The Close 6/25/2026

Watch on YouTube ↗ | June 25, 2026 at 22:23 | 1:31:39 | Bloomberg Markets

Speakers

Olaolu Aganga — Head of Content, Binance

Cristiano Amon — CEO, Qualcomm

Lindsey Bell — Chief Strategist, 24/7 Wall St.

Stephanie Aliaga — Global Market Strategist, JPMorgan Asset Management

Celeste Mastin — CEO, H.B. Fuller

Chris — Head of U.S. Bank Research, KBW

Stéphane Bancel — CEO, Moderna

Romaine Bostick — Anchor, Bloomberg

Norah Mulinda — Market Reporter, Bloomberg

Mark Newton — Managing Director and Head of Technical Strategy at Fundstrat Global Advisors

Jim Keller — CEO, Tenstorrent

Summary

The episode covers a mixed market close with Micron's blowout earnings failing to lift the broader market, as Apple and other consumer-tech names fell on memory-driven price hikes. Guests discuss AI demand sustainability, inflation trends, and sector rotations. Interviews include Qualcomm's CEO on a $5B AI data center target, a warning on memory chip price elasticity, and calls for large-cap banks and enterprise software as defensive plays.

S&P 500 finished flat while Nasdaq 100 edged higher, buoyed by Micron and semiconductor gains.
Apple shares dropped sharply after hiking Mac and iPad prices 15-20% to offset soaring memory costs.
Citi Wealth strategist prefers equities over bonds, citing strong consumer spending and buy-the-dip resilience.
Qualcomm CEO projected $5B in AI data center revenue by fiscal 2027 with high-confidence customer engagements.
Lindsey Bell warned that memory chip price elasticity may signal the start of an AI bubble deflation.
JPMorgan strategist highlighted enterprise software as a defensive way to play the AI theme.
H.B. Fuller CEO outlined how the Advanced Medical Solutions acquisition accelerates growth and deleveraging.
KBW bank analyst recommended JPMorgan, Citigroup, and Bank of America as top large-cap picks.

Ideas

Olaolu Aganga Head of Content, Binance 8:04

Prefer equities over bonds now.

Inflation is ticking up but the macro backdrop is strong with a solid labor market, good consumer spending, and ample cash on the sidelines. Dip-buying remains alive and the equity market has been resilient, supported by strong Q1 earnings and broadening participation. Equities are preferred over bonds, and risk assets are still liked.

Olaolu Aganga Head of Content, Binance 8:04

Prefer equities over bonds now.

Inflation is ticking up but the macro backdrop is strong with a solid labor market, good consumer spending, and ample cash on the sidelines. Dip-buying remains alive and the equity market has been resilient, supported by strong Q1 earnings and broadening participation. Equities are preferred over bonds, and risk assets are still liked.

Cristiano Amon CEO, Qualcomm 18:02

AI data center growth drives $5B.

Qualcomm is diversifying into AI data centers with a high-confidence $5 billion revenue target by fiscal 2027, supported by existing customer engagements with large hyperscalers in the U.S. and China. The company has a custom CPU, a new memory solution that bypasses traditional memory providers, and is positioning for agentic AI opportunities across disaggregated data centers.

Lindsey Bell Chief Strategist, 24/7 Wall St. 24:33

Memory chip price elasticity risks AI bubble.

Memory chip price increases have reached demand elasticity, forcing consumer electronics makers like Apple and Microsoft to implement significant price hikes. This dynamic could slow semiconductor revenue growth and may represent the first sign that the AI bubble is starting to deflate, as investors begin to question whether the consumer can absorb the pass-through costs.

Stephanie Aliaga Global Market Strategist, JPMorgan Asset Management 41:20

Enterprise software is defensive AI play.

AI demand is rapidly expanding, with enterprises becoming massive consumers. Enterprise software, which has underperformed this year, offers a more defensive way to gain AI exposure, particularly companies specializing in model routing and efficient token usage, alongside industrial firms with private AI infrastructure.

Celeste Mastin CEO, H.B. Fuller 70:18

Medical adhesives acquisition drives growth.

The acquisition of Advanced Medical Solutions provides a platform to expand the medical adhesives business into a fourth division, representing about 10% of revenue and growing at high single digits. Strong cash flow generation from the acquired assets will enable rapid deleveraging, potentially faster than the historical half-turn-per-year pace, increasing shareholder value.

Chris Head of U.S. Bank Research, KBW 80:42

Buy large cap US banks.

The largest U.S. banks are well-positioned with sustainable ROEs, strong capital markets recovery, record investment banking pipelines, improving loan growth, and resilient credit quality. JPMorgan, Citigroup, and Bank of America are top picks because their moats and consistent returns justify premium valuations.

JPM C BAC HIGH

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This Bloomberg Markets video, published June 25, 2026, features Olaolu Aganga, Cristiano Amon, Lindsey Bell, Stephanie Aliaga, Celeste Mastin, Chris discussing SPY, TLT, QCOM, MU, SNDK, Enterprise Software sector, FUL, JPM, C, BAC. 7 trade ideas extracted by AI with direction and confidence scoring.

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