commerce potential mentioned as a catalyst for renewed interest.

"There is massive power needs. It is not going away. These are ways to play it. And valuation is not going to matter until it does." — Rob Seechin on the power sector ([23:01])

6. Alternatives, Private Credit, and Financials

[25:53 – 27:12]

• Apollo bought by Leventhal as private equity/credit names rebound from a rough patch, with risks around subprime auto proving non-systemic.
  • “A great price at which to enter.” ([26:18])

7. Healthcare and Biotech: AbbVie, Merck, Biotech ETFs

[29:22 – 33:39]

• Healthcare is the top-performing sector in past month; biotech ETFs post best runs since the mid-2010s.
• Rob Seechin adds to AbbVie, citing strong presence in autoimmune/inflammatory drugs and AI-assisted analytics as a tailwind.
• Kevin Simpson increases Merck position, highlighting both dividend yield and acquisition strategy as positives.
• Weiss highlights prolonged biotech bear market, but sees “capital flow positive” era resuming with lower rates and a friendlier FDA on AI.

"As much as we've always talked about how cheap this stock is, it keeps going higher and it's still cheap because it's growing its earnings." — Jim Leventhal on AbbVie ([30:36])

8. Stock Calls and Analyst Recommendations (Rothschild/Redburn "Best Longs & Shorts")

[36:15 – 41:02]

• Top long: Uber (still up 57% YTD despite resistance at $100).
• Sells/shorts: Adobe (tax loss selling risk), McDonald’s, Pepsi, Varusque Analytics discussed.
  • Leventhal sees risk but is waiting for the next earnings report before acting on Adobe.
  • Simpson and Seechin see little reason to short defensive dividend stalwarts into year-end.

"You have to have a lot of moxie if you’re going to go against McDonald’s here into year end." — Kevin Simpson ([39:13])

9. Trends, Tactics, and Final Big Week Set-Ups

[41:28 – END]

• Mike Santoli’s “Midday Word” emphasizes that the trend remains up, and there’s little technical/sentiment reason to fade the market now; short-term “growth scare” is only a risk if data deteriorates.
• Looking to next week: Mega cap earnings dominate, but attention also on Visa, MasterCard, Verizon, Agnico Eagle Mines (and gold in general).

Notable Quotes & Memorable Moments

• On Market Resilience:
  “Anytime the market goes down, it doesn’t even get 2% down off the high before it gets bought.” — Jim Leventhal ([06:04])

• On Apple:
  “If you see any pullback in Apple, it’s an opportunity to be in the name.” — Kevin Simpson ([09:42])

• On Current Valuations:
  “I think you sell stocks, you know, when it’s time to sell, not when they’re turning negative, because then you’re catching a falling knife.” — Steve Weiss ([12:06])

• On Big Tech Capex:
  “If you don’t invest in AI right now, which is going to transform everything we do totally in three to five years, you’re making mistakes.” — Steve Weiss ([15:38])

• On Health Care Momentum:
  "Healthcare is the top sector over the past month up seven and a half percent... We think this is an attractive place to be going forward and will be a beneficiary of some of the analytics that come out of AI." — Rob Seechin ([29:42])

• On Sectors with Momentum:
  “There is massive power needs. It is not going away... Valuation is not going to matter until it does.” — Rob Seechin ([23:01])

Timestamps for Important Segments

• Market Outlook/Rate Cuts: [00:32 – 07:54]
• Inflation and Shelter Disinflation: [07:17 – 09:41]
• Apple/Mag 7 Strategies: [09:42 – 14:56]
• Semiconductor Moves (AMD, etc.): [16:56 – 19:40]
• Power/Industrials/Consumer Rotation: [20:06 – 25:03]
• Private Credit/Alternatives: [25:53 – 27:12]
• Healthcare/Biotech Momentum: [29:22 – 33:39]
• Longs & Shorts List: [36:15 – 41:02]
• Mike Santoli Market Commentary: [41:28 – 42:32]
• Earnings Previews (Financials, Gold): [43:11 – 44:13]
• Final Trades: [46:12 – END]

Final Trades

• Rob Seechin: Alphabet (“Cheapest of the Mag 7”)
• Kevin Simpson: Amazon (bullish on advertising profits)
• Jim Leventhal: CRH (“Terrific stock, terrific company”)
• Steve Weiss: [Name redacted, context unclear – referenced a sports bet]

Takeaways

• Panelists broadly agree: Trend remains up with “buy-the-dip” mentality.
• Rate cuts are increasingly central to the bull thesis, with disinflation tailwinds adding to already-strong earnings momentum in Big Tech and power/industrial sectors.
• Key tactical shift: Slowly trimming overvalued Big Tech winners, rotating into unloved sectors (power infrastructure, healthcare/biotech, some “boring” industrials and consumer names).
• Panelists maintain healthy debates on when to trim, when to wait, and portfolio diversification as the best defense against sector reversals.

This episode is a must-listen for investors seeking clarity on how thought leaders are positioning for both record market highs and the event-heavy weeks to come.