Идеи
IHG strong results, travel demand broad-based.
IHG reported strong first-half results with revenue up 6%, operating profit up 10%, EPS up 13%. Growth was broad-based across all brands and regions, with World Cup contributing only 1%. U.S. fundamentals are strong (high employment, private investment, tax clarity), Europe is seeing strong tourism, Asia is growing. Travel demand is resilient despite Middle East conflict. Positive momentum expected to continue into second half and 2027.
Kelsey Berro
Портфельный менеджер по инструментам с фиксированной доходностью, JPMorgan Asset Management
47:34
30-year Treasury yields attractive, buying.
U.S. 30-year Treasury yields are attractive at current levels, as despite heavy supply there is record demand. The market is absorbing issuance well, and yields have repriced to appealing entry points. She indicates she would buy.
Semiconductor risk from AI model commoditization.
Risks are building in the semiconductor space as AI models become commoditized and open-weight models compete with frontier models, potentially reducing the need for high-end chips.
Private equity cheap vs publics, AI value.
Private equity valuations are at a 15-year low relative to public markets, offering an attractive entry point. AI initiatives across portfolio companies are driving productivity and profitability, creating immense value creation opportunities.
Private credit healthy, spreads wide, attractive.
Private credit fears have been exaggerated; the asset class is healthier than perceived, with wider spreads and higher rates providing income opportunities.
USD/JPY target 165, yen weakness sustained.
Yen intervention was a one-off, and Japanese fundamentals are bearish (pension fund outflows, corporates exporting capital). The BOJ is behind the curve. USD/JPY is expected to rise to 165 and potentially 170 due to U.S. exceptionalism and dollar strength.
U.S. equities constructive, broadening market.
Overweight U.S. large-cap equities due to strong earnings delivery, accelerating cloud growth, and sustained AI demand. Nine of eleven sectors showing double-digit earnings growth, innovation concentrated in U.S.
Avoid AI model pure-plays, overpriced.
The AI model layer has been entirely repriced outside public markets; when it reaches public markets it's a liquidity event, not a capital raise, so avoid pure-play AI model companies as there's little upside.
AI infrastructure is the real opportunity.
The real opportunity in AI lies in infrastructure—power, cooling, electricity grid—as the model layer is already overpriced. Infrastructure is essential to make AI cheaper and accessible, and debt financing is now focused there.
Overweight AI themes, early innings opportunity.
Preference for AI-related themes as AI ecosystem is in early innings, with opportunities in infrastructure, power, and the broader ecosystem beyond semis. Sustained demand and capex support the trade.
Gold hedge, central banks buying support.
Gold is used as a portfolio diversifier and hedge against upside inflation risks; central banks are buying gold again, providing support.
Avoid long-duration bonds, inflation volatility risk.
Avoid long-duration bonds (10+ years) due to inflation volatility; portfolio duration kept around 5.1, steering clear of the long end.
This Bloomberg Markets video, published August 11, 2026,
features Elie Maalouf, Kelsey Berro, Anastasia Amoroso, Mark McCormick, Omar Aguilar, Isabelle Freidheim, Kristen Bitterly
discussing IHG, U.S. 30-Year Treasury Bond, SOC, PSP, BIZD, USD/JPY, SPY, AI Model Pure-Play Companies, AIQ, AI-related themes, GLD, Long-Term U.S. Treasuries (10+ years).
12 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Elie Maalouf,
Kelsey Berro,
Anastasia Amoroso,
Mark McCormick,
Omar Aguilar,
Isabelle Freidheim,
Kristen Bitterly
· Tickers:
IHG,
U.S. 30-Year Treasury Bond,
SOC,
PSP,
BIZD,
USD/JPY,
SPY,
AI Model Pure-Play Companies,
AIQ,
AI-related themes,
GLD,
Long-Term U.S. Treasuries (10+ years)
