CNBC Halftime Report (Jan 30, 2026): The Committee Reacts to the Fed Chair Pick

Episode Overview

This episode of CNBC’s Halftime Report aired on January 30, 2026, right after Kevin Warsh’s nomination as the new Fed Chair. Host Scott Wapner and the “Investment Committee”—Stephanie Link, Jim Laventhal, Rob Seach, and Josh Brown—react in real-time to the market’s response, dissect the immediate fallout in precious metals and tech stocks, discuss key earnings (especially Apple), and share outlooks for major sectors including energy and software. The tone is lively, analytical, and filled with sharp, rapid-fire debate as market events unfold.

Main Topics & Segment Timestamps

• [00:45] Opening and context: Warsh nominated, immediate market reaction
• [02:42] Silver, Gold & Meme Mania: Precious metals crash
• [10:17] Apple’s Earnings: Blowout iPhone sales, tepid stock reaction
• [21:42] Semiconductors: Memory stocks and equipment
• [23:02] Software’s Rough Patch: Microsoft, IBM, Salesforce, ServiceNow
• [27:27] Calls of the Day: Starbucks, Uber, Gilead, and more
• [28:37] Breaking News: Trump comments on Warsh and the Fed
• [35:28] Energy Sector: Exxon, Chevron earnings and M&A rumors
• [39:59] Market Pulse: Michael Santoli’s midday word
• [42:13] Next Week’s Earnings: Disney, Estee Lauder, Rockwell, Amgen
• [45:24] Final Trades: Hosts’ picks and quick takes

1. Warsh Named Fed Chair: Markets React ([00:45]–[06:04])

Key Discussion Points:

• Kevin Warsh’s nomination immediately rattles markets: broad declines, sharp reversal in precious metals.
• Host Scott Wapner frames the debate: “Will trade that and of course the Apple aftermath along with the rest of tech today… The Russell 2000 is given back more than anything else but we do have declines across the board.” ([00:45])
• Warsh seen as restoring Fed independence and possibly bringing a more hawkish stance, due to his roots during the housing bubble and financial crisis.

Notable Quotes:

• “The direction of silver, both to the upside and today to the downside, is definable by market forces… but the degree to which silver shot up and come down is likely the speed with which retail players are accessing silver via the options market.” — Jim Laventhal ([02:42])
• “It's not just that, though. It's that this is a guy that had hawkish policy during his tenure... Markets at least feel today that he’s going to revert to his hard money roots. And if he does, I think that's going to create some episodic challenges.” — Rob Seach ([04:21])

2. The Silver & Gold “Meme” Bust ([02:42]–[10:17])

Key Discussion Points:

• Silver and gold experience parabolic moves, driven in part by meme-style retail speculation.
• The options market in silver “skyrocketed” in volume — even exceeding NASDAQ options.
• Sudden reversal with silver down 17%, gold down 7% in a day, flushing out leveraged retail money.

Notable Quotes:

• “I was with Tom Lee last night and he had mentioned that on Wall Street Bets the numbers 1 and 2 most talked about tickers… were SLV and GLD. Gold down 7% today. Silver down 17%. It’s remarkable… There’s nothing fundamental about it. This is all, all leverage and I think it’s very healthy, quite frankly—if you're a gold bull, silver bull, doesn’t mean it’s over. What it does mean is a lot of dumb money got flushed out.” — Josh Brown ([07:52])
• “It has sucked even assets away from crypto. I am telling you crypto is under pressure.” — Rob Seach ([05:49])

3. Apple’s Earnings: Fundamentals vs. AI Hype ([10:17]–[18:25])

Key Discussion Points:

• Apple posts a record-smashing quarter: iPhone revenues up 23% YoY, China sales up 38%, services up 14%.
• Despite the results, Apple stock is flat—due to lack of near-term AI catalysts and high valuation (31x earnings) despite revenue growth in mid-teens percent.
• Concern over “cannibalization” of future demand, longer upgrade cycles (now at 5.2 years), and the need for an AI narrative.

Notable Quotes:

• “There's no great AI story yet to tell. And that's why the stock sits there sort of meandering…” — Scott Wapner ([11:15])
• “It’s expensive though, at 31 times what for 13 to 16% total revenue growth.” — Stephanie Link ([12:08])
• “The reason the stock has the multiple it has is not necessarily because of the upgrade… It’s just the sheer number of these devices and that lock into the ecosystem and that will not change. That’s what people care about the most.” — Josh Brown ([17:12])

Memorable Exchange:

• Playful debate over iPhone upgrade cycles and host’s misconception about panelists’ devices (starts at [16:35]).

4. Tech & Semis: Memory Stocks Keep Surging ([21:42])

Key Discussion Points:

• Memory stocks (Micron up 53% YTD, SanDisk, Teradyne) continue outsized rallies due to strong AI-driven demand.
• Valuations are running hot; high expectations remain.
• For KLA and others, even strong results aren’t enough in the face of “priced for perfection.”

Notable Quotes:

• “AI is driving structural growth for test equipment… they are certainly going to continue to benefit from that as well.” — Stephanie Link ([21:04])
• “We've actually just recently modestly trimmed this position (KLA) because we're a little worried about the extended valuations despite the healthy fundamentals and it’s just a matter of managing risk.” — Rob Seach ([22:37])

5. Software’s Slump, IBM’s Turnaround ([23:02])

Key Discussion Points:

• Software stocks suffer broad pullback—“worst month since April of 2022.” Even winners like IBM and ServiceNow wobble.
• IBM, however, is lauded for its transformation and newfound growth under CEO Arvind Krishna.
• Discussion of IBM’s pivot to AI, quantum computing, and premium valuation justified by accelerating growth.

Notable Quotes:

• “They are taking share from Accenture. And then you have their Gen AI book is now at $12.5 billion to exit the year… Everything is kind of clicking for IBM.” — Stephanie Link ([24:50])
• “It’s the fastest growth they’ve seen in the top line in nine years or 10 years. And they are kind of firing on all cylinders.” — Rob Seach ([25:42])

6. Calls of the Day, Breaking News, and Newsmakers ([27:27]–[32:52])

Notable Highlights:

• Starbucks: Stephanie Link remains bullish, expects operating margin recovery, will expand position. ([27:53])
• Trump on the Warsh Nomination: “I don’t want to ask him that question [about rates]… But he certainly wants to cut rates. I’ve been watching him for a long time.” ([29:02])
• Uber: Josh Brown is bullish long-term thanks to strong fundamentals and future opportunities in autonomous vehicles, despite bearishness from the Street. ([30:10])
• Gilead: Rob Seach praises pipeline, especially in HIV and oncology; calls valuation attractive. ([32:29])

7. Sector Deep Dive: Energy Earnings ([35:28])

Key Discussion Points:

• Exxon: Record net production, strong cash flow outlook (expected to see $60B in free cash flow over 4 years), stock down only because of strong prior run. ([35:28])
• Chevron: “Better than Exxon” per Stephanie Link—21% production growth, beats expectations across the board, dividend increased, stock seen as strong value.
• Devon/Kotera M&A Rumor: Fundamentals remain attractive, mergers likely to create economies of scale.

Notable Quotes:

• “...there are so many pistons firing in this engine… The punchline is over the next four years they're going to increase cash flow by $35 billion on top of $25 billion in the last year. $60 billion in four years of free cash flow.” — Jim Laventhal ([35:47])
• “Chevron was better than Exxon. The market’s probably telling you that too… production growth of 21% candidly beat expectations. They beat on throughput upstream and downstream across the board with lower costs.” — Stephanie Link ([37:07])
• “These are the most under owned stocks in the market… These companies are executing flawlessly and they don’t have that tailwind of commodities at their back… If oil is the gold of 2026, all of them will be substantially higher.” — Josh Brown ([38:32])

8. Midday Market Word: Michael Santoli’s Assessment ([39:59])

Key Insights:

• Warsh nomination causing only a “little bit of a shiver” in financial conditions.
• Precious metals’ “meme bubble” dynamics: unwinding of FOMO retail trade.
• “Silver is not supposed to trade like GameStop did in the heart of meme mania… It's just painful if it happens in two days.” ([41:48])

9. Next Week’s Earnings Outlook ([42:13])

Previews & Analyst Expectations:

• Disney: Awaiting Iger’s successor; streaming & parks performing well, stock seen as in consolidation phase.
• Estee Lauder: Focus on organic growth and momentum in ‘Beauty Reimagined’.
• Rockwell Automation: Margin expansion, product pipeline in spotlight.
• Amgen: Investors want clarity on biosimilars and pipeline/GLP1 drugs.

10. Final Trades ([45:24]–[46:00])

Panelist Picks:

• Josh Brown: Rocket (willing to buy on the dip, calling the selloff “stupid”)
• Rob Seach: Gilead (strong day, continued confidence)
• Jim Laventhal: On Holdings (expects strong holiday sales)
• Stephanie Link: Synopsys (on her radar, not owned—yet)

Notable Moments & Quick Takes

• Playful banter about iPhone upgrades and who on set is behind on the latest model ([16:35]).
• Host interplay, calling out panelists for switching arguments on stock catalysts and supply constraints ([15:05]).
• Market “velocity” and meme trading culture scrutinized—especial focus on how fast retail sentiment and flows can turn.
• Trump’s comments on Warsh illustrate political dimensions of monetary policy ([29:02]).
• Throughout, the tone remains energetic, with panelists offering frank, opinionated, and sometimes contrarian takes on crowded trades and market expectations.

Conclusion

This episode of Halftime Report delivered a real-time snapshot of market tumult as the new Fed Chair was announced, precious metals entered free fall, and the panelists made sense of “meme” trading dynamics, AI hype, and tech’s shifting fortunes. The conversation was fast-paced, opinionated, sometimes irreverent, but always aimed at helping investors navigate the news as it breaks.