Halftime Report The Reopening Rally 11/10/25
Nov 10, 2025
Steve Weiss brings his expertise as a market participant, discussing the impact of the government shutdown on tech volatility and liquidity dynamics. Becky Quick gives insights on Warren Buffett's Thanksgiving letter, emphasizing his succession plans for Berkshire Hathaway. The conversation also covers whether the reopening rally can boost AI stocks, the risks of debt-fueled CapEx, and exciting prospects from companies like Amazon and Uber. The guests provide valuable analysis as the market navigates these pivotal shifts.
AI Snips
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Transcript
Episode notes
Liquidity, Not Fundamentals, Drove The Pullback
- The AI-led selloff was driven more by liquidity strains from the government shutdown than by fundamentals.
- Steve Weiss argues returning Treasury and Fed liquidity will support beaten-down AI names.
Debt Is Fueling AI CapEx—But Not Yet Overlevered
- Debt funds much of the current AI infrastructure build-out, but total debt raised is small versus projected CapEx.
- Steve Weiss believes data centers as collateral and low interest rates make debt reasonable near-term.
Manage Position Size On Execution Risk
- Trim position sizes when a company becomes a "show-me" story with negative free cash flow.
- Surat Satie recommends reducing exposure if a high-execution risk company is priced for perfection.