There's opportunity in the pullback from Goldman Sachs, says Odyssey’s Jason Snipe

GOING. BRAD GERSTNER, THE FOUNDER AND CEO OF ALTIMETER >> GREAT TO BE HERE. >> LAUREN GOODWIN AND JASON SNIPE, JASON IS A CNBC CONTRIBUTOR. LAUREN, I'LL GO TO YOU FIRST THE PRICE ACTION ALONE TODAY IS A GOOD PLACE TO START AND JUST WHAT YOUR THOUGHTS ARE BASED ON WHAT WE'VE HEARD HERE AND YOUR OVERALL VIEW >> WELL, THE INFLATION REPORT THAT WE SAW TODAY IS CONFIRMING A TREND WE'VE ACKNOWLEDGED OVER THE PAST COUPLE OF MONTHS WHERE NOW THAT THE FED IS, AND I THINK APPROPRIATELY SO, FOCUSED LESS ON INFLATION AND MORE ON ECONOMIC GROWTH, THAT COMPLETELY CHANGES MARKET REACT TIREACTIVI WOULD INCLUDE TODAY'S REPORT AS A RELATIVELY GOOD NEWS, STRONGER THAN THE MARKETS WERE EXPECTING, THAT'S GOING TO BE GOOD NEWS FOR THE MARKET, GOOD NEWS FOR THE TECH SECTOR AT THE EXPENSE, PROBABLY, OF FINANCIALS LIKE WE'RE SEEING TODAY BAD ECONOMIC NEWS, THOUGH, ANY SORT OF DATA THAT COMES IN WILL BE THE OPPOSITE. I THINK WE'LL SEE TECH LOSE LEADERSHIP IN THOSE MOMENTS AS HAS BEEN THE CASE IN THE PAST COUPLE OF WEEKS. >> ON THE NOTE ON THE ECONOMY, LET'S PLAY FOR YOU WHAT GOLDMAN CHAIRMAN AND CEO DAVID SOLOMON TOLD ME EARLIER TODAY ON "THE HALFTIME REPORT" HOW HE SEES THINGS SHAPING UP RIGHT NOW. >> I THINK GENERALLY SPEAKING THE ECONOMY IS STILL IN PRETTY GOOD SHAPE I THINK WE'RE GOING TO GET A COUPLE OF INTEREST RATE CUTS HERE THAT HAS BEEN WIDELY TELEGRAPHED AT THIS POINT IN TIME AND SO, YOU KNOW, BASE CASE, I CAN POINT TO THINGS THAT ARE SLOWING A LITTLE THERE'S SOME CONSUMER SPOTS, YOU'VE HEARD IT THROUGH EARNINGS, ET CETERA, WHERE THERE'S A LITTLE BIT OF SOFTNESS GENERALLY, ITHINK THE ECONOMY IS IN PRETTY GOOD SHAPE. MY BASE CASE IS WE'RE GOING TO CONTINUE TO CHUG ALONG THROUGH THE FALL WITH A LOT OF ATTENTION TO THE NEWS, WHETHER POLITICAL, GEOPOLITICAL OR OTHERWISE. >> ALL RIGHT, THAT WAS DAVID SOLOMON WITH US EARLIER EXCLUSIVELY. JASON SNIPE, I FELT LIKE THAT CLARITY TODAY FROM MR. SOLOMON HELPED THE MARKET OVERALL. >> ABSOLUTELY, SCOTT I THOUGHT IT WAS A PHENOMENAL INTERVIEW FROM SOLOMON, AND YOU, OF COURSE. SO, FOR ME, AS IT RELATES TO GOLDMAN, THAT'S ONE OF OUR FAVORITE NAMES IN THE WHOLE FINANCIAL SPACE, AND WHAT WE ALWAYS SAY TO FOLKS, THE FINANCIAL SPACE IS OBVIOUSLY VERY DIVERSE THERE'S A LOT OF DIFFERENT COMPANIES, A CONSUMER BANK, REGIONALS, INVESTMENT BANKS AND CAPITAL MARKETS. WHEN I HEAR WHAT SOLOMON HAD TO SAY, WHICH I WAS EXCITED ABOUT, AND WE'VE BEEN HEARING THIS FROM QUARTERS, EXITING THE CONSUMER BUSINESS THAT IS IN FULL PLAY YES, IT WILL BE A $400 MILLION HIT TO EARNINGS. THAT'S OKAY. I THINK THEY'LL GET THROUGH THAT, AND THEY DID TALK ABOUT A 10% REDUCTION IN TRADING REVENUE OFF A HUMONGOUS BASE SO THAT, AS WE LOOK THROUGH THE END OF THE YEAR AND OBVIOUSLY WE'RE 54 DAYS AWAY FROM THE ELECTION, THAT WILL CONTINUE TO PERK UP. I'M NOT CONCERNED ABOUT TRADING REVENUE. I THINK THAT WILL BE SOLID FOR ME AND THEN THE CAPITAL MARKETS PIECE, YES, OBVIOUSLY M&A, IPO, THE UNDERWRITING BUSINESS HAS BEEN ANEMIC THIS YEAR AND WE'VE BEEN TALKING ABOUT IT, REALLY GETTING STARTED IN EARNEST IN 2025 I THINK THAT LIKELY WILL BE THE STORY AS WE WATCH FED POLICY COME INTO PLAY AND RATES STARTING TO EASE SOMEWHAT MAYBE 100, 150 BASIS POINTS OVER THE NEXT 18 MONTHS OR SO I THINK THERE'S A LOT OF GOOD THINGS THAT WE SEE HERE IN GOLDMAN AND THE PRICE ACTION HAS BEEN SOLID THIS YEAR AND I SEE AS AN OPPORTUNITY IN THE PULLBACK WE'VE SEEN OVER THE LAST FEW DAYS. >> LAUREN, NEXT WEEK IS THE MOMENT OF TRUTH REALLY, THE FED, 2003 THINK, OR EXPECT, WILL CUT INTEREST RATES DOES 25 OR 50 EVEN MATTER? >> IT DOES MATTER, SCOTT I THINK, FIRST OF ALL, THE DIFFERENCE BETWEEN 25 AND 50 BASIS POINTS REALLY PLAYS INTO THAT STORY OF MARKET REACTIREACY MAYBE THEY'RE A LITTLE BIT MORE CONCERNED, THAT'S MORE LIABLE TO BE A DEFENSIVE MOVE RISK OFF I DON'T EXPECT THAT TO HAPPEN. TODAY'S INFLATION REPORT SIGNALED A STRONG PUSH TO A 25-BASIS POINT CUT BUT EVEN AT 25 BASIS POINTS, IT IS SO IMPORTANT FOR INVESTMENTS AND FOR THE ECONOMY THAT THE FED IS NOW MOVING IN THIS DIRECTION. AND I SAY THAT FOR A COUPLE OF REASONS. FIRST, I COMPLETELY AGREE THAT THE FED MOVING LOWER IN ITS INTEREST RATE POLICY IS LIKELY TO KICK START DEAL FLOW. THIS IS AN ENVIRONMENT WHERE PRIVATE CREDIT GROWTH HAS BEEN STALE IN LARGE PART BECAUSE OF YIELD CURVE INVERSION. THE FED MOVING TO THE YIELD CURVE NORMALIZATION IS LIKELY TO KICK START PRIVATE CREDIT GROWTH WHICH HELPS IN THE PRIVATE MARKETS, THE IPO MARKET, THE M&A MARKET, BUT, ALSO, FOR EVERYDAY INVESTORS, INCOME GENERATION OPPORTUNITIES CHANGE IN A MEANINGFUL WAY WHEN THE POLICY RATE OR THE CASH RATE STARTS TO MOVE LOWER, AND SO, NO MATTER WHAT WE THINK ABOUT MARKET SENTIMENT, THE SECTOR MOVES ONE WAY OR ANOTHER, THE ELECTION VOLATILITY THAT WE'RE LIKELY TO SEE MOVING TOWARDS CAPTURING THE HIGHER INTEREST RATES THAT WE HAVE WHILE WE HAVE THEM, I THINK, IS PIVOTAL FOR ASSET ALLOCATION IN THE NEXT FEW MONTHS >> JASON, I'M LOOKING SQUARELY HERE AT NVIDIA TODAY ON MY COMPUTER UP NEAR 7%. ONE OF THE BIG STORIES OF THIS MARKET AND THE COMMENTARY WE GOT DOWNSTAIRS EARLY THIS MORNING FROM THE FOUNDER AND CEO OF THAT COMPANY, JENSEN HUANG, WHO SPOKE ABOUT THE GREAT DEMAND HE'S SEEING AMONG OTHER THINGS, YOU'RE A HOLDER OF THAT STOCK. YOU HEARD BRAD GERSTNER TALK ABOUT THE WEAKNESS THAT IT HAD AT THE BEGINNING OF AUGUST WHICH PRESENTED AN OPPORTUNITY YOUR THOUGHTS ON THAT? >> THERE'S NO DOUBT ABOUT THAT, SCOTT. OBVIOUSLY THE STOCK HAS PULLED BACK 20% OVER THE LAST COUPLE OF WEEKS WITH THE UNWINDING OF THE CARRY TRADE, BUT IF UP LISTEN TO JENSEN AND LISTEN TO ALL THAT HE SAID, THERE'S NO SHORTAGE OF DEMAND, AND THAT WAS OBVIOUSLY ON THE EARNINGS CALL ALL WE'VE HEARD FROM THE HYPER SCALERS, ALL THAT'S BEING SPENT HERE, AND I AGREE COMPLETELY WITH BRAD IN FOCUSING ON REALLY WHAT'S GOING ON INTERNALLY IN THESE COMPANIES. WHAT IS THE EXECUTIVE STAFF FOCUSING ON? HOW DO WE IMPLEMENT THESE A.I. SOLUTIONS FOR OUR CUSTOMERS AND OUR PROVIDERS? HOW IS THIS GOING TO -- HOW DOES IT REALLY AFFECT PRODUCTIVITY? THAT'S REALLY WHAT FOLKS ARE FOCUSING ON. SO THE CAPEX IS THERE. OBVIOUSLY NVIDIA IS RIGHT AS FAR AS THE DEMAND FOR THE ACTUAL TECHNOLOGY, WHAT FOLKS ARE OBVIOUSLY LOOKING FOR. SO, FOR ME, MAYBE THIS WAS A LITTLE GAP IN THE STORY. YES, A.I. HAS BEEN A LOT OF THE STORY FOR THE BETTER PART OF THIS YEAR, BUT I T