Stocks Waver as Tech Earnings Take Center Stage | Open Interest 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 17:39  |  1:32:22  |  Bloomberg Markets
Speakers
Mandeep Singh — Senior Analyst, Bloomberg Intelligence
Nadia Lovell — UBS Global Wealth Management
Itay Michaeli — Crypto Journalist, The Block
Charlie Scharf — CEO, Wells Fargo
John Stankey — CEO, AT&T
Tyler Kendall — Multimedia Editor, Bloomberg

Summary

Bloomberg Open Interest covers a packed day of Big Tech earnings from Alphabet, Tesla, and IBM amid intense scrutiny of AI spending. AT&T shares rally on strong wireless subscriber growth and CEO John Stankey's confidence in the company's AI positioning. Oil surges to $94 as Iran tensions threaten Strait of Hormuz traffic. Wells Fargo CEO Charlie Scharf outlines a growth strategy fueled by a robust U.S. economy and expansion in investment banking. UBS's Nadia Lovell stays overweight semiconductors, turns neutral on hyperscalers, while JPMorgan's Jordan Jackson flags concentration risks in credit markets driven by AI capex.

  • Alphabet cloud revenue is expected to accelerate sharply, with analysts predicting a big earnings beat.
  • UBS remains overweight semiconductors with multi-year earnings visibility, while moving to neutral on hyperscalers as risk/reward improves.
  • Tesla's Q2 revenue seen growing over 20%, with margin beats and new Model YL variant driving incremental demand.
  • AT&T added 432K monthly wireless subscribers, far exceeding estimates; CEO says AI workload positioning will correct its valuation.
  • Oil prices spike to $94 on U.S. threats to Iran over Strait of Hormuz attacks, with tankers diverting routes.
  • Wells Fargo CEO Charlie Scharf says the bank is in growth mode, expanding investment banking and benefiting from a strong U.S. consumer and economy.
  • JPMorgan warns that AI-related debt issuance is concentrating investment grade credit markets, reducing portfolio diversification.
  • Markets waver ahead of Big Tech earnings, with tech stocks declining as 10-year yields rise alongside oil.
Ideas
Charlie Scharf CEO, Wells Fargo 13:09
Wells Fargo growth story, big opportunity.
Wells Fargo is a growth story now that the asset cap has been removed. The bank is expanding its consumer and commercial businesses, building its investment bank toward a top-5 ambition, and seeing double-digit revenue growth and 25% EPS growth. The U.S. economy remains strong, with consumers and businesses in good financial condition, and Wells Fargo is 'big-time bullish' on the U.S. The company is focused on sustainable, high-return growth without taking outsized risks.
WFC HIGH
Nadia Lovell UBS Global Wealth Management 35:18
Hyperscalers near-term risk/reward looks better.
The risk/reward for hyperscalers has improved near term. UBS has closed its underweight position and moved to neutral. If this earnings season shows more signs of AI monetization, investors could re-rate the group upward. In the short term, some rotation between hyperscalers and semiconductors is likely, but both can work longer term.
SKYY MED
Nadia Lovell UBS Global Wealth Management 36:02
Overweight semiconductors, multi-year visibility.
Semiconductors remain overweight. Despite taking some tactical profits after a strong rally, multi-year earnings visibility from Asian suppliers gives comfort that EPS growth over 100% can continue into 2027. Capex is expected to grow 70% this year and 30% next year, supporting demand.
SMH HIGH
Mandeep Singh Senior Analyst, Bloomberg Intelligence 40:04
Alphabet cloud to deliver big beat.
Alphabet's cloud segment will show a big sequential acceleration this quarter, driving a large earnings beat. Cloud revenue is the key monetization metric for AI spending, and the company's earlier equity raise supports the capex trajectory. Consensus capex of $300 billion for 2027 is much higher than expected, but a cloud beat justifies the valuation.
GOOG HIGH
John Stankey CEO, AT&T 45:15
AT&T AI positioning to lift valuation.
AT&T is uniquely positioned to handle AI workloads thanks to investments over the past five years. The company's networks are indispensable for future AI environments. The market does not yet reflect this, and when the cash flows materialize, the valuation will correct itself.
T MED
Itay Michaeli Crypto Journalist, The Block 81:33
Tesla comeback with revenue over 20%.
Tesla is in the early stages of a comeback. The company beat Q2 EV deliveries and posted strong production. Revenue is expected to grow over 20% in Q2, an improvement from 16% previously, and gross margin estimates are above the Street. The EV recovery creates a stronger foundation for future growth in autonomous vehicles and robotics. Cybertruck is not a major volume driver, but the new Model YL variant could add ~100,000 incremental units in the U.S.
TSLA HIGH
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This Bloomberg Markets video, published July 22, 2026, features Charlie Scharf, Nadia Lovell, Mandeep Singh, John Stankey, Itay Michaeli discussing WFC, SKYY, SMH, GOOG, T, TSLA. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Charlie Scharf, Nadia Lovell, Mandeep Singh, John Stankey, Itay Michaeli  · Tickers: WFC, SKYY, SMH, GOOG, T, TSLA