Tech Stocks Sink; Iran Talks Continue After Drone Shootdown | Horizons Middle East & Africa 2/4/2026

Watch on YouTube ↗  |  February 04, 2026 at 07:50  |  46:00  |  Bloomberg Markets
Speakers
Haig Bathgate — CEO, Kalanick Capital
Steve Pagliuca — Senior Advisor, Bain Capital; Founder and CEO, Pags Group
Min Min Low — China Correspondent, Bloomberg
Oleksandr Komarov — CEO, Kyivstar
Fasika Tadesse — Bloomberg Reporter
Annabel Droulers — Anchor, Bloomberg TV
Amr Kamel — General Manager, Microsoft UAE
Joumanna Bercetche — Anchor, Bloomberg

Summary

Asian and US software stocks sold off after Anthropic released AI productivity tools aimed at legal services, raising fears that AI will disrupt traditional SaaS business models. Oil rose and tanker rates spiked on renewed US-Iran tensions, while gold rebounded above $5,000 and Bitcoin remained under pressure. Guests discussed AI investment strategy, US mid/small-cap opportunities, AI infrastructure and energy demand, Middle East biotech/tech, Ukraine reconstruction, and Ethiopia's reform-driven growth outlook.

  • Software and tech stocks fell as Anthropic's AI automation tool sparked fears of SaaS disruption.
  • Asian markets stabilized somewhat, but Chinese tech and EV shares remained weak.
  • Oil rose and tanker rates spiked after a US-Iran drone incident, though diplomatic talks continued.
  • Gold rebounded above $5,000; Bitcoin traded near its lowest level since Trump took office.
  • Haig Bathgate favored US mid/small caps and selective US AI exposure over trying to pick SaaS winners.
  • Steve Pagliuca saw AI infrastructure, data centers, and solar/nuclear/fusion energy as key growth areas.
  • Oleksandr Komarov highlighted Kyivstar's Nasdaq listing and Ukraine recovery investments.
  • Ethiopia's IMF-backed reforms are driving a positive growth outlook, but Eurobond talks remain unresolved.
Ideas
Haig Bathgate CEO, Kalanick Capital 10:04
Microsoft selloff looks indiscriminate, likely short-term.
Microsoft has been caught in an indiscriminate AI-disruption selloff, but it is less vulnerable than legacy SaaS because it is opening up to different LLMs; the weakness looks short-term and noisy rather than thesis-breaking.
MSFT MED
Haig Bathgate CEO, Kalanick Capital 10:13
SaaS winners/losers too dangerous to pick.
It is too dangerous to try to pick winners and losers among software-as-a-service companies amid AI disruption because the market is treating the uncertainty as a broad-based selloff; trying to play second-order effects there is playing with fire.
IGV HIGH
Haig Bathgate CEO, Kalanick Capital 10:23
US mid/small caps benefit from AI productivity.
AI is moving from experimentation to implementation, and the safest way to play the disruption is through US mid- and small-cap companies that can benefit from productivity gains, excess profits and a broadening of the equity rally, rather than trying to pick individual SaaS winners or losers.
MDY US small-cap equities HIGH
Haig Bathgate CEO, Kalanick Capital 12:23
US leads AI; stay exposed.
The US remains the dominant force in AI and disruption, and China is only catching up; investors who want exposure to the AI-driven disruption, including autonomous driving and EVs that are shifting back toward the US, still need US exposure.
SPY AI-SECTOR DRIV MED
Fasika Tadesse Bloomberg Reporter 20:07
Ethiopia reforms support growth; bonds unresolved.
Ethiopia is set to return to double-digit economic growth as IMF-backed reforms—including FX liberalization, opening telecom/real estate/retail to private investment, creating a capital market and mobilizing tax revenue—ease foreign-exchange constraints and strengthen exports; however, Eurobond restructuring talks with bondholders remain unresolved.
Ethiopia MED
Min Min Low China Correspondent, Bloomberg 26:48
Rotation into HK/China property, financials.
In China/Hong Kong, money is rotating into financials because high yields are attractive and into beaten-down property names as managers rotate toward Hong Kong property, which is recovering with Chinese government support.
Chinese financials Hong Kong property Chinese property MED
Steve Pagliuca Senior Advisor, Bain Capital; Founder and CEO, Pags Group 29:12
Software selloff overdone; be selective.
The Anthropic-driven selloff in software/services is probably an overreaction, but the blanket strategy of buying any software company because it is sticky is now over because AI lets companies automate more on their own; investors need to be more selective.
IGV MED
Steve Pagliuca Senior Advisor, Bain Capital; Founder and CEO, Pags Group 30:05
AI infrastructure spending remains strong.
The Magnificent Seven and other large tech companies are spending over $1 trillion on software infrastructure and data farms to implement AI at scale, and they have strong balance sheets and lots of cash, supporting a good upcoming year for AI infrastructure.
AIQ DTCR MAGS HIGH
Steve Pagliuca Senior Advisor, Bain Capital; Founder and CEO, Pags Group 30:50
Middle East biotech/tech growth backed by oil.
The Middle East has been a leader in investing in biotech and tech, with oil wealth fueling growth and backing companies that implement AI and revolutionize life; the region is positioned to benefit from the massive AI infrastructure buildout.
Middle East biotech sector Middle East technology sector MED
Steve Pagliuca Senior Advisor, Bain Capital; Founder and CEO, Pags Group 31:14
AI boosts industrial, transport, entertainment productivity.
AI is entering an implementation phase where it will reduce costs and increase productivity for industrial, transportation and entertainment companies, creating broad sector-level opportunities beyond the initial infrastructure buildout.
XLI IYT PEJ MED
Steve Pagliuca Senior Advisor, Bain Capital; Founder and CEO, Pags Group 31:32
AI data centers drive solar/nuclear/fusion demand.
AI data centers require enormous amounts of energy, and companies and investors are increasingly looking at solar power, nuclear power and fusion to meet that demand; all of those energy sources are on the rise, even though securing energy can be a bottleneck.
TAN URA Fusion energy HIGH
Oleksandr Komarov CEO, Kyivstar 36:55
Kyivstar offers Ukraine recovery exposure.
Kyivstar is the first Ukrainian company listed on Nasdaq, its offering was five times oversubscribed, and it is investing in resilience, energy/renewables, 5G and digital services to position for Ukraine's post-war recovery, providing international investors a bridge to Ukrainian recovery.
Kyivstar MED
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This Bloomberg Markets video, published February 04, 2026, features Haig Bathgate, Fasika Tadesse, Min Min Low, Steve Pagliuca, Oleksandr Komarov discussing MSFT, IGV, MDY, US small-cap equities, SPY, AI-SECTOR, DRIV, Ethiopia, Chinese financials, Hong Kong property, Chinese property, AIQ, DTCR, MAGS, Middle East biotech sector, Middle East technology sector, XLI, IYT, PEJ, TAN, URA, Fusion energy, Kyivstar. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Haig Bathgate, Fasika Tadesse, Min Min Low, Steve Pagliuca, Oleksandr Komarov  · Tickers: MSFT, IGV, MDY, US small-cap equities, SPY, AI-SECTOR, DRIV, Ethiopia, Chinese financials, Hong Kong property, Chinese property, AIQ, DTCR, MAGS, Middle East biotech sector, Middle East technology sector, XLI, IYT, PEJ, TAN, URA, Fusion energy, Kyivstar