Big Tech Leads Broad Selloff; Trump Eyes US Stake in AI Firms | Bloomberg This Weekend: June 6, 2026

Watch on YouTube ↗  |  June 07, 2026 at 02:16  |  3:06:46  |  Bloomberg Markets
Speakers
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Tom Orlick — Chief Economist, Bloomberg Economics
Heather Long — Chief Economist, Navy Federal Credit Union

Summary

The episode covers a broad market selloff led by tech and chip stocks, with Bitcoin falling below 60,000. Mike McGlone warns of a cryptocurrency purge and sees crude oil next to decline while favoring US Treasuries. Tom Orlick models an AI bubble burst scenario that would hit US growth and chip-heavy economies like Taiwan and South Korea. The show also discusses President Trump's proposed equity stakes in AI companies and the ongoing Iran conflict.

  • NASDAQ and S&P had worst day of the year, led by chip stocks.
  • Bitcoin fell below 60,000 for the first time since 2024.
  • Mike McGlone predicts further selling in Bitcoin and crude oil.
  • McGlone highlights US Long Bond at 5% as attractive vs risk assets.
  • Tom Orlick presents a scenario where an AI bubble burst could cut US GDP by 1.5%.
  • Taiwan and South Korea are most exposed if AI investment halts.
  • President Trump plans meeting with AI companies and discusses government equity stakes.
  • Iran conflict and potential ceasefire negotiations continue to dominate geopolitics.
Trade Ideas
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 10:08
Bitcoin purge started, sell every rally.
Bitcoin has unlimited supply and a purge has just started as Michael Saylor begins selling. It is a leading indicator for risk assets, and the stock market is starting to follow. The best trade is to sell every rally in cryptocurrencies, most notably Bitcoin, because the stock market is a better game and the speculation is getting purged. He expects Bitcoin to lose a zero and go to 10,000.
BTC HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 16:24
Crude oil will follow natural gas down.
Crude oil is the next big trade to the downside. Natural gas has already dumped, and crude oil will follow natural gas lower. Surging volatility in gold and crude oil historically trickles up to stocks, and Bitcoin is collapsing, signaling rising macroeconomic risk.
WTI HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 20:00
US long bonds attractive at 5%.
The US Treasury Long Bond at 5% is too attractive compared to stocks, gold, and cryptocurrencies. Responsible investors should avoid being long overvalued risk assets and instead look at US Treasuries as a more attractive alternative. This implies a bullish view on long-duration US Treasuries.
TLT MED
Tom Orlick Chief Economist, Bloomberg Economics 107:11
Watch for AI bubble burst risk.
There are clear indicators of herd behavior and froth in AI-related stocks, such as the NASDAQ selloff driven by AI names. A possible AI bubble burst scenario modeled by Bloomberg Economics would see US stocks drop ~20%, credit spreads widen, and data center capex halt. The biggest economic hit would be in chip-producing economies: Taiwan and South Korea, which have grown strongly on semiconductor exports.
EWT EWY MED
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This Bloomberg Markets video, published June 07, 2026, features Mike McGlone, Tom Orlick discussing BTC, WTI, TLT, EWT, EWY. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike McGlone, Tom Orlick  · Tickers: BTC, WTI, TLT, EWT, EWY