Bloomberg Surveillance 6/11/2026

Summary

A busy morning on Bloomberg Surveillance ahead of the SpaceX IPO and the ECB's first rate hike since 2023. Guests debated the resiliency of the equity bull market, the durability of AI spending, and the macro stress from an oil-price shock driven by renewed US-Iran hostilities. Analysts expressed bullish views on semiconductors, AI IPOs, energy, materials, and commodities while advocating for European bonds over Treasuries and cautioning on cash and consumer discretionary.

• The ECB raised rates for the first time since 2023, citing upside inflation risks and energy shocks, while cutting growth forecasts.
• President Trump threatened to take Iran's Kharg Island, escalating tensions but causing only a modest oil price reaction.
• Oracle shares fell sharply after the company announced a massive capex increase, fueling concerns about the returns on AI infrastructure spending.
• Julian Emanuel sees the SpaceX IPO as a positive data point for the equity bull market, with FOMO still ahead.
• Angelo Zino argued that semiconductors remain the best place to be as AI infrastructure spending shows no sign of slowing.
• Iain Stealey said European government bonds offer better relative value than US Treasuries given diverging growth dynamics.
• Savita Subramanian warned of multiple red flags in equities but recommended energy, materials, commodities, staples, and large-cap value while avoiding cash.
• Ted Mortonson and Mike Pyle advised investors to own the new mega AI IPOs and maintain broad AI exposure for the medium to long term.