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MiniMax Joins China AI Fundraising Rush | The China Show 7/10/2026

Watch on YouTube ↗  |  July 10, 2026 at 06:26  |  1:33:15  |  Bloomberg Markets
Speakers
Lanting Tu — Managing Editor for Asia Equities, Bloomberg
Ron Temple — Chief Market Strategist, Lazard
Tina Hou — China Auto Analyst, Goldman Sachs
Brian Fowler — Bloomberg Reporter
Stephen Engle — Chief North Asian Correspondent, Bloomberg

Summary

The episode covers SK Hynix's record $26.5B US ADR listing, underscoring huge global demand for AI memory chips. Lazard strategist Ron Temple questions hyperscaler returns and favors AI hardware and energy infrastructure, while adding a risk premium to Brent crude on Iran Strait of Hormuz concerns. Goldman Sachs analyst Tina Hou details accelerating Chinese EV exports with pricing power and long growth runway. Other topics include Japan pushing pension funds to invest domestically, Korea's leveraged ETF concentration, and a flurry of Chinese tech IPOs.

  • SK Hynix raised $26.5B in the largest-ever US first-time share sale by a foreign company, pricing at a premium and showing strong AI memory demand.
  • Lazard's Ron Temple warns about poor returns on capital for US hyperscalers and prefers AI hardware and energy infrastructure plays.
  • Ron Temple also sees an enduring geopolitical risk premium for Brent crude because Iran has shown ability to control the Strait of Hormuz.
  • Goldman Sachs' Tina Hou says Chinese EV exports are surging, holding pricing power, and still have a long penetration runway overseas.
  • Chinese EV makers command 60% price premiums in Brazil, and ASPs are rising in UK and Thailand, countering the 'cheap' stereotype.
  • Japan's finance minister called on GPIF and other pension funds to invest more in domestic assets, sparking a JGB rally and yen strengthening.
  • South Korean regulators are reviewing single-stock leveraged ETFs, which have grown to over 70% of market turnover, raising systemic concerns.
  • Multiple Chinese AI-related companies, including Nexchip and MiniMax, are tapping Hong Kong equity markets amid an IPO boom.
Ideas
Lanting Tu Managing Editor for Asia Equities, Bloomberg 5:26
Memory chips are structural AI growth
SK Hynix's $26.5B US listing priced at a premium and drew demand seven times the deal size, demonstrating that despite recent volatility, US investors remain extremely eager for core AI infrastructure. The memory chip sector is increasingly viewed as a structural AI growth story rather than a typical cyclical semiconductor business, and profit-taking has not changed the positive fundamental view.
000660.KS 005930.KS MED
Ron Temple Chief Market Strategist, Lazard 10:30
Avoid US hyperscalers over poor ROIC
US hyperscalers are investing hundreds of billions in AI, but the roadmap to attractive returns on invested capital is unconvincing, and Chinese AI model producers look better positioned to win market share. This makes it difficult for US hyperscalers to deliver adequate ROIC, and investors should question whether adequate returns are priced in.
QQQ MED
Ron Temple Chief Market Strategist, Lazard 12:27
Prefer AI hardware and energy infrastructure
US hyperscalers are spending $700B+ on CapEx, but the path to attractive returns on invested capital is unclear, especially on the American side. Chinese AI models may gain market share, making monetization even harder. Better positioned are the hardware companies that sell into AI regardless of which model provider wins, and energy infrastructure plays that feed data center buildout.
AI Hardware PAVE MED
Ron Temple Chief Market Strategist, Lazard 15:02
Brent crude deserves a risk premium
The US-Iran conflict has demonstrated that Iran can exert meaningful control over the Strait of Hormuz, and the US agreement may have given Iran a degree of control beyond the immediate term. This creates an enduring risk premium for energy supplies, and investors should place a higher premium on Brent crude.
BNO HIGH
Tina Hou China Auto Analyst, Goldman Sachs 37:12
Chinese EV exports have long growth runway
Chinese EV exports are accelerating, with year-to-date 10% overseas market share—ample room to grow versus 20% for consumer electronics. Chinese models command significant price premiums in markets like Brazil, and ASPs are rising in UK and Thailand. Overseas EV penetration is only 15% vs China's 60%, indicating a long growth runway. Domestic EV order data has already turned positive, pointing to a near-term recovery in China's EV sales.
Chinese electric vehicle sector HIGH
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This Bloomberg Markets video, published July 10, 2026, features Lanting Tu, Ron Temple, Tina Hou discussing 000660.KS, 005930.KS, QQQ, AI Hardware, PAVE, BNO, Chinese electric vehicle sector. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lanting Tu, Ron Temple, Tina Hou  · Tickers: 000660.KS, 005930.KS, QQQ, AI Hardware, PAVE, BNO, Chinese electric vehicle sector