malcolm etheridge, planning group managing partner, also a cnbc contributor, malcolm, it's good to see you. why do you think that there is fuel in the tank? >> thanks, contessa. i think that it's a mistake to try to maybe view this particular market cycle that we're in with ai and the trends that have come from it, just focusing on traditional valuation lens. considering we don't know exactly where we are in that gartner heights cycle. have we reached that trough on disillusionment, we really don't know. i think that leaves a lot of opportunities for positives, even if it's not in the mag 7 or hyperscalers or megacap tech or whatever other name we use to describe them. >> if we don't use traditional metrics to assess ai opportunities in this market, what are the metrics we should be looking at? >> yeah, i think the fundamentals matter a little bit more, right? if we just consider the fact that names like microsoft and amazon and alphabet, they've been investing billions of dollars the last few years into generating large language models that can create technology off the backside of th

we'll ask our panel that question joeterranova, marcie mcgregory malcolm etheridge, joe and malcolm are cnbc contradictors welcome, all joe t., to you first people are looking for more volatility as the election gets closer but this is hsbc today which bumps its target to 5900 they had at 54 so that's old news 59 is where they think we can go they have more visibility on earnings growth and rates. what do you think? >> i think that target is probably a little light if we have a year end chase for performance. the larger question is how exactly do you want to be positioned into the end of the year i'm always thinking to myself when i study my portfolio, where could something go wrong the first place i look is sentiment and positioning. and what troubles me is the price action this week, and look, a lot of people are saying all right, don't worry about the rise in yields we'll be okay with the rise in yields market will be able to digest that but the rise in yields takes away the foundation of the rotation trade that was in place after the third quarter. the trade where you moved away fro

>>> cameron dawson, malcolm etheridge, we'll take you up to amazon on "closing bell." we do "final trades" right now. stephanie, you have first. >> chipotle. down 7%. >> all right. farmer jim? >> transocean. look at earnings. >> joe snmplt >> barclays. >> thank you, everybody. see you in a bit. ♪ ♪ >>> welcome to "the exchange." i'm john ford in for kelly evans, and here is what's ahead. apple on deck. this as microsoft and meta are under big pressure this hour. amazon is, too. microsoft is on pace for its worst day in about a year. we'll dig into the reports, how it sets up the rest of big tech earnings, and what name our trader says is just a no. plus, a potential media shakeup. comcast considering spinning out its cable networks as a separate company. our david faber just sat down with john malone, and he joins us ahead. >>> this stock's flying on earnings, hitting an all-time high but has nothing to do with ai. the ceo joins us with what went right in the quarter and why he's bullish into the holidays. but we begin with dom chu with the numbers. >> john, it's decid