Nvidia, AI Stocks Tumble as China Chip Progress Sparks Selloff | The Pulse 7/28/2026

Watch on YouTube ↗  |  July 28, 2026 at 10:34  |  50:06  |  Bloomberg Markets
Speakers
Neil Kaplan — Bloomberg Senior Strategist
Laura Cooper — Global Investment Strategist, Nuveen
Anna Skoglund — Co-Head of EMEA Investment Banking, Goldman Sachs
Anna — Anchor

Summary

The Pulse examines a deepening semiconductor selloff triggered by Chinese lithography progress and AI spending fears. Guest Neil Kaplan flags risks for ASML and NVIDIA, while Laura Cooper remains constructive on US tech earnings and copper. European equities are viewed as resilient, with Anna Skoglund highlighting AI-driven M&A opportunities. Geopolitical developments push oil lower as Trump hints at an Iran deal.

  • Global chip rout deepens on Chinese competition in advanced chipmaking equipment.
  • Neil Kaplan sees threats to ASML from Chinese lithography and to NVIDIA from circular financing.
  • Laura Cooper believes robust tech earnings will drive the market higher, not worried about a drawdown.
  • Copper receives a bullish call from Nuveen based on AI-related demand in European metals and mining.
  • European equities are described as resilient and full of pockets of opportunity by Laura Cooper.
  • Anna Skoglund says AI is a massive catalyst for European countries, especially in services and healthcare.
  • Oil prices decline after Trump says there is a good chance of an Iran deal, though Tehran denies talks.
  • Barclays shares fall despite an earnings beat, as U.S. consumer banking and IB growth lag Wall Street rivals.
Ideas
Neil Kaplan Bloomberg Senior Strategist 2:38
Chinese lithography competition threatens ASML
Chinese competition in lithography is a threat to ASML, as China has advanced up the technology curve and is producing machines that rival ASML's deep ultraviolet and extreme ultraviolet tools. This is weighing on confidence in chip equipment stocks, and ASML is already considerably weaker.
ASML MED
Neil Kaplan Bloomberg Senior Strategist 3:41
NVIDIA financing inflates AI ecosystem
NVIDIA's circular financing deals risk artificially inflating the AI ecosystem. The amounts involved are rising, raising questions about how much of AI demand is real versus self-funded hype, and the cost of insuring NVIDIA's debt has increased.
NVDA MED
Laura Cooper Global Investment Strategist, Nuveen 5:58
Tech earnings drive market higher
Tech earnings remain exceptionally robust with margin expansion, and while valuations have come off the June peak they are still above average. The earnings backdrop—not multiple expansion—will drive the market higher, and there are no cracks yet in return on AI investments.
QQQ MED
Laura Cooper Global Investment Strategist, Nuveen 14:24
European equities resilient, opportunities present
AI and technology broadly are a huge opportunity for European countries. Europe is optimally placed in business services, financial services, healthcare and other sectors, and the AI catalyst is driving M&A well beyond pure tech.
VGK LOW
Laura Cooper Global Investment Strategist, Nuveen 14:51
Copper bullish on AI demand
There is AI exposure in European metals and mining, and the copper dynamic looks bullish. The team is quite bullish on copper as part of a broader European opportunity set.
COPPER MED
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This Bloomberg Markets video, published July 28, 2026, features Neil Kaplan, Laura Cooper discussing ASML, NVDA, QQQ, VGK, COPPER. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Kaplan, Laura Cooper  · Tickers: ASML, NVDA, QQQ, VGK, COPPER