Closing Bell Closing Bell: Record Levels Back on Watch 10/23/25
Oct 23, 2025
Jeff Richards, a venture investor and managing partner at Notable Capital, shares insights on AI investment amidst earnings season. He discusses the potential froth in the AI trade and highlights areas that may be bubbly. Mike Santoli, CNBC's senior markets commentator, dives into macro analysis, exploring market momentum, volume unwinds, and the implications of the upcoming economic data. Together, they shed light on market dynamics, tech CapEx, and the relationship between government involvement and stock performance.
AI Snips
Chapters
Transcript
Episode notes
China Meeting Eases Headline Risk
- The scheduled Trump-Xi meeting lifted markets by easing headline-risk fears around China trade.
- Markets treated the meeting as a positive catalyst amid focus on earnings, growth, and possible rate cuts.
Rotation Not Full Market Breakdown
- Momentum-led selloffs recently rotated into defensives while the broader market stayed elevated.
- Investors are cautious into big tech earnings and next month's macro data, prompting some profit-taking.
Breadth Still Intact
- Breadth remained resilient despite momentum weakness, with several sectors and global markets at new highs.
- That suggests recent pullbacks were rotational rather than systemic.