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Closing Bell

Closing Bell Overtime: Tech’s AI Surge; Investing In Top Private Companies With Liberty Street CIO Christian Munafo 5/26/23

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 26 May 2023

⏱️ 45 minutes

🧾️ Download transcript

Summary

Tech stocks extended gains on AI tailwinds as the major averages all closed higher to end the week. Vital Knowledge’s Adam Crisafulli breaks down the market action ahead of the holiday weekend. Marvell jumped 30% today and we replay major AI moments from top CEOs over the past two weeks. Invitation Homes’ CEO Dallas Tanner talks the state of a housing market dealing with sticky inflation and slowing growth. Liberty Street runs an open private fund that lets clients invest in high-profile private companies. CIO Christian Munafo discusses hot names and strategy. Autodesk CEO Andrew Anagnost on the company’s quarter and its opportunities in AI. Plus, Velocity Global CEO Frank Calderoni on offshoring and our Phil LeBeau on what is expected to be a crazy travel weekend.

Transcript

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0:00.0

Well, you got a rally into the holiday weekend, but we're not done.

0:04.8

Winter's Day late. Welcome to Closing Bell Overtime. I'm John Fort with Morgan Brennan.

0:09.2

Breaking news this hour is we await the latest bank balance sheet data from the Fed we're

0:13.8

going to bring that to you as soon as it crosses. Plus we're on debt ceiling

0:17.5

deal watch as we head into the holiday weekend and inch ever closer to Janet

0:21.6

Yellen's June 1st deadline or what we'll call an X date

0:25.8

because nobody really knows the actual deadline.

0:27.8

Well you know it's money flowing we'll see let's get to the market action.

0:31.7

Speaking of money flowing,

0:32.6

Invidia and other AI names boosting tech this week,

0:35.6

the NASDAQ clubing up more, closing up more than 2%

0:38.7

for its fifth straight weekly gain,

0:41.3

but the down, closing down 1 1% joining us now is vital

0:44.5

knowledge founder Adam Chris a fully Adam so PCE was actually a bit hot stocks are up

0:51.6

debt ceiling wasn't solved yet.

0:54.8

Next week starts the last month of the first house.

0:58.8

So what should investors brace for with that setup?

1:02.1

So I think the North Star for all investors should be earnings.

1:06.0

I think that's kind of been the story of this market for the last several months and it's still, I don't think,

1:11.0

appreciated enough.

1:12.0

I know NVIDIA this week was a huge blowout but you know aside

1:15.6

from NVIDIA going back to the Q1 March end quarter companies and now with the April and

...

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