Big Tech Faces Pressure | The Close 7/24/2026

Watch on YouTube ↗  |  July 24, 2026 at 22:30  |  1:29:30  |  Bloomberg Markets
Speakers
Ann Miletti — Head of Equity Investments, Allspring Global Investments
Matt Bryson — Analyst, Woodside Capital Management
Jurrien Timmer — Director of Global Macro, Fidelity
Gene Berdichevsky — CEO & Co-Founder, Sila Nanotechnologies; former early Tesla employee
Henrietta Treyz — Political Analyst, Veda Partners
Sandra Rivera — Chair, VSORA; Board Member, Equinix; former Intel VP Data Center & AI
Tim Stenovec — Anchor/Co-Host, Bloomberg TV & Radio
Carol Massar — Anchor, Bloomberg

Summary

U.S. equities ended a jittery week with the S&P 500 flat and the Nasdaq 100 down over 1% as tech came under pressure from AI-spending fears and Intel reversed post-earnings gains. Guests highlighted rotation opportunities in industrials and small/mid-caps, named NVIDIA as a cheaper growth play, cautioned on Intel’s valuation, and pointed to European banks as a high-yield alternative. Tariff concerns and geopolitical tensions added to inflation worries, while Tesla was framed as a long-term physical AI bet.

  • S&P 500 eked out a tiny gain but posted a second straight weekly loss; Nasdaq 100 fell ~1.2%.
  • Ann Miletti (Allspring) called mid-cap industrials attractive and said small- and mid-cap diversification is on sale.
  • Matt Bryson (Wedbush) likes NVIDIA for its growth-adjusted valuation and said Intel lacks support.
  • Jurrien Timmer (Fidelity) highlighted European banks for their 7% yield and 88% payout as an alpha source.
  • Gene Berdichevsky (Sila, ex-Tesla) sees Tesla as a physical AI company, not just an automaker.
  • Henrietta Treyz (Veda) warned that new tariffs on 60 countries will fuel inflation and could rise further.
  • SpaceX Starship launch and Morgan Stanley note spurred a short-term watch on SpaceX shares.
Ideas
Ann Miletti Head of Equity Investments, Allspring Global Investments 6:06
Mid-cap industrials attractive on AI capex.
Industrials, especially mid-cap industrials, benefit from global supply-chain realignment and AI capex spending, and are less impacted by global disruptions, offering attractive return potential.
US Mid-Cap Industrials MED
Ann Miletti Head of Equity Investments, Allspring Global Investments 7:20
Small and mid-caps offer diversification value.
Diversification into small- and mid-cap stocks is on sale; these segments offer opportunity as mega-cap outperformers face pressure, and company fundamentals are solid even in a higher-rate environment.
US small and mid-cap equities LOW
Matt Bryson Analyst, Woodside Capital Management 19:42
Intel lacks valuation support, avoid.
Intel is more expensive than its peers, lacks valuation support, and is vulnerable in the current environment where AI-spend sustainability is questioned, even though its fundamentals are improving.
INTC MED
Matt Bryson Analyst, Woodside Capital Management 21:08
NVIDIA cheap relative to explosive growth.
NVIDIA has strong valuation support relative to its 80% annual growth, trading at around 20 times earnings, making it much easier to justify than peers like Intel.
NVDA HIGH
Jurrien Timmer Director of Global Macro, Fidelity 41:18
European banks offer high yield and alpha.
European banks offer a 7% dividend yield, pay out 88% of earnings, and have outperformed the S&P 500 as much as AI stocks, providing a compelling source of alpha.
EUFN HIGH
Gene Berdichevsky CEO & Co-Founder, Sila Nanotechnologies; former early Tesla employee 61:05
Tesla is a physical AI company.
Tesla is not a traditional car company but a physical AI company, with its energy storage business helping power data centers and its autonomous driving and robotics ambitions poised for long-term impact.
TSLA MED
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This Bloomberg Markets video, published July 24, 2026, features Ann Miletti, Matt Bryson, Jurrien Timmer, Gene Berdichevsky discussing US Mid-Cap Industrials, US small and mid-cap equities, INTC, NVDA, EUFN, TSLA. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ann Miletti, Matt Bryson, Jurrien Timmer, Gene Berdichevsky  · Tickers: US Mid-Cap Industrials, US small and mid-cap equities, INTC, NVDA, EUFN, TSLA