Apple & Nvidia Battle & the Business of the World Cup | The Close 7/17/2026

Watch on YouTube ↗ | July 17, 2026 at 23:00 | 1:29:41 | Bloomberg Markets

Speakers

Mimi Duff — Head of NY Office and Senior Client Advisor, GenTrust

Michael Halen — Senior Restaurant Analyst, Bloomberg Intelligence

Simon Gallagher — Managing Director at SPG

Kim Forrest — CIO, Bokeh Capital Partners

Vanessa Perdomo — Bloomberg Business of Sports Cohost

Nate Rosenbaum — Head of US High-Grade Credit Strategy, JP Morgan

Craig Moffett — Senior Analyst, MoffettNathanson

Michael Ball — Former NY Fed / Market Commentator

Summary

Bloomberg's 'The Close' covers a down day for markets as the AI and chip selloff deepens, with the Philadelphia semiconductor index entering a bear market. Apple overtakes Nvidia as the most valuable company, seen as a safe haven amid the rotation. Guests discuss diversifying out of Magnificent Seven, buying opportunities in Yum! Brands and Synopsys, and Netflix's undervalued ad business. The second half focuses on the business of the World Cup final, highlighting record economic impact, betting volumes, and Adidas as a beneficiary.

S&P 500 falls ~1%, Nasdaq 100 down 1.5% as tech rotation intensifies.
Philadelphia semiconductor index enters bear market, off 20% from peak.
Apple reclaims most valuable company title, viewed as a safe haven.
Mimi Duff advocates shifting from Mag 7 into mid/small caps, foreign equities, real assets.
Yum! Brands dip seen as buying opportunity; Netflix ad revenue potential undervalued.
Synopsys called a bargain; memory stocks like Micron and SK Hynix flagged as risky.
World Cup final projected to bring over $3 billion economic impact to NY/NJ.
Adidas positioned as a winner regardless of final, sponsoring both Argentina and Spain.

Ideas

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 3:25

Diversify away from Magnificent Seven.

The Magnificent Seven have underperformed this year, concentration risk is high with the top stocks at ~40% of the S&P 500, and diversifying away from them is prudent. GenTrust has hedges on the Mag 7 and expects broader performers to continue beating them.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 3:47

Mid/small caps and foreign equities outperform.

Mid-caps, small-caps, equal-weight S&P 500, and foreign equities have been beating the Mag 7 this year and have more room to run as valuations are more attractive and the economy supports broadening.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 5:12

Long biotech, defense, and quantum themes.

Biotech, defense, and quantum computing are multi-year themes that could benefit as AI implementation expands beyond pure tech.

Mimi Duff Head of NY Office and Senior Client Advisor, GenTrust 6:18

Hold energy, gold, uranium as inflation hedges.

Real assets including energy producers, gold, and uranium are held as an inflation hedge and a core portfolio hedge against geopolitical and macro uncertainty.

Simon Gallagher Managing Director at SPG 25:26

Netflix ad revenue is undervalued by market.

Netflix's advertising business is on track to double to $3 billion this year, still far behind YouTube, representing significant upside that the market is not fully crediting. The company's short-form content strategy further boosts the revenue opportunity.

Michael Halen Senior Restaurant Analyst, Bloomberg Intelligence 31:57

Yum! Brands decline is a buying opportunity.

The 10% decline in Yum! Brands on the parasite outbreak is overblown; cyclospora is not fatal, the supplier rather than Taco Bell is at fault, lettuce is not a big sales driver, and previous outbreaks like McDonald's had minimal sales impact. The drop offers a buying opportunity with Pizza Hut sale and strong top/bottom line growth ahead.

Kim Forrest CIO, Bokeh Capital Partners 42:15

Synopsys is a bargain chip design play.

Synopsys has been sold off as if no more chips will be designed, which is unlikely. The company is a bargain at current levels and is being added to accounts.

Kim Forrest CIO, Bokeh Capital Partners 42:55

Avoid memory stocks after sharp rally.

Memory stocks like Micron, SK Hynix, and Sandisk flew up too far too fast on unverified AI demand. The true demand is unclear and the sector requires extreme caution; buyers should be very discriminating.

Vanessa Perdomo Bloomberg Business of Sports Cohost 88:11

Adidas is the big World Cup final winner.

Adidas outfits both Argentina and Spain, the two World Cup finalists, and therefore is a guaranteed winner regardless of the match outcome, with jersey sales and brand visibility set to spike.

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This Bloomberg Markets video, published July 17, 2026, features Mimi Duff, Simon Gallagher, Michael Halen, Kim Forrest, Vanessa Perdomo discussing MAG7, Mid-cap equities, IWM, Equal-weight S&P 500, VEA, XBI, ITA, QTUM, XLE, GLD, URA, NFLX, YUM, SNPS, MU, 000660.KS, SNDK, ADDYY. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mimi Duff, Simon Gallagher, Michael Halen, Kim Forrest, Vanessa Perdomo · Tickers: MAG7, Mid-cap equities, IWM, Equal-weight S&P 500, VEA, XBI, ITA, QTUM, XLE, GLD, URA, NFLX, YUM, SNPS, MU, 000660.KS, SNDK, ADDYY