Halftime Report Navigating the Tech Sell-Off 2/3/26
Feb 3, 2026
Joe Terranova, portfolio manager and market analyst, and Josh Brown, financial commentator and wealth manager, discuss the mega-cap tech sell-off and AI-driven disruption. They cover why application-layer software is getting hit, Anthropic and SaaS pressure, risks to software and data providers, rotation into cyclicals and energy, and Josh’s new top stock picks.
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Top-Of-Stack Drama Shakes Markets
- Friction between NVIDIA and OpenAI headlines can ripple across mega-cap and AI-related stocks.
- Market reacts violently to perceived cracks even when relationships remain strategically aligned.
NVIDIA's Defensive Moves Around Grok
- Christina explained the two separate NVIDIA–OpenAI deals and licensing moves.
- She noted NVIDIA took licensing and staff from Grok, limiting OpenAI's alternative paths.
OpenAI Affirms Dependence On NVIDIA GPUs
- OpenAI publicly reasserted reliance on NVIDIA GPUs for current compute needs.
- Fundraising details remain fluid, but strategic dependence between the firms persists.