Markets Weigh Next Phase of AI Trade | Open Interest 6/24/2026

Watch on YouTube ↗ | June 24, 2026 at 17:31 | 1:29:07 | Bloomberg Markets

Speakers

Ed Ludlow — Co-Host, Bloomberg Technology

Jake Silverman — Reporter, CoinDesk

Gargi Chaudhuri — Head of iShares Investment Strategy, BlackRock

Paisley Nardini — Managing Director and Portfolio Manager, Simplify

Jason Thomas — Head of Investment Strategy, Carlyle

Philip Richter — Co-CIO, Hollow Brook Wealth Management

Lee Klaskow — Senior Freight Transport Analyst, Bloomberg Intelligence

Dani Burger — Anchor, Bloomberg Television

Mandeep Singh — Senior Analyst, Bloomberg Intelligence

Summary

Bloomberg Open Interest previews Micron earnings as the next big test for the AI trade, while SK Hynix plans a record US listing to close a valuation gap. BlackRock's Gargi Chaudhuri sees a fixed-income opportunity and urges a large-cap equity focus amid disinflation. Simplify's Paisley Nardini flags near-term gold headwinds and calls Micron's valuation attractive but priced for perfection. Carlyle's Jason Thomas highlights a historic semiconductor capex boom. Hollow Brook's Philip Richter warns that European automakers face a structural disadvantage against China and expects dollar strength under a hawkish new Fed chair.

Micron earnings become the AI trade pillar; SK Hynix targets $29 billion US listing to fund expansion and close valuation gap.
BlackRock strategist argues for owning intermediate-term Treasuries and staying long US large-cap equities as inflation cools.
Disinflation from lower oil prices supports markets; Fed Chair Kevin Warsh seen as data-driven hawk, boosting the dollar.
Carlyle's Jason Thomas describes a once-in-a-generation compute capex boom, making it hard to be bearish on semiconductors.
Simplify's Paisley Nardini sees near-term gold pressure from higher rates and warns that passive large-cap indices offer false diversification.
Hollow Brook co-CIO says BMW, VW, and Mercedes face a structural loss of China profits and struggle with EV/software innovation.
FedEx shares slip despite solid positioning and 17-20% second-half growth forecast; profit-taking after strong year-to-date run.
President Trump cancels housing bill ceremony, linking it to the stalled Save America Act, adding political uncertainty.

Ideas

Ed Ludlow Co-Host, Bloomberg Technology 3:10

SK Hynix US listing closes valuation gap.

SK Hynix's planned landmark US listing (ADR on Nasdaq) is designed to close the persistent valuation gap with Micron and Samsung despite its larger high-bandwidth memory market share, while raising $29B to expand AI memory capacity and giving the stock much greater exposure to American investors.

Lee Klaskow Senior Freight Transport Analyst, Bloomberg Intelligence 7:00

FedEx well-positioned for growth.

FedEx is well positioned after spinning off its truckload business to focus on its core parcel operations; second-half revenue growth is forecast at 17-20%, even though near-term model confusion and post-outperformance profit-taking are creating a pullback.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 26:41

Own intermediate-term Treasuries.

The recent FOMC-driven repricing of the front end has created a tremendous opportunity to own fixed income in the belly of the Treasury curve; with enough carry cushion even if rates move another 230 basis points over the next year, investors will not lose money.

Gargi Chaudhuri Head of iShares Investment Strategy, BlackRock 32:20

Stay long US large-cap equities.

With core PCE peaking, shelter and tariff inflation decelerating, gasoline prices falling, and GDP Now at 5%, this is a great time to be in parts of the equity market; investors should stay up in quality, focus on US large-cap, and favor durable infrastructure, energy security, and AI.

Jake Silverman Reporter, CoinDesk 37:15

Micron beats on strong AI pricing.

Micron's revenue is on track to beat consensus by 13% because AI-driven demand continues to push memory pricing higher while supply remains limited; accelerating demand is also spreading to other types of server memory, not just high-bandwidth memory.

Paisley Nardini Managing Director and Portfolio Manager, Simplify 54:02

Near-term headwinds for gold.

Gold faces near-term headwinds because higher-for-longer rates pressure its appeal as a non-yielding asset; while long-term central bank buying provides support, gold is taking it on the chin in the short run.

Jason Thomas Head of Investment Strategy, Carlyle 60:02

Semiconductor boom on AI capex.

The economy is in the midst of the largest concentrated boom in 25 years, driven by a 60% surge in economy-wide compute capex over nine months; semiconductor manufacturer forward earnings have risen 2.5x, making it hard to be bearish on the sector.

Philip Richter Co-CIO, Hollow Brook Wealth Management 82:17

Avoid European automakers structural disadvantage.

European automakers such as BMW, Volkswagen and Mercedes-Benz face a structural — not cyclical — disadvantage as they lose profit share in China and struggle to innovate in software and electric-drive technology simultaneously.

Philip Richter Co-CIO, Hollow Brook Wealth Management 84:21

Long US dollar on hawkish Warsh.

New Fed Chair Kevin Warsh is a data-driven, hawkish leader focused on bringing inflation down; his messaging has already strengthened the dollar, and that strength is likely to persist as he re-anchors inflation expectations.

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This Bloomberg Markets video, published June 24, 2026, features Ed Ludlow, Lee Klaskow, Gargi Chaudhuri, Jake Silverman, Paisley Nardini, Jason Thomas, Philip Richter discussing KS, FDX, Intermediate-term U.S. Treasuries (belly of the curve), S, MU, XAU, SOX, BMW, UUP. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ed Ludlow, Lee Klaskow, Gargi Chaudhuri, Jake Silverman, Paisley Nardini, Jason Thomas, Philip Richter · Tickers: KS, FDX, Intermediate-term U.S. Treasuries (belly of the curve), S, MU, XAU, SOX, BMW, UUP