Oil Surge, AI Jitters Weigh on Markets | Open Interest 7/23/2026

Watch on YouTube ↗  |  July 23, 2026 at 17:43  |  1:39:46  |  Bloomberg Markets
Speakers
Seema Shah — Chief Global Strategist, Principal Asset Management
Brent Thill — Analyst, Jefferies
Ann Berry — Founder, Threadneedle Ventures
Jon Gray — President & COO, Blackstone
Julian Lee — Senior Oil Market Reporter, Bloomberg
Sid Philip — Chief Aviation Correspondent, Bloomberg
Geetha Raghunathan — Media Analyst, Bloomberg Intelligence

Summary

Bloomberg Open Interest covers the ECB leaving rates unchanged but signaling a possible September hike amid rising energy prices, with Brent crude topping $100 on escalated Red Sea attacks. Alphabet shares drop 6% after massive capex plans reignite AI spending ROI fears. Guests from Principal Asset Management, Jefferies, Threadneedle Ventures, and Blackstone offer stock and sector ideas around AI infrastructure, financials, industrials, healthcare, Sphere Entertainment, and Blackstone itself.

  • ECB holds rates but flags upside inflation risks from energy shock; some members discussed a hike, decision awaits data by September.
  • Brent crude breaks above $100 as Houthi attacks on Saudi tankers threaten Red Sea shipping and strain oil supply routes.
  • Alphabet reports strong cloud growth but raises capex outlook, shocking investors with negative free cash flow and fueling an AI spending debate.
  • Jefferies' Brent Thill recommends staying overweight AI infrastructure (picks and shovels) and buying Amazon and Google for long-term AI dominance.
  • Principal's Seema Shah sees opportunity in financials as AI beneficiaries and in beaten-down industrials and healthcare with attractive valuations.
  • Threadneedle's Ann Berry highlights Sphere Entertainment as a packed venue play with decent multiples and expansion into Abu Dhabi.
  • Blackstone President Jon Gray argues the stock is undervalued, yielding 4%, and deserves a re-rating as AI investments power earnings growth.
  • Markets sell off broadly, led by tech, with two-year yields hitting 2025 highs on strong jobless claims and inflation fears.
Ideas
Seema Shah Chief Global Strategist, Principal Asset Management 42:16
Overweight non-AI sectors, attractive valuations.
Many strong companies outside the AI complex have been punished simply for not being attached to AI. There are attractive valuation opportunities across industrials and healthcare, which can continue to perform well if the macro backdrop stays constructive.
XLI XLV HIGH
Seema Shah Chief Global Strategist, Principal Asset Management 46:03
Overweight financials as AI IPO beneficiaries.
Financials and banks are among the strongest parts of the market going forward. They were unfairly beaten up on rate-hike fears but continue to perform well. They serve as a diversification to the AI trade and are beneficiaries of all the IPO and deal activity around tech, making them attractive as AI-driven opportunities.
XLF HIGH
Brent Thill Analyst, Jefferies 48:28
Overweight AI infrastructure as capex beneficiaries.
The massive AI capex from hyperscalers flows immediately to the receivers—semiconductors, hardware, networking, the picks and shovels of AI infrastructure. Investors should overweight the receivers of that capital, as they see the dollars now, while the ROI for the spenders is years away.
SMH HIGH
Brent Thill Analyst, Jefferies 53:02
Buy Amazon and Google for long-term AI dominance.
Amazon and Google are buys because they will be the big winners of the AI buildout over a three-to-five-year horizon. For patient investors, these hyperscalers are positioned to dominate long-term, even if near-term sentiment suffers from rising capex fears.
AMZN GOOGL HIGH
Ann Berry Founder, Threadneedle Ventures 64:00
Long Sphere Entertainment, packed venue, decent multiple.
Sphere Entertainment is trading at a decent multiple, the venue is packed, every seat is full, and there is clarity around expansion into Abu Dhabi. Live entertainment demand remains strong even as other parts of Las Vegas struggle.
SPHR MED
Jon Gray President & COO, Blackstone 79:54
Long Blackstone, discounted multiple, AI-driven growth.
Blackstone is trading at a discounted market multiple despite delivering strong earnings growth, yielding 4%, and benefiting from its strategic pivot into AI and the AI ecosystem. The market should eventually re-rate the stock as it recognizes the earnings power and growth from data centers, energy infrastructure, and AI-related investments.
BX HIGH
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This Bloomberg Markets video, published July 23, 2026, features Seema Shah, Brent Thill, Ann Berry, Jon Gray discussing XLI, XLV, XLF, SMH, AMZN, GOOGL, SPHR, BX. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Seema Shah, Brent Thill, Ann Berry, Jon Gray  · Tickers: XLI, XLV, XLF, SMH, AMZN, GOOGL, SPHR, BX