Oct 27, 2026 · 43 min
AI stocks rebound as investors weigh earnings, rates and infrastructure
Closing Bell 10/27/26
The episode tests whether renewed strength in technology stocks reflects a durable market broadening or another fragile AI-led rally.
- 1Microsoft and Alphabet earnings will test cloud growth, Copilot adoption, AI momentum and the resilience of search advertising.
- 2Mike Wilson sees the AI correction nearing its end but flags positioning, Treasury yields and Federal Reserve policy as unresolved risks.
- 3Anthropic’s growth exposes the capital, compute, governance and trust challenges shaping the next phase of the AI infrastructure race.
Don't miss
The Anthropic discussion turns rapid AI growth into a concrete debate over discounted compute, infrastructure financing, public trust and governance.
The brief
Closing Bell opens with a rebound in AI and technology stocks, using Microsoft and Alphabet earnings to test whether the rally has real breadth or remains a narrow trade.
Mike Wilson argues the AI correction may be nearing its end, while positioning, Treasury yields, real-yield competition and upcoming Federal Reserve decisions could still unsettle markets.
The AI infrastructure race moves from market narrative to business reality as Oracle’s OpenAI partnership and Anthropic’s S-1 raise questions about compute costs, financing and governance.
Marc Lasry makes the case for sports franchises as an AI-resistant asset class, citing live entertainment, international basketball growth and the scarcity of major teams.
The closing market discussion stays constructive on equities but calls the bull run unusually unloved, with investors still debating technology valuations, consumer pressure and the next catalysts.
What was said on this episode
23 statements · 15 positive · 4 negative · 1 mixed · 3 neutral
Google search advertising growth is expected to slow into the mid-teens.
“Growth is expected to slow into the mid-teens”
Listen at 3:39
Most expected market-breadth deterioration in the correction has already occurred.
“80% to 90% of the breath destruction that normally happens in these has already happened.”
Listen at 4:51
Equal-weighted stock outperformance suggests the correction will not become more severe.
“That tells me this isn't going to cascade into something more severe.”
Listen at 5:39
Since 1950, markets have risen over the following six or twelve months after midterms.
“100% of the time, since 1950, the market goes up nicely over the next six or 12 months.”
Listen at 6:09
AI funding concerns will probably clear within the next month.
“That probably should be cleared in the next month.”
Listen at 6:33
“My best guess is that we could have a finishing move 50-50 in the S&P.”
Listen at 6:50
Mike Wilson is constructive on the market over the next six months.
“I'm very constructive on the next six months”
Listen at 7:02
“maybe even something higher than that.”
Listen at 7:36
Market confidence requires belief that Warsh and the new Fed will not over-tighten.
“The market needs to get more comfortable that Warsh and the new Fed together is not going to go overboard on this hiking.”
Listen at 8:32
Kevin Warsh will probably need fewer rate hikes after market tightening.
“Now he probably has to hike less on rates.”
Listen at 9:30
Economic growth may decelerate more than currently expected.
“Maybe growth is going to decelerate more than we think.”
Listen at 10:41
Hedge funds are currently substantially de-risked.
“They're very de-risked.”
Listen at 11:19
The S&P 500's likely worst-case downside is about 5%.
“We're talking about 5%, probably worst case.”
Listen at 11:50
Real Treasury yields of 2%–3% are the most attractive seen in 20 years.
“real yield is 2% to 3%. That's as good as we've seen in 20 years.”
Listen at 12:08
Oracle's success depends heavily on OpenAI as its largest customer.
“Its success is really predicated on its biggest customer, OpenAI.”
Listen at 13:52
Anthropic's S-1 is among the cycle's most important documents.
“I think it's one of the most important documents that we're going to see during this cycle.”
Listen at 14:15
Anthropic's margin for serving compute to users is approximately 85%.
“When you look at the actual margin that is to serve the compute to users, I mean, we're talking 85%.”
Listen at 14:41
Megan Hsu believes Anthropic can reach $200 billion in revenue.
“We see the ability for Anthropic to get to $200 billion”
Listen at 17:53
“that's going to require about 6 gigawatts of compute.”
Listen at 17:59
A Las Vegas NBA franchise could become one of the league's most profitable.
“Vegas could be one of the most profitable franchises.”
Listen at 28:26
The Las Vegas NBA bid decision will be known within two to four weeks.
“I think we'll know in the next two to four weeks.”
Listen at 29:53
The Lakers' owners will make substantial profits on the team.
“I think they're going to make a fortune of money on that team.”
Listen at 30:57
The Lakers' valuation will be much higher in the future.
“Even at the valuations today, it's going to be much higher later on.”
Listen at 31:01
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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