Buzzberg Cup Live

Bloomberg Surveillance 7/6/2026

Watch on YouTube ↗  |  July 06, 2026 at 15:05  |  2:24:15  |  Bloomberg Markets
Speakers
Max Kettner — Chief Multi-Asset Strategist, HSBC
Sarah Kunst — Cleo Capital Founder
Kelsey Berro — Fixed Income Portfolio Manager, JPMorgan Asset Management
Mandeep Singh — Senior Analyst, Bloomberg Intelligence
Mike Wilson — Chief Investment Officer, Morgan Stanley
Noah Weisberger — Chief Investment Strategist, BCA Research
Sarah Hunt — Chief Market Strategist, Alpine Saxon Woods
Greg Boutle — U.S. Head of Equity & Derivative Strategy, BNP Paribas
Tom O'Malley — Barclays
Earl Davis — Head of Fixed Income, BMO Global Asset Management
Alex Altman — Global Head of Equities, Tactical Strategies, Barclays
Veronica Clark — Economist, Citi
Henrietta Treyz — Political Analyst, Veda Partners
Tobin Marcus — Wolfe Research

Summary

The episode focuses on the AI trade, with multiple strategists debating a rotation from semiconductor and memory stocks back to hyperscalers. SK Hynix's upcoming $28 billion US IPO and Samsung earnings are key events, while a softer jobs report has reduced urgency for a Fed rate hike. Geopolitical discussions cover the NATO summit, Ukraine, and the Strait of Hormuz, though markets are largely ignoring those risks. Fixed-income views range from bearish on Treasuries due to capital competition to bullish on credit and select EM bonds.

  • AI trade sees a rotation debate: hyperscalers (Mag 7) favored over semiconductors and memory stocks.
  • SK Hynix prepares for a $28 billion US listing and Samsung reports earnings, testing memory demand.
  • US jobs data came in softer, removing immediate Fed hike urgency, but a spread of views remains.
  • Several strategists call for a summer melt-up in equities, driven by low expectations and AI monetization.
  • A bearish Treasury view expects 10-year yields to hit 5% by 2027 due to capital competition.
  • Credit and select EM bonds (Mexico, India) are favored for carry and value.
  • NATO summit and Iran strait tensions are background risks not immediately impacting markets.
  • President Trump's intervention to overturn a FIFA red card dominates anecdotal discussion.
Ideas
Max Kettner Chief Multi-Asset Strategist, HSBC 6:34
Hyperscalers will melt up on low expectations.
Expectations for hyperscaler earnings have been reset lower after recent drawdowns, while there are early signs of AI monetization. Combined with neutral positioning and no extreme supply worries, this sets up for a positive surprise and a summer melt-up in these stocks.
Magnificent Seven (Hyperscalers) MED
Mandeep Singh Senior Analyst, Bloomberg Intelligence 30:03
Memory stocks keep rising on disciplined supply.
Memory stocks are undergoing a structural change with longer-term contracts, improved visibility on margins, and a supply-demand imbalance that will not be resolved until early 2028. The shift to data center demand also reduces cyclicality. This opportunity is not yet fully reflected in stock prices.
005930.KS MU MED
Sarah Kunst Cleo Capital Founder 32:06
SK Hynix IPO not reasonably priced.
Memory stocks are undergoing a structural change with longer-term contracts, improved visibility on margins, and a supply-demand imbalance that will not be resolved until early 2028. The shift to data center demand also reduces cyclicality. This opportunity is not yet fully reflected in stock prices.
000660.KS MED
Sarah Kunst Cleo Capital Founder 34:22
Triple-digit P/E names are overvalued.
Names like Tesla and Palantir trade at triple-digit P/E ratios, which are not a sane place to put money even if profitable. The ever-increasing multiples in parts of the US market make them unattractive.
TSLA PLTR MED
Kelsey Berro Fixed Income Portfolio Manager, JPMorgan Asset Management 43:30
Stay long US corporate credit for carry.
Despite higher yields, credit fundamentals stay solid because growth is underpinned by deregulation and strong small/medium business activity. Use spread widening as a buying opportunity in liquid investment-grade and high-yield credit.
US Investment Grade Credit US High Yield Credit MED
Kelsey Berro Fixed Income Portfolio Manager, JPMorgan Asset Management 47:52
Mexico and India bonds offer value.
Some central banks have over-hyped rates even as inflation pressures ease. There is value in local government bond curves in emerging markets like Mexico and India, which may not deliver all priced hikes.
Mexican Government Bonds SGB MED
Mike Wilson Chief Investment Officer, Morgan Stanley 57:24
Semiconductor stocks face a 30% correction.
Semiconductor stocks are extremely extended relative to moving averages and earnings revision breadth will roll over. A 30% correction is well within the realm of possibility as the spending narrative shifts.
SOXX HIGH
Mike Wilson Chief Investment Officer, Morgan Stanley 59:16
Money center banks will do quite well.
Money center banks will benefit from accelerating loan growth and an administration that wants a privately driven organic expansion. Even with a flattening yield curve, bank earnings should do well.
KBE MED
Earl Davis Head of Fixed Income, BMO Global Asset Management 140:48
US 10-year yield heading to 5%.
Treasury yields are heading structurally higher due to competition for capital from AI-related IPOs and bond issuance, rebuilding of commodity stockpiles, and post-conflict reconstruction. The 10-year could reach 5% by 2027, making Treasuries unattractive to hold.
IEF HIGH
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This Bloomberg Markets video, published July 06, 2026, features Max Kettner, Mandeep Singh, Sarah Kunst, Kelsey Berro, Mike Wilson, Earl Davis discussing Magnificent Seven (Hyperscalers), 005930.KS, MU, 000660.KS, TSLA, PLTR, US Investment Grade Credit, US High Yield Credit, Mexican Government Bonds, SGB, SOXX, KBE, IEF. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Max Kettner, Mandeep Singh, Sarah Kunst, Kelsey Berro, Mike Wilson, Earl Davis  · Tickers: Magnificent Seven (Hyperscalers), 005930.KS, MU, 000660.KS, TSLA, PLTR, US Investment Grade Credit, US High Yield Credit, Mexican Government Bonds, SGB, SOXX, KBE, IEF