Trump Gifted Nobel Peace Prize Medal from Venezuela's Machado | The Pulse 1/16

Watch on YouTube ↗  |  January 16, 2026 at 12:12  |  48:48  |  Bloomberg Markets
Speakers
Alex Brazier — Global Head of Investment & Portfolio Solutions, BlackRock
Wendell Huang — Vice President and CFO, TSMC
Erwan Rambourg — Global Head of Consumer and Retail Equity Research, HSBC
Matt — Executive Vice President and Chief Financial Officer
Paul Davies — Bloomberg Opinion Columnist
Laurel Rapp — US and North America Programme Director, Chatham House

Summary

The Pulse opens on record stock highs as TSMC's results ease AI-overheating fears and capex guidance stays strong, while President Trump pushes Big Tech to cover surging data-center power costs. BlackRock's Alex Brazier explains why he stays overweight US equities, favors AI-adjacent clean energy and geographic diversification, and leans on buffering strategies, hedge funds and securitized assets. The program also digests record Wall Street trading revenues, escalating Venezuela/Greenland/Iran tensions, yen weakness before the BOJ, and a luxury-sector recovery debate centered on LVMH and Gucci.

  • Stocks extend record rally as TSMC earnings revive confidence in the AI boom and capex growth.
  • Trump seeks to make Big Tech pay for surging power costs of energy-hungry data centers.
  • TSMC says US expansion follows customer demand and leading-edge production stays in Taiwan for years.
  • BlackRock's Alex Brazier stays overweight US equities and favors clean energy tied to AI power demand.
  • Brazier also cites geographic diversification (Europe, Japan, EM), buffering strategies, hedge funds and securitized assets.
  • Wall Street banks post record trading revenues, with strength in wholesale and weakness in retail banking.
  • Geopolitics dominate: Venezuela and the Nobel medal, Greenland talks, Iran's IRGC, and US-China tensions.
  • Luxury debate: LVMH seen as the recovery proxy, Gucci turnaround ahead, jewelry bullish, handbags recovering.
Ideas
Wendell Huang Vice President and CFO, TSMC 3:30
TSMC leading edge stays in Taiwan
TSMC's US expansion is driven by customer demand while leading-edge technology stays anchored in Taiwan; decades of Taiwanese R&D and operations expertise cannot simply be replicated, so accelerating the shift of leading-edge capacity to the US would be difficult and take years rather than months.
TSM MED
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 6:39
Clean energy is AI's power bottleneck
Power demand is one of the key bottlenecks for the AI revolution, and BlackRock sees great interest in clean energy and sustainability to power the AI build-out, making it a differentiated AI-adjacent opportunity beyond the core AI names.
ICLN MED
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 7:02
Overweight US equities on AI productivity
BlackRock has been technically overweight US equities for quite some time, supported by the AI-driven productivity surge, broadening earnings growth, and mega-cap valuations that ended 2025 slightly lower; the firm is broadening toward US sectors that can adopt AI rather than only core AI names, while staying tactical given polarized positioning and volatility.
SPY HIGH
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 9:05
Diversify geographically into Europe, Japan, EM
With US concentration and macro uncertainty, investors are diversifying geographically - looking at European exposures, Japanese exposures and continuing emerging-market exposure - and BlackRock sees European opportunities continuing even as Chinese goods shift away from the US and pressure sectors such as autos.
VGK MED
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 9:05
Diversify geographically into Europe, Japan, EM
With US concentration and macro uncertainty, investors are diversifying geographically - looking at European exposures, Japanese exposures and continuing emerging-market exposure - and BlackRock sees European opportunities continuing even as Chinese goods shift away from the US and pressure sectors such as autos.
EWJ EEM MED
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 9:41
Use hedge funds and buffering strategies
In a polarized, volatile market where stocks and bonds no longer reliably offset and the direction of the broad market is less certain, it makes sense to trim broad market exposure and add relative-value and alpha through buffering strategies, hedge funds and liquid alternative strategies.
Liquid alternatives Hedge funds Buffering strategies MED
Alex Brazier Global Head of Investment & Portfolio Solutions, BlackRock 12:07
Securitized assets for steady income
Investors want more steady income and are moving away from growth and high-risk taking, which is why they have broadened out into more debt and securitized assets.
Securitized assets MED
Erwan Rambourg Global Head of Consumer and Retail Equity Research, HSBC 42:31
Luxury recovery as aspirational consumer returns
Luxury is past the worst: two years of muted sales and 'greedflation' pricing out the aspirational consumer, but China is stabilizing ('stable is the new up'), the wealthier US consumer is spending again, and new product and pricing initiatives should bring the aspirational consumer back, with those doing well still doing well.
Luxury goods sector HIGH
Erwan Rambourg Global Head of Consumer and Retail Equity Research, HSBC 42:55
Stay bullish on luxury jewelry
Jewelry has been the resilient part of luxury - less hurt than fashion by the pricing-out of the aspirational consumer - and the desk remains bullish and optimistic on jewelry as demand recovers.
Luxury jewelry MED
Erwan Rambourg Global Head of Consumer and Retail Equity Research, HSBC 42:55
Handbags, accessories brands to recover
Certain handbags and accessories brands were under pressure but should come back this year after two years of misery as new initiatives and a returning aspirational consumer lift the category.
Luxury handbags and accessories MED
Erwan Rambourg Global Head of Consumer and Retail Equity Research, HSBC 43:53
LVMH is luxury's recovery proxy
LVMH is the liquid, large-cap European proxy for luxury and, with few investors currently buyers, would be the first name investors look at if there are signs of life in the sector.
LVMH MED
Erwan Rambourg Global Head of Consumer and Retail Equity Research, HSBC 44:48
Gucci turnaround on new creative director
Gucci had become repetitive, but the arrival of a very gifted creative director is working wonders; new product initiatives and rising traffic and interest should translate into very strong growth, and the brand is the key asset (about half of profits) with its first proper show as the near-term test.
Gucci MED
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This Bloomberg Markets video, published January 16, 2026, features Wendell Huang, Alex Brazier, Erwan Rambourg discussing TSM, ICLN, SPY, VGK, EWJ, EEM, Liquid alternatives, Hedge funds, Buffering strategies, Securitized assets, Luxury goods sector, Luxury jewelry, Luxury handbags and accessories, LVMH, Gucci. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wendell Huang, Alex Brazier, Erwan Rambourg  · Tickers: TSM, ICLN, SPY, VGK, EWJ, EEM, Liquid alternatives, Hedge funds, Buffering strategies, Securitized assets, Luxury goods sector, Luxury jewelry, Luxury handbags and accessories, LVMH, Gucci