Trump Says Relationship with China's Xi is 'Very Strong' | The Pulse 05/15/2026

Watch on YouTube ↗  |  May 15, 2026 at 13:01  |  48:32  |  Bloomberg Markets
Speakers
Shoqat Bunglawala — Goldman Sachs Asset Management, Multi-Asset Solutions EMEA Head
Tina Fordham — Founder/Geopolitical Strategist at Fordham Global Foresight
Francine Lacqua — Anchor, Bloomberg

Summary

This episode of The Pulse covers the aftermath of the Trump-Xi summit in Beijing, with few concrete trade deals announced and lingering differences on Iran and the Strait of Hormuz. UK political turmoil intensifies as Manchester Mayor Andy Burnham positions himself to challenge Prime Minister Keir Starmer, causing gilt yields to rise. Goldman Sachs' multi-asset strategist highlights semiconductors as the clearest beneficiary of AI capex, while geopolitical strategist Tina Fordham warns the Strait crisis may become a frozen conflict.

  • Trump and Xi meet in Beijing; few concrete trade deals announced.
  • Trump downplays need for Strait of Hormuz to reopen; China calls for dialogue.
  • UK political uncertainty rises as Andy Burnham seeks to challenge Keir Starmer.
  • Gilts and sterling come under pressure on leadership speculation.
  • Goldman Sachs sees semiconductors as the top AI capex beneficiary.
  • AI spending contributes roughly half a percent to US GDP growth.
  • Geopolitical strategist expects prolonged Strait closure without resolution.
  • Ecobank CEO discusses agricultural investment and currency diversification in Africa.
Trade Ideas
Shoqat Bunglawala Goldman Sachs Asset Management, Multi-Asset Solutions EMEA Head 11:57
Semiconductors clearest AI capex beneficiary.
The clearest beneficiary of AI capital expenditure is the semiconductor sector. AI spending is driving an extraordinary industrial rollout with power infrastructure, data centers, and energy, contributing significantly to GDP growth. This spend justifies itself through accelerating revenue growth, and semiconductors are the most direct way to capture that theme.
SMH HIGH
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This Bloomberg Markets video, published May 15, 2026, features Shoqat Bunglawala discussing SMH. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Shoqat Bunglawala  · Tickers: SMH