Buzzberg Cup Live

Chip Stocks Sink on Inflation Surprise | The Close 7/15/2026

Watch on YouTube ↗  |  July 15, 2026 at 22:19  |  1:32:35  |  Bloomberg Markets
Speakers
Jeff Currie — CSO Energy Pathways, Carlyle Group
Jason Goldberg — Senior Analyst, Barclays
Todd Henderson — Head of Real Estate, Americas, DWS
Anastasia Amoroso — iCapital
Stephen Trent — President and Founder, SDT Capital Advisors
Katherine Bordlemay — Strategist, Goldman Sachs
Liz Young Thomas — Head of Investment Strategy, SoFi
Romaine Bostick — Anchor, Bloomberg
Norah Mulinda — Market Reporter, Bloomberg

Summary

Stocks closed mixed with the S&P 500 higher and the Nasdaq 100 lower as a chip selloff overshadowed cooler inflation. Jeff Currie argued refined product cracks will stay elevated and commodities need structural re-rating. Bank earnings shone, commercial real estate was pitched as an attractive entry point, and strategists remained bullish on AI, small caps, emerging markets, and defence spending.

  • S&P 500 ends higher while Nasdaq 100 falls amid semiconductor rout.
  • Jeff Currie sees historically wide crack spreads, refined product shortage risk, and a structural commodity/energy re-rating.
  • Large US banks report strong loan growth and capital markets activity, sustaining earnings momentum.
  • US commercial real estate considered undervalued with strong fundamentals and favourable supply dynamics.
  • AI capex theme broadening to CPUs, networking, and optics; semiconductor demand remains robust.
  • Small caps and emerging markets flagged as underowned assets with attractive earnings convergence.
  • Network airlines de-risk earnings through premium services, benefiting from wealthy consumer demand.
  • United Airlines narrows EPS guidance amid high fuel costs; PayPal surges on Stripe acquisition report.
Ideas
Jeff Currie CSO Energy Pathways, Carlyle Group 3:52
Refined product crack spread will stay high.
Refined oil product prices and crack spreads will remain elevated because of extensive damage to Russian refining capacity from Ukrainian drone strikes, limited global inventory buffers, and the inability to quickly process crude, creating potential product shortages.
Crack Spread (Refined Products vs Crude Oil) HIGH
Jeff Currie CSO Energy Pathways, Carlyle Group 7:47
Commodities will structurally rise higher.
Broad commodity prices are entering a structurally higher era due to chronic underinvestment in hard‑asset industries (oil, metals, mining) and deglobalization, which demands higher returns to attract capital back to these sectors.
DBC MED
Jeff Currie CSO Energy Pathways, Carlyle Group 11:42
Energy sector poised for re-rating.
The energy sector's weight in the S&P 500 has collapsed from 18% to 3%, signalling significant room for a re‑rating; higher commodities are needed to fund production investment, which will directly benefit energy equities.
XLE MED
Jason Goldberg Senior Analyst, Barclays 19:58
Large US banks earnings momentum strong.
Large US banks are experiencing strong loan growth, a blowout capital‑markets quarter, and resilient asset quality; earnings momentum should continue as long as markets hold up.
XLF MED
Todd Henderson Head of Real Estate, Americas, DWS 23:38
Commercial real estate attractive entry point.
US commercial real estate is an attractive entry point because it is undervalued versus equities (down 25%), has strong fundamentals with low vacancies across industrial, residential and retail, and faces a durable recovery with new construction at multi‑year lows.
VNQ HIGH
Anastasia Amoroso iCapital 40:23
Semiconductor fundamentals remain strong.
Semiconductor and AI infrastructure fundamentals remain intact and are strengthening; chip demand is broadening to data centres, fibre and networking, and the recent pullback is just consolidation within a long‑term growth trend.
SOX MED
Anastasia Amoroso iCapital 44:56
Defence sector benefits from global spending.
Global defence spending is rising in a multipolar world, with spending routed to local supply chains and parts/equipment manufacturers, creating opportunities beyond the traditional prime contractors.
ITA MED
Stephen Trent President and Founder, SDT Capital Advisors 59:53
Network airlines earnings resilient, demand strong.
Network airlines (United, Delta, American) have de‑risked earnings through premium cabins, co‑branded cards and loyalty, and are still driven by strong demand from wealthy consumers as long as equity markets hold up.
JETS MED
Katherine Bordlemay Strategist, Goldman Sachs 66:23
Small caps poised to outperform.
US small caps are underowned and unloved, with earnings converging toward large caps, benefiting from AI‑adjacent picks‑and‑shovels and independent themes, and are on track for their best outperformance since 2003.
IWM MED
Katherine Bordlemay Strategist, Goldman Sachs 67:25
Emerging markets offer growth and value.
Emerging markets ex‑Taiwan/Korea will deliver 20% earnings growth this year, more than the US, offering relative value and diversification as global divergence creates opportunities for active managers.
EEM MED
Katherine Bordlemay Strategist, Goldman Sachs 68:08
South Korea beyond chips attractive.
South Korea has growth drivers beyond mega‑cap semiconductors, including shipbuilding, pharmaceuticals, and the global cultural exports of K‑POP and K‑beauty, making the market attractive.
EWY LOW
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This Bloomberg Markets video, published July 15, 2026, features Jeff Currie, Jason Goldberg, Todd Henderson, Anastasia Amoroso, Stephen Trent, Katherine Bordlemay discussing Crack Spread (Refined Products vs Crude Oil), DBC, XLE, XLF, VNQ, SOX, ITA, JETS, IWM, EEM, EWY. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeff Currie, Jason Goldberg, Todd Henderson, Anastasia Amoroso, Stephen Trent, Katherine Bordlemay  · Tickers: Crack Spread (Refined Products vs Crude Oil), DBC, XLE, XLF, VNQ, SOX, ITA, JETS, IWM, EEM, EWY