Ideas
AI shortages lift semiconductor supply chain
The market is rewarding areas where AI-related shortages are appearing. After GPUs, bottlenecks have moved into memory and storage, and the next shortage may be in semiconductor capital equipment where numbers can go higher; industrial metals also benefit from the same supply/demand pressure, though some is already priced in.
AI application layer is huge opportunity
He sees a shortage of applications that will run on AI, calling it a huge opportunity with unclear winners and an open field, and UBS has been tilting portfolios toward the AI application layer.
Healthcare is unpriced AI diversifier
Healthcare is a favored area because AI could enable real breakthroughs in drug discovery and matching therapies to patients, driving innovation and efficiency that are not priced into the sector; it also acts as a diversifier to the AI infrastructure buildout.
Underweight Apple on weak growth, AI
He remains underweight Apple because the stock has historically struggled with its valuation multiple and low-to-mid single-digit growth, and the company has not yet proven a compelling AI model. If elevated memory-chip costs persist for another six to 12 months, they would likely pressure Apple's margins and model more visibly.
Broad commodities in multiyear super-cycle
The recent gold and silver selloff is a healthy correction within a longer-term secular commodity bull market. He expects a full-blown commodity super-cycle over the next several years across precious metals, energy, and base/industrial metals, supported by geopolitical and physical supply risks, and he is positioning in copper, platinum, and iron ore miners as part of the build-the-future theme.
Stay overweight gold, silver, miners
He remains overweight gold and silver and their mining companies because geopolitical and physical risks are still front and center, and he views the sharp pullback as a healthy correction within a secular bull market. He has trimmed some precious-metals exposure only to reallocate, not because the long-term thesis has broken.
Energy more attractive than precious metals
He has been trimming precious-metals positions to reallocate back to energy because energy looks more attractive; he expects energy may be the bigger player over the next year, particularly into the second half, while gold and silver miners remain a large part of the portfolio.
Dollar bear market remains intact
The dollar rebound after the Warsh nomination is just an initial market reaction; in his view the multiyear dollar bear market is still intact, not a de-dollarization call, and the trend will take several years to mature despite possible short-term rebounds.
US stocks positive in 2026
Her base case is a positive year for U.S. stocks in 2026, supported by AI infrastructure spending, fiscal stimulus from the tax bill, continued consumer spending, and double-digit earnings growth. The main risk is an inflation uptick from tariffs, a falling dollar, fiscal stimulus, and labor/immigration pressures that could force the bond market to tighten if the Fed is seen as politicized.
Inflation uptick could force bond tightening
She warns that the consensus may be complacent about inflation. If tariffs feed into prices while the dollar falls, fiscal stimulus continues, consumer demand stays strong, and labor/immigration pressures lift services inflation, and the Fed is viewed as politicized and failing to act, the bond market could do the tightening itself, pushing Treasury yields higher.
BlackBerry growth poised for breakout
BlackBerry's QNX platform powers 275 million vehicles and is being integrated into BMW's next vehicle generation; China is a fast-growing market and QNX is expanding into mission-critical embedded verticals like robotics, medical devices, and industrial automation. After divesting subscale businesses and returning to profitability and cash generation, management expects growth to accelerate in 2026 and says the stock is poised for a breakout.
Starbucks turnaround drives profitable growth
Starbucks' turnaround is gaining traction with transaction-led growth, improved service model, and a revamped rewards program. Management targets comparable sales of 3% or better, revenue growth of 5% or better, earnings growth outpacing revenue, $2 billion of cost savings, 5,000 additional U.S. stores, and 15,000-20,000 China stores through the Boyu partnership, with margin expansion to 13%-15% by 2028.
Gold supply constraints support higher prices
He is long gold and says the advance is structural: mining supply cannot respond because of complex geology, difficult jurisdictions, and environmental restrictions, and the physical market is hard to satisfy if investors increase allocations. He also cites dollar debasement and fiscal debt as ongoing supports.
Dollar debasement trade continues
He expects the dollar debasement trade to continue because government debt and deficits remain enormous, cost-cutting efforts have failed, and the Big Beautiful Bill adds trillions; this underpins hard assets and collectibles.
This Bloomberg Markets video, published January 30, 2026,
features David Lewitz, Tim Long, Wasif Latif, Emily Bowersock Hill, John Giamatteo, Brian Niccol, Philip Richter
discussing SMH, AI applications, XLV, AAPL, DBC, COPX, Platinum miners, Iron ore miners, GLD, SILVER, GDX, XLE, USD, SPY, TLT, BB, SBUX.
14 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
David Lewitz,
Tim Long,
Wasif Latif,
Emily Bowersock Hill,
John Giamatteo,
Brian Niccol,
Philip Richter
· Tickers:
SMH,
AI applications,
XLV,
AAPL,
DBC,
COPX,
Platinum miners,
Iron ore miners,
GLD,
SILVER,
GDX,
XLE,
USD,
SPY,
TLT,
BB,
SBUX
