AI Spending Fears Weigh on Stocks; Oil Jumps on Red Sea Attack | Bloomberg Brief 07/23/2026

Summary

AI spending fears drive US equity futures lower as Alphabet and Tesla ramp capex, while oil surges after Houthis attack Saudi tankers in the Red Sea. Asia sees a beneficiary trade in SK Hynix and Japanese equipment makers. Stephanie Roth sees disinflation and expects yields to reverse lower; Mandeep Singh defends Alphabet's cloud-driven growth and highlights Intel as an agentic AI play. Daimler Truck raises guidance on tariff relief.

• Alphabet boosts annual capex forecast to $205 billion, reigniting investor anxiety over AI spending returns.
• Tesla posts its first cash burn in two years as physical AI spending eats into profits, sending shares lower.
• Houthi militants attack two Saudi oil tankers in the Red Sea, threatening a key crude export route and driving Brent toward $100.
• SK Hynix and Japanese semiconductor equipment makers rise in Asia as beneficiaries of Alphabet's supply-chain spending.
• Stephanie Roth expects disinflationary pressures to persist, sees limited further upside for bond yields, and anticipates rates eventually heading lower.
• Mandeep Singh argues Alphabet's 82% cloud growth and margin expansion justify AI capex, making the pullback a buying opportunity.
• Mandeep Singh sees Intel poised to benefit from the shift to agentic AI workloads that require more CPUs.
• Daimler Truck raises its outlook after receiving favorable US tariff treatment due to its North American manufacturing.