Ideas
John Lee
President and Chief Marketing Officer, Samsung Electronics
16:29
Chip supply shortage lifts semiconductor prices
Lee warns that 2026 will bring industry-wide semiconductor supply issues, especially around memory, affecting all connected devices and forcing device makers to consider repricing. The shortage should keep semiconductor/memory prices elevated across the industry.
John Lee
President and Chief Marketing Officer, Samsung Electronics
16:58
Samsung better placed than peers
Lee says Samsung is better placed than most industry participants because of its global scale, even though it is not immune to memory price inflation. He expects modest growth in its device businesses and says Samsung should outpace the market, with mobile phones more optimistic than last year as AI drives product upgrades.
Risk-on equities can outperform this year
Seder remains risk-on and optimistic: investors are adding to equity portfolios rather than cash or fixed income; risk metrics show low turbulence and systemic risk; the Fed is expected to keep easing; positioning is concentrated in high-quality parts of the market; balance sheets are strong; and U.S. growth is expected to rise. Geopolitics is being monitored but is counterbalanced by these tailwinds. She thinks equities can outperform even if the Fed cuts less than expected, as long as inflation expectations stay anchored and the market believes the next move is a cut, not a hike.
Software positioning has room to rise
Seder says positioning is still concentrated in tech, but within tech, software positioning is neutral rather than crowded. That leaves room to increase exposure, and she is seeing inflows into software, making it a relative positioning opportunity.
Pharmaceuticals see improving investor appetite
Seder says that outside tech, she is seeing more investor interest and appetite in pharmaceuticals/health care, which she cites as one of the areas outside tech where appetite is starting to appear.
Favor energy infrastructure over producers
Seder says that within energy, demand is not focused on producers but on energy infrastructure companies; this is partly tied to geopolitics, and she is seeing appetite for energy infrastructure outside tech.
Tariff ruling could temporarily flatten curve
Seder says the baseline expectation has been for a steeper Treasury curve this year. However, if the Supreme Court rules against President Trump on tariffs, increased bill issuance would likely raise yields across the curve but more at the front end, causing at least temporary flattening within Treasuries.
Dollar weakness likely continues this year
Seder expects continued dollar weakness this year, against consensus. She reasons that other central banks are expected to hike while the Fed remains dovish/easing, institutional investors still lack dollar appetite, and investors have been selling the dollar against nearly all G10 currencies. She thinks a dovish next Fed chair would reinforce weakness unless U.S. inflation reaccelerates on stronger growth or tax cuts.
Oil oversupply persists, pressuring prices
Kennedy says Venezuela's oil transfer is politically significant but marginal to global balances, because Venezuela produces only about 1 million barrels a day versus more than 100 million globally. More broadly, oil is oversupplied: OPEC raised output to defend market share, U.S. shale remains healthy, and new supply from Brazil and Guyana is growing. Inventories have built and oil is being stored on ships, and he expects this oversupply to persist, with the market not rebalancing for a couple of years.
This Bloomberg Markets video, published January 07, 2026,
features John Lee, Cayla Seder, Will Kennedy
discussing SMH, 005930.KS, Equities, IGV, XLV, PAVE, Treasury curve flattener, USD, WTI.
9 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
John Lee,
Cayla Seder,
Will Kennedy
· Tickers:
SMH,
005930.KS,
Equities,
IGV,
XLV,
PAVE,
Treasury curve flattener,
USD,
WTI
