Wall Street Leaders Gather at Milken as Mideast Tensions Rise | Open Interest 5/4/2026

Watch on YouTube ↗  |  May 04, 2026 at 17:42  |  1:31:03  |  Bloomberg Markets
Speakers
Stuart Kaiser — Head of US Equity Trading Strategy, Citi
Armen Panossian — co-CEO and head of performing credit at Oaktree Capital Management
Paul Taubman — Founder, Chairman, and CEO of PJT Partners

Summary

The Bloomberg Open Interest episode covers market openings amid oil spikes from Middle East tensions, GameStop's $56B bid for eBay, and Berkshire's record cash pile. Interviews from the Milken Conference include Apollo, Oaktree, and PJT CEOs discussing AI infrastructure investment, private credit risks, and geopolitical uncertainty. Markets continue to hit highs despite war risks, driven by strong tech earnings and AI optimism.

  • Oil spikes above $110 after Iranian media claims a strike on a U.S. warship, which the U.S. denies.
  • GameStop proposes a $56B acquisition of eBay, financing with debt and stock, raising skepticism.
  • Berkshire Hathaway's cash pile hits $397B under new CEO Greg Abel, with no large acquisitions.
  • Stuart Kaiser of Citi favors U.S. power generation stocks as the best AI trade, citing under-supplied power.
  • Armen Panossian of Oaktree warns markets are too complacent about the Iran war and elevated oil prices.
  • Paul Taubman of PJT says private equity portfolio companies are vulnerable to AI disruption, but no systemic risk.
  • Jennifer Gavito, former State Department official, says a full military reopening of the Strait of Hormuz is nearly impossible.
  • Equity markets trade near all-time highs, with narrow leadership from tech and AI-related sectors.
Trade Ideas
Stuart Kaiser Head of US Equity Trading Strategy, Citi 17:36
AI power generation is under-supplied.
The U.S. is undersupplied power due to AI data center demand, making power generation the best way to gain AI exposure. A basket of power generation stocks is up 41% YTD with continued upside. He would buy QQQ as a vehicle for this AI power generation story.
U.S. power generation stocks QQQ MED
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This Bloomberg Markets video, published May 04, 2026, features Stuart Kaiser discussing U.S. power generation stocks, QQQ. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Stuart Kaiser  · Tickers: U.S. power generation stocks, QQQ