Bloomberg Surveillance 5/15/2026

Watch on YouTube ↗ | May 15, 2026 at 15:28 | 2:24:17 | Bloomberg Markets

Speakers

Sebastien Page — CIO & Head of Global Multi-Asset, T. Rowe Price

Dan Ives — Managing Director, Wedbush Securities

Alastair Pinder — Global Equity Strategist, HSBC

Lorraine Hutchinson — Senior Retail Analyst, BofA Securities

Subadra Rajappa — Head of Research at Societe Generale

Ulrike Hoffmann-Burchardi — CIO, UBS Global Wealth Management

Scott Chronert — Managing Director, Citi

Jayati Bharadwaj — TD Securities Head of FX Strategy

Ted Mortonson — Managing Director, Baird

Henrietta Treyz — Political Analyst, Veda Partners

Summary

Bloomberg Surveillance covers global markets reacting to higher bond yields, inflation fears, and the U.S.-China summit. Key themes include AI-driven semiconductor super cycle, the need to hedge inflation, and sector rotation into physical economy. Multiple strategists present bullish calls on U.S. large-cap growth, Nasdaq 100, and specific stocks like NVIDIA and TJX.

Stocks pull back from records as bond yields spike globally on hot PPI and inflation concerns.
President Trump concludes China summit with limited trade breakthroughs; Taiwan and chip controls remain unresolved.
Sébastien Page recommends a diversified inflation hedge including cash, short duration, real assets, and metals.
Daniel Ives forecasts NVDA, AMD upside and Nasdaq 100 reaching 30,000 over 6-9 months.
Alastair Pinder upgrades S&P target to 7650-8000, overweight Taiwan, materials, and avoids SAAS.
Lorraine Hutchinson favors TJX and TPR as retail winners benefiting from consumer trade-down.
Ulrike Hoffmann-Burchardi advocates rotating to industrials, materials, and utilities over pure digital AI plays.
Scott Chronert views Nasdaq 100 as preferred AI expression with strong earnings momentum.

Trade Ideas

Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 4:48

Diversified inflation hedges: cash, short duration, real assets.

Hedge inflation risk using a diversified portfolio: hold cash, be short duration, own real asset equities and metals/mining companies. Treasuries will not hedge inflation volatility; a mix of hedges is needed while staying invested.

Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 4:48

Diversified inflation hedges: cash, short duration, real assets.

Hedge inflation risk using a diversified portfolio: hold cash, be short duration, own real asset equities and metals/mining companies. Treasuries will not hedge inflation volatility; a mix of hedges is needed while staying invested.

Sebastien Page CIO & Head of Global Multi-Asset, T. Rowe Price 8:38

U.S. large-cap growth is best AI play.

Overweight U.S. large-cap growth stocks as the best expression of the AI theme. Europe is more sensitive to the energy shock, U.S. is a net oil exporter, large-cap growth earnings growth is strong (28% projected) and valuations are below the five-year average, not bubble-like.

Dan Ives Managing Director, Wedbush Securities 33:33

NVIDIA demand far exceeds supply.

NVIDIA is a core AI beneficiary with demand-to-supply ratio of 10:1; the chip trade will continue higher as part of the AI revolution.

Dan Ives Managing Director, Wedbush Securities 35:35

AMD has 15-20% upside.

AMD still has 15-20% upside as AI tailwinds broaden beyond NVIDIA.

Dan Ives Managing Director, Wedbush Securities 35:50

Nasdaq 100 to 30,000.

The Nasdaq 100 is the preferred way to play the AI build-out because earnings have demonstrated consistent improvement and fundamentals have room to grow; the earnings-driven market supports further upside.

Alastair Pinder Global Equity Strategist, HSBC 52:35

S&P 500 target 7650-8000.

S&P 500 year-end target 7650-8000 on the back of 27% earnings growth, the strongest since post-COVID, with broad-based beats.

Alastair Pinder Global Equity Strategist, HSBC 55:47

Overweight Taiwan for AI.

Overweight Taiwan as a key beneficiary of AI capex spending; semiconductor names like TSMC dominate and trade on attractive multiples.

Alastair Pinder Global Equity Strategist, HSBC 55:52

Materials benefit from AI capex.

Prefer physical sectors (industrials, materials, utilities) over pure digital plays as AI shifts to infrastructure and physical economy; these sectors benefit from AI capex and are less vulnerable to disruption.

Alastair Pinder Global Equity Strategist, HSBC 56:23

Avoid SAAS due to AI disruption.

Avoid SAAS stocks as they face disruption fears from AI, making them an overhang even if not fully realized.

Lorraine Hutchinson Senior Retail Analyst, BofA Securities 80:18

TJX gains from consumer trade-down.

TJX is a beneficiary of trade-down spending as high gas prices pressure consumers; off-price retail behaves like a necessity, capturing both lower and upper-income shoppers.

Lorraine Hutchinson Senior Retail Analyst, BofA Securities 81:12

Coach outperforming with strong growth.

Coach (Tapestry) is a winning brand with strong marketing and product investment, delivering 29% North America growth in a tough consumer environment.

Subadra Rajappa Head of Research at Societe Generale 91:05

Short front-end Treasuries for higher yields.

Position for higher front-end yields as the market prices rate hikes and the Fed remains behind the curve; bond yields are becoming unhinged and the Fed should shift to neutral/hiking bias.

Ulrike Hoffmann-Burchardi CIO, UBS Global Wealth Management 103:24

Rotate to industrials, materials, utilities.

Prefer physical sectors (industrials, materials, utilities) over pure digital plays as AI shifts to infrastructure and physical economy; these sectors benefit from AI capex and are less vulnerable to disruption.

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This Bloomberg Markets video, published May 15, 2026, features Sebastien Page, Dan Ives, Alastair Pinder, Lorraine Hutchinson, Subadra Rajappa, Ulrike Hoffmann-Burchardi discussing CASH, Real asset equities, Metals & mining equities, SHY, VUG, NVDA, AMD, QQQ, SPY, EWT, XLB, IGV, TJX, TPR, 2-Year Treasury, XLI, XLU. 14 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Sebastien Page, Dan Ives, Alastair Pinder, Lorraine Hutchinson, Subadra Rajappa, Ulrike Hoffmann-Burchardi · Tickers: CASH, Real asset equities, Metals & mining equities, SHY, VUG, NVDA, AMD, QQQ, SPY, EWT, XLB, IGV, TJX, TPR, 2-Year Treasury, XLI, XLU