Bloomberg Surveillance 5/14/2026

This episode of Bloomberg Surveillance covers the US-China summit, record tech-driven equity highs, rising bond yields, and the transition to a Warsh-led Fed. Guests present investment ideas including favoring big banks over regionals, diversifying into international value and European banks, and expecting a semiconductor pullback. - President Trump and Xi Jinping hold a summit in Beijing, discussing trade and Taiwan. - US approves H200 chip sales to Chinese firms, but China's approval remains uncertain. - Cisco reports strong earnings and raises AI orders forecast, stock surges. - Big banks (Goldman Sachs, Morgan Stanley) are favored over regionals by UBS's Erica Najarian. - BTIG's Jonathan Krinsky warns semis are overextended and could drop 20%. - JPMorgan's Paul Quinsee recommends diversifying into international value and European banks. - Fed Governor Stephen Miran discusses supply shocks and monetary policy lags in his final interview. - Retail sales and jobless claims data show a resilient but uneven consumer.