Tech Tumble Overshadows Markets' Iran Hopes | The Asia Trade 6/23/2026

Watch on YouTube ↗  |  June 23, 2026 at 04:57  |  1:32:29  |  Bloomberg Markets
Speakers
Norah Mulinda — Market Reporter, Bloomberg
Ruth Carson — Correspondent, Singapore
Anthony Stevens — Bloomberg Market Producer
Daniel Lam — Head of Cross Asset Derivative Strategy, Standard Chartered Wealth Solutions
Nouriel Roubini — Chairman, Roubini Macro Associates
Laura Davison — Washington Bureau Chief, Bloomberg

Summary

US tech giants tumbled overnight, led by Alphabet after a key AI researcher left and SpaceX launched a historic bond sale, sending its shares sharply lower. Progress in US-Iran peace talks allowed Iranian oil exports to restart, easing oil prices but leaving nuclear inspection details unresolved. In Asia, Korean memory stocks remained strong on AI hyperscaler spending, while strategists recommended rotating into internet names, gold, and Japanese equities and cautioned on overbought Korean markets.

  • Alphabet shares dropped 5% after a top AI scientist left for rival Anthropic, dragging mega-cap tech lower.
  • SpaceX shares fell for a third day as the company announced a first-ever $20 billion IG bond sale to fund AI capex.
  • The bond sale is expected to weigh on US Treasury prices and push yields higher.
  • The US issued a 60-day license allowing Iran to sell oil globally, bringing near-term oil supply relief but keeping geopolitical risks alive.
  • Anthony Stevens sees Asian semiconductor stocks, particularly Samsung and SK hynix, as direct beneficiaries of hyperscaler AI spending.
  • Standard Chartered's Daniel Lam favors internet stocks (next AI adoption wave), gold (central bank buying), and Japanese equities (diversified exposure), while warning of a Korean equity correction.
  • Nouriel Roubini argued the AI tech boom will dominate markets and make Fed policy swings relatively unimportant.
  • Japan PMI data showed expansion improving, and the UK appeared set for a quick transition to a new prime minister under Andy Burnham.
Ideas
Norah Mulinda Market Reporter, Bloomberg 4:36
SpaceX overowned, cash burn, seller's market
SpaceX is overowned; everyone who wanted to invest has already done so. The company's first investment-grade bond sale is highly unusual for an unprofitable business that will burn cash through 2029, and investors are struggling to understand when the heavy AI spending will pay off. This created a market of sellers, leading to a sharp share-price decline and ongoing investor angst.
SPCX HIGH
Ruth Carson Correspondent, Singapore 6:59
SpaceX bond supply to lift Treasury yields
The upcoming $20 billion SpaceX bond sale creates a massive supply event that will force investors to rotate out of Treasuries, pushing yields higher. Combined with hawkish Fed repricing and a potentially hot US economy, there is room for Treasury yields to rise further, making US sovereign bonds unattractive.
10-year US Treasury notes HIGH
Anthony Stevens Bloomberg Market Producer 9:21
AI capex flow powers Asian memory champions
AI hyperscaler capex cash flow is flooding into Asia, led by Korea's memory makers. The Anthropic deal shows hyperscalers are locking in individual memory suppliers. Micron earnings will highlight capacity constraints, repricing commoditized memory higher, a positive fundamental tailwind for Samsung Electronics, SK hynix, and the broader Asian memory supply chain.
005930.KS 000660.KS HIGH
Daniel Lam Head of Cross Asset Derivative Strategy, Standard Chartered Wealth Solutions 52:00
Internet stocks are next AI wave
AI cycles historically see semiconductors lead first, followed by applications. Internet stocks are next to benefit from volume growth and a more mature AI adoption phase, making them the preferred area now as semiconductors turn more defensive.
FDN MED
Daniel Lam Head of Cross Asset Derivative Strategy, Standard Chartered Wealth Solutions 53:52
Central bank buying supports gold long-term
Gold performs well when central banks keep adding it to reserves, as they are doing now. Despite short-term sensitivity to the dollar and real yields, the long-term trend of central bank buying makes gold a core portfolio diversifier.
GLD MED
Daniel Lam Head of Cross Asset Derivative Strategy, Standard Chartered Wealth Solutions 57:00
Gradually add diversified Japan equities
Japan's equity market is more diversified and less volatile than Korea's, and its tech exposure compensates for yen weakness. Investors can gradually add Japanese equities, avoiding the overheating and leverage issues seen in Korea.
EWJ MED
Daniel Lam Head of Cross Asset Derivative Strategy, Standard Chartered Wealth Solutions 57:41
Korean equities due for a correction
Korean equities are extremely concentrated in Samsung and SK hynix, and surging leveraged ETFs are drawing regulatory concern. Although the AI demand story is intact, the market is overextended and a correction is likely, creating a better future entry point.
Korean equities MED
Nouriel Roubini Chairman, Roubini Macro Associates 91:19
AI tech boom overshadows Fed risks
The AI tech boom will power the US economy and markets more than any marginal Fed move. The tech cycle is the dominant story that will drive growth, and even bad policy headwinds are swamped by the strength of technology innovation.
QQQ HIGH
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This Bloomberg Markets video, published June 23, 2026, features Norah Mulinda, Ruth Carson, Anthony Stevens, Daniel Lam, Nouriel Roubini discussing SPCX, 10-year US Treasury notes, 005930.KS, 000660.KS, FDN, GLD, EWJ, Korean equities, QQQ. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Norah Mulinda, Ruth Carson, Anthony Stevens, Daniel Lam, Nouriel Roubini  · Tickers: SPCX, 10-year US Treasury notes, 005930.KS, 000660.KS, FDN, GLD, EWJ, Korean equities, QQQ