Buzzberg Cup Bracket locked

Stocks Churn Before Micron’s Earnings as Oil Sinks | The Close 6/24/2026

Watch on YouTube ↗  |  June 24, 2026 at 22:12  |  1:30:05  |  Bloomberg Markets
Speakers
Qian Wang — Vanguard Investment Strategy Group Global Head of Capital Market Research
Jamey Millar — Executive Vice President & Head of U.S. Operations, Novo Nordisk
Matt Bryson — Analyst, Woodside Capital Management
Gene Munster — Managing Partner, Deepwater Asset Management
Racquel Oden — Head of Wealth and Personal Banking, HSBC
Norah Mulinda — Market Reporter, Bloomberg
Jeffrey Sherman — Deputy Chief Investment Officer at DoubleLine Capital
Daryl Fairweather — Chief Economist, Redfin
Mandeep Singh — Senior Analyst, Bloomberg Intelligence

Summary

The episode covers market churn ahead of Micron's earnings, with AI and semis in focus. Guests express bullish views on the AI chip cycle, NVO's GLP-1 franchise, and specific AI hardware names (Micron, NVIDIA, Qualcomm). Oil declines and bond rallying are discussed, while healthcare costs, housing legislation, and World Cup ticketing are also touched upon.

  • Micron earnings beat consensus and issued strong guidance, driving chip stocks sharply higher after hours.
  • Qian Wang (Vanguard) sees the AI semiconductor cycle having a year or two further to run, with Asia benefiting disproportionately.
  • Jamey Millar (Novo Nordisk) highlights stellar Wegovy pill growth and expanded Medicare coverage as catalysts.
  • Gene Munster (Deepwater) argues AI buildout is in early innings, with Micron, NVIDIA and Qualcomm well-positioned.
  • Jeffrey Sherman (DoubleLine) notes relief in Treasuries from oil drop but remains underweight AI bonds due to high valuations.
  • A bipartisan housing bill targeting supply-side easing is seen as a meaningful step, though structural challenges remain.
  • Wendy's shares spike on a meme-stock rally, while Alibaba ADRs fall on an Anthropic accusation.
Ideas
Qian Wang Vanguard Investment Strategy Group Global Head of Capital Market Research 10:34
AI chip cycle has further to run
The AI semiconductor cycle still has a year or two to run, driven by massive infrastructure investment, scaling inference demand, and supply constraints; earnings momentum is expected to strengthen in the near term, and Asian chipmakers particularly in South Korea and Taiwan benefit disproportionately from this buildout.
SMH EWY EWT HIGH
Jamey Millar Executive Vice President & Head of U.S. Operations, Novo Nordisk 28:35
Novo Nordisk GLP-1 franchise strong growth
Novo Nordisk's GLP-1 franchise is experiencing accelerated growth: Wegovy pill adoption has been stellar with over 3 million total prescriptions, new Medicare coverage for obesity starting July 1 expands the addressable market, and the $50 out-of-pocket cost is attractive for seniors; the halo effect is boosting both the pill and injectable formats.
NVO HIGH
Matt Bryson Analyst, Woodside Capital Management 56:17
Micron demand and margins remain healthy
Micron's results indicate the AI buildout is earlier than most expect, with revenue growth sustaining near 340%+ levels; hyperscaler capex growth estimates are rising, validating that chip companies like Micron will continue to grow faster for longer than the market anticipates.
MU MED
Gene Munster Managing Partner, Deepwater Asset Management 65:51
NVIDIA growth estimates accelerating, undervalued
NVIDIA's growth estimates for calendar 2027 have accelerated from mid-20% to 40%, yet the stock has underperformed the NASDAQ despite a substantially larger buildout; the disconnect suggests upside as the market gains confidence in sustained hyperscaler capex.
NVDA HIGH
Gene Munster Managing Partner, Deepwater Asset Management 66:54
Qualcomm's AI data center pivot underappreciated
Qualcomm is making a meaningful pivot from smartphones into AI data centers, and the next chapter of AI (personalized AI) creates a direct Qualcomm angle; the market underappreciates how early this expansion is, giving Qualcomm new life as a legitimate AI infrastructure play.
QCOM HIGH
Up Next
40:38
Micron, significantly exceeding expectations... Semiconductors surge across the board after hours [Wall Street Newsletter]
3PRO TV (삼프로TV) · Jun 24
2:43
SK Hynix Seeks $29B With US Listing to Fund AI Boom
Bloomberg Markets · Jun 24
1:19
Trump Warns 'Big Trouble' for Oil Companies If Price Gouging
Bloomberg Markets · Jun 24
2:47:24
LIVE: Bitcoin & Saylor Are TUMBLING... Micron Earnings Today (HUGE)!! Fear Is Rising... oh no.
Thread Guy · Jun 24
1:54
Trump Calls London Mayor a 'Horror Show'
Bloomberg Markets · Jun 24

This Bloomberg Markets video, published June 24, 2026, features Qian Wang, Jamey Millar, Matt Bryson, Gene Munster discussing SMH, EWY, EWT, NVO, MU, NVDA, QCOM. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Qian Wang, Jamey Millar, Matt Bryson, Gene Munster  · Tickers: SMH, EWY, EWT, NVO, MU, NVDA, QCOM