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US, Iran Trade Strikes; SK Hynix US Offering Sees Strong Investor Demand | Bloomberg Brief 07/9/2026

Watch on YouTube ↗  |  July 09, 2026 at 11:46  |  43:29  |  Bloomberg Markets
Speakers
Matt Bloxham — Head of Research, The Block
Andrew Graham — Founder and Portfolio Manager, Jackson Square Capital
Anna Rosenberg — Head of Geopolitics, Amundi Investment Institute

Summary

Bloomberg Brief covers the US-Iran exchange of strikes and the fragile ceasefire, with geopolitical analysis from Amundi's Anna Rosenberg. The show highlights strong demand for SK Hynix's oversubscribed US IPO and a rebound in tech stocks. Andrew Graham of Jackson Square Capital details his bull case for AI equities, naming optical transceivers, NVIDIA, hyperscalers, cybersecurity, and custom ASICs as key plays.

  • US and Iran trade airstrikes, testing the fragile ceasefire; Strait of Hormuz traffic disrupted
  • Oil prices reversed initial gains; European gas advanced sharply
  • SK Hynix US IPO more than 7x oversubscribed, signaling strong investor appetite for AI memory exposure
  • Tech stocks rebounded, with the AI trade once again acting as a safe haven
  • Andrew Graham says the AI drawdown was a positioning unwind and presents a reload opportunity
  • He is bullish on optical transceivers, NVIDIA's co-packaged optics roadmap, and custom ASICs (Broadcom, Marvell)
  • He expects hyperscalers to show improving returns and cybersecurity spending to hold up (Palo Alto, CrowdStrike, Tenable)
  • Geopolitical base case sees ceasefire holding until US midterms with ongoing Hormuz disruptions
Ideas
Matt Bloxham Head of Research, The Block 17:42
SK Hynix cheap, US listing catalyst
SK Hynix trades at a valuation discount to Micron; its US listing could attract investors seeking AI memory exposure and help push the multiple up, with 7x oversubscription signaling strong demand. Some investors may also rotate out of Micron into SK Hynix.
SKHYV HIGH
Andrew Graham Founder and Portfolio Manager, Jackson Square Capital 25:06
Optical transceivers reload opportunity
Optical transceivers are the highest-conviction AI equipment names and have been unfairly sold off in the positioning unwind; this is a reload opportunity with a roadmap toward co-packaged optics and inevitable shift to light.
optical transceivers MED
Andrew Graham Founder and Portfolio Manager, Jackson Square Capital 25:22
Hyperscalers to show improved ROI soon
Hyperscalers are poised to show improved return on invested capital as token costs fall while prices stay stable, and despite market fear they will not cut 2027 capex; the shift could start next quarter.
SKYY MED
Andrew Graham Founder and Portfolio Manager, Jackson Square Capital 27:21
NVIDIA leads co-packaged optics shift
NVIDIA controls the roadmap for the inevitable shift to co-packaged optics as copper interconnects run out of headroom in two to three chip generations, putting the company at the center of the next AI hardware phase.
NVDA HIGH
Andrew Graham Founder and Portfolio Manager, Jackson Square Capital 29:24
Cyber spending stays strong, Tenable added
US corporates are unlikely to skimp on cybersecurity spending, especially as China AI models close the gap and vulnerability concerns rise; Palo Alto and CrowdStrike should benefit first, and a small position was recently added in Tenable for vulnerability discovery.
PANW CRWD TENB HIGH
Andrew Graham Founder and Portfolio Manager, Jackson Square Capital 30:02
ASICs gaining share in AI compute
Custom ASICs from Broadcom and Marvell reduce total cost of ownership by 20-30% versus GPUs and should gain market exposure, potentially outweighing GPU workloads by mid-next year as the inference phase expands.
AVGO MRVL HIGH
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This Bloomberg Markets video, published July 09, 2026, features Matt Bloxham, Andrew Graham discussing SKHYV, optical transceivers, SKYY, NVDA, PANW, CRWD, TENB, AVGO, MRVL. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matt Bloxham, Andrew Graham  · Tickers: SKHYV, optical transceivers, SKYY, NVDA, PANW, CRWD, TENB, AVGO, MRVL