Squawk on the Street SOTS 2nd Hour: Nvidia’s China Chip Shipments, Under-the-Radar Retail Metric, New State AI Laws 12/22/25
23 snips
Dec 22, 2025 Scott Wren, a Senior Global Equity Strategist at Wells Fargo, shares insights on sector rotation towards industrials and the implications of a modest economic outlook. Bill Kirk, a Senior Research Analyst at Roth Capital, reveals a new app-download metric that highlights consumer trends for holiday shopping, while also discussing Costco's challenges. Christina Partsenevalos, a CNBC tech reporter, provides updates on Nvidia’s potential chip shipments to China and the complexities around U.S. export regulations affecting the semiconductor industry.
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Market Broader Than It Seems
- Market breadth is stronger than headlines suggest, with the equal-weighted S&P up about 10% this year.
- Concentration in mega-caps remains a key risk for 2026 market returns.
Rotate Toward AI Infrastructure Winners
- Rotate into sectors that benefit from AI infrastructure like industrials, utilities, and financials.
- Expect data-center builds and grid upgrades to lift utilities and industrial demand next year.
International Markets As Cheaper AI Plays
- Developed international and emerging markets offer cheaper ways to access technology and AI exposure.
- Wells Fargo prefers U.S. large- and mid-caps but keeps international exposure for opportunity.