Ideas
TSMC benefits from robust AI demand.
TSMC's January revenue jumped 37%, the fastest pace in months, and it is a key manufacturer for AI chips used by Nvidia and AMD. Tom viewed this as another litmus test showing AI demand remains strong despite bubble concerns, supporting TSMC shares.
AI disruption pressures insurance brokers.
AI apps/products, such as Anthropic's insurance-sector plugin, are raising questions about how defensible legacy insurance brokers and financial services businesses are. Tom expects more AI products to create volatility and pressure across sectors, forcing insurance brokers to prove they can maintain historical margins, making the group unattractive.
Memory shortage favors producers, hurts consumers.
The memory chip shortage is unlikely to end until potentially 2027. Memory chip producers and DRAM prices are benefiting—DRAM prices up 600% and a basket of memory-chip producers up about 160% since September—while consumers such as Apple, Nintendo, and carmakers face higher input costs and margin pressure.
Memory shortage favors producers, hurts consumers.
The memory chip shortage is unlikely to end until potentially 2027. Memory chip producers and DRAM prices are benefiting—DRAM prices up 600% and a basket of memory-chip producers up about 160% since September—while consumers such as Apple, Nintendo, and carmakers face higher input costs and margin pressure.
Gucci turnaround supports Kering shares.
Kering shares rose after Gucci sales declined less than before. Andrea sees hope that Gucci is through the worst, with the Chinese customer improving, and a 20% reduction in shops across the group may help stabilize the brand.
Zara gains midmarket and US growth.
Zara has room to stretch into the midmarket as luxury prices have pushed consumers to alternatives. Its Super Bowl moment and Bad Bunny tie-up highlight US growth potential, with around 100 US stores and lots of brick-and-mortar white space.
Luxury sector past worst, set to improve.
The luxury sector is past the worst; last year's big declines are in the rearview, US consumers are spending, and China should recover slowly rather than V-shaped. New creative directors at Dior and Gucci and more affordable pricing could drive improvement.
Asia tech offers cheaper, less software exposure.
Asia tech is an attractive opportunity because it has done well, has less software exposure than the US, and offers cheaper valuations. Investors have been looking more globally, and Asia remains interesting for those who believe in the tech narrative.
UK political risk makes equities tough.
Although easier macro conditions could support UK equities, political risk around Keir Starmer's leadership is making investors cautious and pushing them to look elsewhere in Europe. As long as the political narrative continues, the UK is a tough spot.
Strong demand supports Alphabet credit.
Alphabet's debt issuance saw huge demand, about $100 billion for the package. Matt thinks strong appetite for Alphabet credit makes sense given recent fundamentals and its successful AI execution; the 100-year note fits pension fund liability-matching demand, and the company is testing credit markets with success.
Apple relatively immune due to premium positioning.
While there are question marks about the smartphone market, Apple appears relatively immune because of its premium positioning.
AI assistants disrupt travel search.
Bloomberg Intelligence survey work shows travel is by far the single service consumers most want to use with AI assistants. This could disrupt online travel search, with opportunities for upstarts to displace established platforms if they become the default holiday information and sales platform for OpenAI or Google. The travel sector is an interesting part of the market to watch.
Europe raises defense spending.
Europe, and Germany in particular, is significantly increasing defense spending. Germany is moving from 1.3% of GDP toward a 5% objective and will spend twice as much on defense as France in coming years, as Europe takes more responsibility for its security.
This Bloomberg Markets video, published February 10, 2026,
features Tom Mackenzie, Andrea, Seema Shah, Matt, Wolfgang Ischinger
discussing TSM, US insurance brokers, Memory chip producers, DRAM, AAPL, NTDOY, CARZ, KER.PA, Zara, Luxury sector, Asia tech, EWU, Alphabet credit, AWAY, European Defense.
13 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Tom Mackenzie,
Andrea,
Seema Shah,
Matt,
Wolfgang Ischinger
· Tickers:
TSM,
US insurance brokers,
Memory chip producers,
DRAM,
AAPL,
NTDOY,
CARZ,
KER.PA,
Zara,
Luxury sector,
Asia tech,
EWU,
Alphabet credit,
AWAY,
European Defense
