Buzzberg Cup Live

Chip Stocks Tumble on AI Anxiety | The Close 7/7/2026

Watch on YouTube ↗  |  July 07, 2026 at 22:35  |  1:27:57  |  Bloomberg Markets
Speakers
Paul Prager — CEO, Terawulf
Keith Snyder — Equity Research Analyst, CFRA Research
Jordan Jackson — Global Market Strategist, J.P. Morgan Asset Management
Stacy Rasgon — Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research
Jonathan Thomas — CEO, American Century Investments
Mandy Xu — Head of Derivatives Market Intelligence, Cboe Global Markets
Romaine Bostick — Anchor, Bloomberg
Katie Greifeld — Anchor, Bloomberg
Norah Mulinda — Market Reporter, Bloomberg
Tony Tutrone — Global Head, Neuberger Private Markets

Summary

The episode covers a tech-led selloff amid AI anxiety after Samsung's record profit disappointed, with chip stocks dragging the Nasdaq down. Discussions include semiconductor cycles, SpaceX's valuation, TeraWulf's Anthropic deal, NATO defense spending, and investor rotation themes. Experts offer bullish views on AI-related semiconductors and memory chips, caution on SpaceX, a preference for US large caps, and a rotation into quality bonds.

  • Nasdaq 100 falls 1.8% as chip stocks tumble; Philly Semiconductor Index down ~5%.
  • Samsung profit surge fails to meet sky-high expectations, sparking selloff in Korean and US chip shares.
  • Stacy Rasgon argues AI demand is insatiable, supporting a prolonged semiconductor upcycle, with memory in severe shortage.
  • Keith Snyder maintains sell on SpaceX, citing stretched valuation and unproven Starship technology.
  • TeraWulf CEO highlights 20-year Anthropic lease as best-in-class, with investment-grade backstop.
  • Jordan Jackson sees opportunity in AI 'picks and shovels' like semiconductors, software, and power.
  • Jonathan Thomas notes rotation back to US large caps and high-quality bonds, away from small caps and non-US.
  • NATO summit yields $50B in defense deals, but no clear investment implications discussed.
Ideas
Paul Prager CEO, Terawulf 10:26
20-year Anthropic lease is best-in-class.
The 20-year lease agreement with Anthropic for a data center is best-in-class, provides investment-grade credit backstop, and the site is scalable to a gigawatt, positioning TeraWulf for superior long-term returns.
WULF MED
Keith Snyder Equity Research Analyst, CFRA Research 18:20
SpaceX overvalued, Starship not ready.
SpaceX valuation is stretched; even with aggressive growth assumptions, the company cannot justify a $2 trillion market cap. Starship is not commercially ready, and the company is heavily reliant on its success. AI revenue projections are speculative and 'hope is not an investment strategy.'
SPCX HIGH
Jordan Jackson Global Market Strategist, J.P. Morgan Asset Management 38:36
Buy AI picks and shovels: chips, software.
The semiconductor cycle is unusual, driven by insatiable AI demand across multiple areas. Supply tightness will persist because additional manufacturing floor space won't come online until 2027-2028. Earnings are keeping pace with stock gains, so the current selloff is not yet a reason to worry.
SMH MED
Jonathan Thomas CEO, American Century Investments 67:24
Rotate to US large-cap equities.
Market leadership is shifting with a rotation back to US large-cap equities from non-US and small caps, supported by a resilient economy, record highs typically indicative of a bull market, and a strong high-end consumer.
SPY MED
Jonathan Thomas CEO, American Century Investments 67:24
Favor high-quality bonds over high-yield.
Investors are moving towards higher-quality fixed income, favoring investment-grade over high-yield, as a defensive rotation amid market volatility and ongoing economic resilience.
US Investment Grade Bonds LOW
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This Bloomberg Markets video, published July 07, 2026, features Paul Prager, Keith Snyder, Jordan Jackson, Jonathan Thomas discussing WULF, SPCX, SMH, SPY, US Investment Grade Bonds. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Prager, Keith Snyder, Jordan Jackson, Jonathan Thomas  · Tickers: WULF, SPCX, SMH, SPY, US Investment Grade Bonds