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Silvant's Sansoterra says AI is in a pullback but fundamentals remain strong

CNBC reported Oct 16 that Kelly Evans discussed the tech trade and a rotation out of tech and AI-related names with Michael Sansoterra of Silvant Capital Management, who described the phase as a pullback while fundamentals stay strong.

Developing storyCNBC: Barclays says Big Tech expansion supports equity optimism2 reports · latest 3h agoTimeline →

MarketAlleys Research Desk

Published · 3 min read

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Illustration for: Silvant's Sansoterra says AI is in a pullback but fundamentals remain strong
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What happened

CNBC reported on Oct 16, 13:19 UTC that host Kelly Evans discussed the tech trade with Michael Sansoterra of Silvant Capital Management. The report described a market rotation out of tech and artificial intelligence-related names. CNBC presented the episode as characterising the current AI-related move as a pullback while saying fundamentals are strong.

Stocks market context

Finnhub: As of Oct 16, 17:31 UTC, the SPY ETF (tracks S&P 500) was $764.44, the QQQ ETF (tracks Nasdaq 100) was $712.96, NVIDIA was $215.69 and Apple was $343.35; they fell 0.95%, 2.07% and 0.71% and Apple rose 0.39% from the prior close. As of Oct 16, 17:32 UTC, Microsoft was $526.16, Amazon was $249.98, Alphabet was $341.73, Meta Platforms was $711.41, Tesla was $353.03 and JPMorgan Chase was $338.55; they fell 2.46%, 1.88%, 2.14%, 3.44% and 2.60% while JPMorgan Chase rose 0.90% from the prior close.

Instrument Last Change Basis As of Source
S&P 500 (via SPY ETF) $764.44 -0.95% vs prior close Oct 16, 17:31 UTC Finnhub
Nasdaq 100 (via QQQ ETF) $712.96 -2.07% vs prior close Oct 16, 17:31 UTC Finnhub
NVIDIA $215.69 -0.71% vs prior close Oct 16, 17:31 UTC Finnhub
Apple $343.35 +0.39% vs prior close Oct 16, 17:31 UTC Finnhub
Microsoft $526.16 -2.46% vs prior close Oct 16, 17:32 UTC Finnhub
Amazon $249.98 -1.88% vs prior close Oct 16, 17:32 UTC Finnhub
Alphabet $341.73 -2.14% vs prior close Oct 16, 17:32 UTC Finnhub
Meta Platforms $711.41 -3.44% vs prior close Oct 16, 17:32 UTC Finnhub
Tesla $353.03 -2.60% vs prior close Oct 16, 17:32 UTC Finnhub
JPMorgan Chase $338.55 +0.90% vs prior close Oct 16, 17:32 UTC Finnhub

Yahoo published an Oct 16 headline about an AI stock sell-off that cited SpotGamma commentary on how positive developments from Meta or Alphabet could trigger a sharp rally. Yahoo also ran an Oct 16 item on Meta launching a new ‘open’ AI model. InsuranceJournal ran an Oct 16 story about Taiwan planning to fund a $4 billion Texas complex tied to Nvidia partners.

What to watch

GE Q3 2026 earnings is scheduled Mon Oct 19 (before the open); CLF Q3 2026 earnings is scheduled Mon Oct 19 (before the open); FITB Q3 2026 earnings is scheduled Mon Oct 19 (before the open).

  • Mon Oct 19 (before the open) — GE Q3 2026 earnings · EPS estimate 2.06
  • Mon Oct 19 (before the open) — CLF Q3 2026 earnings · EPS estimate 0.19
  • Mon Oct 19 (before the open) — FITB Q3 2026 earnings · EPS estimate 0.97

Sources and data

  • CNBC (secondary source) — We're in pullback for AI again, but fundamentals are strong: Silvant's Sansoterra
  • Yahoo (secondary source) — AI Stock Sell-Off Could Catch Bearish Investors Off Guard In ‘Right Tail Risk’, But Wall Street Feels Broader Market Signals Are Holding Up
  • insurancejournal.com (secondary source) — Taiwan to Fund $4 Billion Texas Complex for AI, Nvidia Partners
  • Finnhub (market data) — market data

Market data as of Oct 16, 17:32 UTC; report generated Oct 16, 17:40 UTC. All times are UTC. Each table row shows its own timestamp and provider.

This report was produced by the MarketAlleys Research Desk using automated data processing and language tools from the sources listed above, and checked against our automated-content validation rules. It is for information only and is not investment advice.

Terms in this article

Sources & data

  1. CNBC (secondary, retrieved Oct 16, 2026, 05:43 PM UTC)
  2. Yahoo (secondary, retrieved Oct 16, 2026, 05:43 PM UTC)
  3. insurancejournal.com (secondary, retrieved Oct 16, 2026, 05:43 PM UTC)
  4. Finnhub (market-data, retrieved Oct 16, 2026, 05:43 PM UTC)

Market data as of Oct 16, 2026, 05:32 PM UTC.

This report was produced by the MarketAlleys Research Desk using automated data processing and language tools, built only from the cited sources and validated by rules described in our methodology. Spot an error? Request a correction.

Ask about this story

Questions are answered only from this article and the sources it cites.

MarketAlleys provides news and analysis for information only; it is not investment advice or a recommendation to buy or sell any security. Markets involve risk. Risk disclaimer.

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