Closing Bell Closing Bell Overtime: Tech’s Big Test As Earnings Start; Shifting Market Setup; Tesla Earnings Preview 1/27/26
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Jan 27, 2026 Julian Emanuel, Senior Managing Director at Evercore ISI who leads equity, derivatives, and quant strategy, offers macro and tech valuation perspective. He discusses why tech might still be attractive amid AI-driven rotation. Conversation covers narrow market leadership, financing AI capex and how Tesla’s upcoming results and robo-taxi narrative could sway sentiment.
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Tech Valuations Are Nuanced
- The overall market is expensive but technology is relatively less stretched compared with the other 493 stocks.
- Investors see value in some tech names after December's selloff and are cautiously dipping back in.
AI Spending Worries Vs. Cash Flow Reality
- MAG7 weakness has been driven by concerns over AI capex but free cash flow makes financing less of an issue.
- AI adoption in 2026 may become an operational necessity for corporations, shaping competitive advantage.
Seagate's Post-Report Rollercoaster
- Seagate reported stronger-than-expected Q2 results and a upbeat Q3 guide, then initially sold off and later recovered.
- Traders view storage firms as peripheral AI beneficiaries, driving big year-to-date gains for Seagate.