Stocks Waver after Tech Selloff; Trump Rebuilds Tariffs | Bloomberg Brief 07/24/2026

Watch on YouTube ↗  |  July 24, 2026 at 11:19  |  43:26  |  Bloomberg Markets
Speakers
Neil Campling — Tech/TMT Analyst
Wei Li — Global Chief Investment Strategist, BlackRock
Chloe Meley — Reporter, Bloomberg
Matt Bloxham — Head of Research, The Block

Summary

US equity futures show relief after the Magnificent Seven's biggest one-day drop since the 2025 tariff selloff. President Trump rebuilds his tariff wall with new levies on 60 economies and considers escalating military action against Iran, keeping oil prices elevated. Wei Li of BlackRock discusses a strong earnings season led by Intel and SAP, supports AI infrastructure over model layers, and prefers US equities over long-term bonds amid rising yields.

  • Mag 7 stocks suffer largest drop since 2025 tariff selloff; futures edge higher on Intel and SAP beats.
  • Trump imposes 10-12.5% tariffs on 60 economies using forced labor statute, rebuilding trade barriers.
  • Brent crude briefly tops $100 on Iran tensions; Trump warns of 'massive attack' on Iran.
  • Intel's blowout revenue forecast driven by CPU renaissance as AI workloads shift to deployment.
  • SAP's strong cloud bookings ease fears of AI spending stall, boosting European tech.
  • Wei Li (BlackRock) prefers US equities over long-term Treasuries, citing strong earnings and rising yields.
  • She advocates AI infrastructure over model-layer plays, citing cheaper model adoption and AI sovereignty.
  • European gas futures at €62+/MWh; 30-year US yield near 5.17% amidst weak auction demand.
Ideas
Neil Campling Tech/TMT Analyst 14:12
CPU demand surge boosts Intel turnaround
Intel is benefiting from a shift in AI workloads away from model training and toward deployment, which requires far more CPUs—Intel's core strength. This CPU renaissance, combined with Intel's position as the only U.S.-based leading-edge chip maker, gives it a geopolitical advantage and supports the company's strong revenue forecast and turnaround.
INTC HIGH
Neil Campling Tech/TMT Analyst 16:25
SAP cloud strength eases AI spending fears
SAP's strong bookings growth and cloud momentum show that AI-related software spending remains intact, easing concerns about a stall. The core business is in high demand, providing a relief rally for European investors worried about competition from AI-native tools.
SAP HIGH
Wei Li Global Chief Investment Strategist, BlackRock 28:29
AI infrastructure demand grows from cheaper models
As AI models become cheaper, adoption accelerates, creating additional demand for infrastructure. Simultaneously, AI sovereignty is pushing countries and companies to build their own AI capabilities, requiring more infrastructure investment. Betting on the infrastructure layer avoids the risk of commoditization at the model layer.
AIQ MED
Wei Li Global Chief Investment Strategist, BlackRock 32:39
Equities beat bonds on strong earnings
Exceptionally strong earnings growth in U.S. equities offsets higher interest rates, while rising bond yields are driven by fundamental factors including oil-driven supply disruptions and AI capex competing for capital. Yields may have further to rise, making equities preferred over long-term government bonds.
SPY HIGH
Wei Li Global Chief Investment Strategist, BlackRock 32:39
Equities beat bonds on strong earnings
Exceptionally strong earnings growth in U.S. equities offsets higher interest rates, while rising bond yields are driven by fundamental factors including oil-driven supply disruptions and AI capex competing for capital. Yields may have further to rise, making equities preferred over long-term government bonds.
TLT HIGH
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This Bloomberg Markets video, published July 24, 2026, features Neil Campling, Wei Li discussing INTC, SAP, AIQ, SPY, TLT. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Campling, Wei Li  · Tickers: INTC, SAP, AIQ, SPY, TLT