US to Increase Scrutiny of Chinese AI Models | The China Show | 7/22/2026

Watch on YouTube ↗ | July 22, 2026 at 04:38 | 1:28:37 | Bloomberg Markets

Speakers

Anthony Stevens — Bloomberg Market Producer

Karen Kong — Managing Director, Galleon Securities Research Institute

David Savage — Editor, The Block

David Finnerty — Editor, CoinDesk

Anitza Nip — Head of Asia Fixed Income Research, UBP

Patrick Wong — Head of Bloomberg Intelligence Hong Kong

David Ingles — Anchor, Bloomberg

Wendy — Asian Equities Reporter

Tom Giles — Executive Editor for Tech

Summary

The episode covers a broad Asia market rebound led by AI chip stocks on reports of TSMC price hikes and strong Taiwan export orders. Chinese AI models like Kimi K3 gain global attention while the US announces scrutiny over intellectual property theft. Dollar-yen breaks 163 for the first time since 1986, and strategists see further yen weakness. In fixed income, the UBP research head favors Asian high yield and Australian bonds. Hong Kong property is forecast to rise on rental demand and population inflows.

Taiwan, Korea and Japan markets rally as AI chip trade returns on TSMC price hike news and record Taiwan export orders.
Chinese AI model Kimi K3 sparks global attention; US Treasury will increase scrutiny of Chinese AI for IP theft.
USD/JPY rises past 163, a 40-year low; strategist expects further yen weakness due to persistent rate differentials.
Asian high yield credit and bank AT1s remain attractive carry trades with strong demand, per UBP.
Australian dollar bonds are favored for their 5% yield and expected AUD appreciation.
Hong Kong residential property prices are projected to rise 11% this year and 7% next year, driven by rental growth and population inflows.
Top Sports plunges after Nike ends its online sales partnership in China, adding to sportswear industry uncertainty.
US Secretary of State Rubio meets Chinese Foreign Minister Wang Yi at ASEAN; South China Sea tensions and Mideast war weigh on sentiment.

Ideas

Anthony Stevens Bloomberg Market Producer 13:56

AI hardware trade delivers persistent alpha

The AI hardware 'picks and shovels' trade remains a consistent source of alpha despite high semiconductor volatility. China's domestic LLM improvement and expanding data center buildout, along with growing global AI use cases, sustain demand for chips and equipment. The trade keeps paying for those who endure the swings.

Karen Kong Managing Director, Galleon Securities Research Institute 31:30

Google cloud growth justifies AI CapEx

Big tech companies, especially Google, are well-positioned to demonstrate strong AI monetization. Google Cloud is expected to show accelerating growth in upcoming earnings, justifying the heavy CapEx spending and supporting the long-term investment case for these platforms.

David Finnerty Editor, CoinDesk 54:00

USD/JPY biased higher on rate differentials

Dollar-yen is biased higher because fundamental rate differentials persist and intervention only offers temporary relief. The BOJ is already fully priced for a rate hike, while any hawkish Fed tone or higher oil prices would push USD/JPY further up. The path of least resistance remains to the upside.

Anitza Nip Head of Asia Fixed Income Research, UBP 60:29

Asian high yield and AT1s offer carry

Carry is the priority in Asian fixed income. High yield credit, including corporate hybrids and especially bank AT1 bonds yielding 6–7%, remains well-bid and supported by strong credit fundamentals and heavy demand. Tight spreads are justified by the solid backdrop, making these carry instruments attractive.

Anitza Nip Head of Asia Fixed Income Research, UBP 62:58

Aussie bonds and AUD offer dual gains

Australian dollar bonds are attractive because they offer yields around 5% and the Australian dollar itself is in an appreciation trend. As long as AUD continues to strengthen, the total return from Aussie bonds becomes a compelling alternative to low-yielding deposits.

Patrick Wong Head of Bloomberg Intelligence Hong Kong 66:15

Hong Kong housing to keep rising

Hong Kong residential property is set for a sustained rebound. Rental growth of 5% per year, rising new population inflows from mainland students and work visa holders, and low interest rates are driving prices higher. Secondary home prices are projected to rise 11% this year and another 7% next year.

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This Bloomberg Markets video, published July 22, 2026, features Anthony Stevens, Karen Kong, David Finnerty, Anitza Nip, Patrick Wong discussing TW, T, GOOGL, USD/JPY, Asian High Yield Credit, Asian Bank AT1 Bonds, AUDUSD, Australian government bonds, Hong Kong Property Developers. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Karen Kong, David Finnerty, Anitza Nip, Patrick Wong · Tickers: TW, T, GOOGL, USD/JPY, Asian High Yield Credit, Asian Bank AT1 Bonds, AUDUSD, Australian government bonds, Hong Kong Property Developers