DeepSeek and OpenAI Gear Up for Potential IPOs | Insight with Haslinda Amin 8/14/2026

Watch on YouTube ↗  |  August 14, 2026 at 05:43  |  46:54  |  Bloomberg Markets
Speakers
Raymond Cheng — CIO North Asia, Standard Chartered
Santanu Sengupta — Chief India Economist, Goldman Sachs
Shery — Bloomberg Reporter
Eddie Spence — Bloomberg Commodities Reporter
Min Min Low — China Correspondent, Bloomberg

Summary

Insight covers Asian markets, rising U.S. long-end yields, AI-driven equity concentration, China AI capex positioning, Indonesia fiscal politics, OpenAI/DeepSeek IPO developments, and India AI labor and macro impacts. Standard Chartered's Raymond Cheng sees elevated Treasury yields, yen weakness, and selective opportunities in U.S. financials and China/HK AI capex. Goldman's Santanu Sengupta discusses India AI sector winners and macro policy risks, while a Japan feature highlights weak-yen support for equities but household strain.

  • U.S. 30-year bond auction prices at the highest yield since 2001, keeping long-end yields in focus.
  • Raymond Cheng expects the 10-year U.S. Treasury yield to remain in a 4.5%-4.7% range with slight upside risk.
  • Cheng sees continued yen weakness and favors USD/JPY upside.
  • Cheng recommends diversification from AI concentration and likes U.S. financials on high rates.
  • Cheng sees China/HK AI capex as underappreciated and prefers it over old Chinese e-commerce platforms.
  • Indonesia's state of the nation address draws investor attention to fiscal deficit and fuel subsidy signals.
  • Goldman's Santanu Sengupta sees India AI favoring financials, healthcare, education and business services while pressuring telecom and IT services.
  • Japan's weak yen supports equities but squeezes pensioners and lower-income households.
Ideas
Raymond Cheng CIO North Asia, Standard Chartered 3:26
Deficits keep long-end yields elevated.
U.S. federal deficits and heavy corporate debt issuance for AI capex point to elevated long-end Treasury yields. He expects the 10-year U.S. government bond yield to trade in a 4.5%-4.7% range, with slight upside risk and ongoing funding-cost pressure for U.S. risk assets.
U.S. 10-year Treasury yield HIGH
Raymond Cheng CIO North Asia, Standard Chartered 8:58
Yen downtrend; dollar stays stronger.
The yen continues to resume its downtrend because markets are skeptical that yen can return to sustained strength. Elevated U.S. government bond yields also support the U.S. dollar relative to the yen, even with some Bank of Japan rate-hike talk.
USD/JPY HIGH
Raymond Cheng CIO North Asia, Standard Chartered 10:31
High rates support U.S. financial margins.
With interest rates likely to remain high, U.S. financials should benefit because net interest margins will not face downside pressure. He tells investors to use current market strength to diversify away from crowded technology and semiconductor exposure into underowned areas such as U.S. financials.
XLF MED
Raymond Cheng CIO North Asia, Standard Chartered 11:31
Buy China AI capex over e-commerce.
China's side of the global AI capex ecosystem is underappreciated, and global investors are underpositioned in China/Hong Kong equities. Government support for entrepreneurs and IPOs supports Chinese AI-related names, especially in the mid-to-lower tier. He advises using volatility to add back China A-shares and H-shares and rotating away from old e-commerce platforms toward AI capex beneficiaries.
ASHR FXI HIGH
Raymond Cheng CIO North Asia, Standard Chartered 11:31
Buy China AI capex over e-commerce.
China's side of the global AI capex ecosystem is underappreciated, and global investors are underpositioned in China/Hong Kong equities. Government support for entrepreneurs and IPOs supports Chinese AI-related names, especially in the mid-to-lower tier. He advises using volatility to add back China A-shares and H-shares and rotating away from old e-commerce platforms toward AI capex beneficiaries.
Chinese e-commerce platforms HIGH
Santanu Sengupta Chief India Economist, Goldman Sachs 34:52
AI favors Indian services, hurts call centers.
Generative AI is more likely to augment than eliminate Indian jobs. Select financials, healthcare, education and enablers, and parts of business services should benefit from AI-driven productivity gains, while telecom services and parts of IT services face substitution risk, especially from call centers and BPO exposure.
XLV IBN Indian education services Indian business services MED
Santanu Sengupta Chief India Economist, Goldman Sachs 34:52
AI favors Indian services, hurts call centers.
Generative AI is more likely to augment than eliminate Indian jobs. Select financials, healthcare, education and enablers, and parts of business services should benefit from AI-driven productivity gains, while telecom services and parts of IT services face substitution risk, especially from call centers and BPO exposure.
Indian telecom services Indian IT services MED
Shery Bloomberg Reporter 44:24
Weak yen lifts Japanese stock earnings.
A weak yen is good for the Japanese stock market because it improves corporate earnings, even as it erodes household purchasing power. The Nikkei's strength and returning inflation are supporting Japanese equities, especially amid the AI boom and renewed investor interest.
N225 MED
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This Bloomberg Markets video, published August 14, 2026, features Raymond Cheng, Santanu Sengupta, Shery discussing U.S. 10-year Treasury yield, USD/JPY, XLF, ASHR, FXI, Chinese e-commerce platforms, XLV, IBN, Indian education services, Indian business services, Indian telecom services, Indian IT services, N225. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Raymond Cheng, Santanu Sengupta, Shery  · Tickers: U.S. 10-year Treasury yield, USD/JPY, XLF, ASHR, FXI, Chinese e-commerce platforms, XLV, IBN, Indian education services, Indian business services, Indian telecom services, Indian IT services, N225