Closing Bell Closing Bell: Momentum Running Out? 2/23/26
Feb 23, 2026
Shinaldi Bassak, iCapital rep on software valuations and private markets. Seema Modi, tech and software reporter tracking IBM, Workday, Salesforce, Snowflake. Jack O'Callaghan, 1980 U.S. Olympic hockey alum turned finance pro, reflecting on the gold. Lauren Goodwin, New York Life Investments strategist on equity allocation. They tackle momentum in the rally, tech weakness, AI-led Nvidia dynamics, and private credit risks.
AI Snips
Chapters
Transcript
Episode notes
AI Hyperscalers Sustain Compute Demand
- The AI/hyperscaler dynamic keeps the AI infrastructure trade intact while software disruptors clarify winners and losers.
- Goodwin says as long as the Magnificent Seven and hyperscalers keep investing in CapEx, demand for compute outstrips supply, supporting tech weight but encouraging diversification ex-U.S. tech.
Avoid Chasing Financials During Acute Sector Repricing
- Be cautious on financials and alternative asset managers amid broad-based intraday selling and viral speculative reports.
- Leslie Picker points to big six banks down 3–6% and KKR plunging ~9%, signaling heightened sector risk.
AI Scenarios Create Valuation Dispersion
- AI scenarios force wide valuation dispersion across sectors because outcomes remain binary and uncertain.
- Shinaldi Bassak warns high valuations plus multiple possible AI futures mean markets must digest potential sector-level disruption, notably in software and energy.