Trump Moves to Make Tech Firms Pay for Surging Power Costs | Bloomberg Brief 1/16/2026

Watch on YouTube ↗  |  January 16, 2026 at 12:01  |  43:31  |  Bloomberg Markets
Speakers
Annabel Droulers — Anchor, Bloomberg TV
Matt Bloxham — Head of Research, The Block
Henrietta Pacquement — Fixed Income Investment COO, Allspring Global Investment
Mark Mobius — Founder, Mobius Capital Partners
Kelly Miller — Reporter, Bloomberg
Bill Ford — Chairman, Ford Motor Company
Philip Aguirre — Co-Head of Global Banking, JPMorgan
Vonnie Quinn — Anchor, Bloomberg

Summary

US equity futures rose on continued AI and technology optimism after TSMC's strong results and 2026 capex guidance. Washington pushed an emergency power auction to make tech companies fund new generation, while Taiwan agreed to a trade pact lowering tariffs and boosting US chip investment. Credit spreads sit near 2007 tights, but Allspring's Henrietta Pacquement still sees late-cycle credit supported for a few more years, favoring shorter maturities and European rates. Mark Mobius warned gold is unattractive after its rally, and several single-stock movers and geopolitical headlines were discussed.

  • TSMC results and capex guidance lifted tech and memory-chip sentiment.
  • Trump and governors seek an emergency power auction to make data centers fund generation.
  • Taiwan-US trade pact cuts tariffs and includes large investment commitments.
  • Corporate credit spreads are at the tightest since 2007, but the guest sees supportive fundamentals.
  • Allspring favors shorter/intermediate credit and European rates; watches AI/utility issuance.
  • Mark Mobius is avoiding gold after its record rally.
  • Greenland, Iran, Ford, JPMorgan M&A and other corporate headlines were also covered.
Ideas
Matt Bloxham Head of Research, The Block 4:16
Data centers need 15-year power contracts.
Data-center expansion is pushing power demand sharply higher and shifting the supply curve. Trump's proposed emergency wholesale electricity auction would have data-center operators bid on 15-year contracts for new generation capacity, whether or not they use the power, giving power generators greater demand certainty and helping create a two-tier market that protects residential supply.
XLU MED
Matt Bloxham Head of Research, The Block 5:20
Big tech adopts small nuclear reactors.
Big technology companies are increasingly looking at small nuclear reactors to be built alongside data centers as one mechanism to meet growing, self-sufficient power needs, alongside other power solutions.
Small nuclear reactors MED
Annabel Droulers Anchor, Bloomberg TV 7:56
TSMC guidance supports durable AI demand.
TSMC reported strong Q4 earnings and very strong 2026 guidance, with 2026 capex planned at $52-$56 billion, a substantial increase. Management said customer and customer-of-customer demand is real, and leading-edge technology will remain in Taiwan due to the unique R&D and operations ecosystem, so the technology gap with the US should persist. This is a vote of confidence in durable AI/tech capex momentum.
TSM HIGH
Henrietta Pacquement Fixed Income Investment COO, Allspring Global Investment 24:21
Credit fundamentals support attractive all-in yields.
Although corporate bond spreads are near 2007 tights, she sees credit fundamentals as benign, defaults contained and all-in yields attractive in a higher-rate environment. Investors seeking yield and diversification from frothy equities should support demand. She believes the credit cycle is in its late stages but not at the end, and it could run for a few more years, making security selection important.
LQD HIGH
Henrietta Pacquement Fixed Income Investment COO, Allspring Global Investment 26:24
Watch AI and utility bond issuance.
She expects heavy bond issuance around the AI buildout, extending beyond hyperscalers into related areas such as utilities. The financing structures are different from the past, so investors need to be paid for the risk; large issuers generally start from strong balance sheets, making this a market to watch.
AI-related corporate bonds Utilities corporate bonds MED
Henrietta Pacquement Fixed Income Investment COO, Allspring Global Investment 28:40
Prefer shorter credit; avoid long duration.
She is cautious on the long end of credit because it is more reactive to central-bank direction and fiscal concerns. Her preference is for shorter-to-intermediate maturities, where she sees a better risk profile and where heavy issuance should provide opportunities.
Short-to-intermediate corporate credit HIGH
Henrietta Pacquement Fixed Income Investment COO, Allspring Global Investment 28:40
Prefer shorter credit; avoid long duration.
She is cautious on the long end of credit because it is more reactive to central-bank direction and fiscal concerns. Her preference is for shorter-to-intermediate maturities, where she sees a better risk profile and where heavy issuance should provide opportunities.
Long-duration credit HIGH
Henrietta Pacquement Fixed Income Investment COO, Allspring Global Investment 31:39
European rates offer attractive hedged returns.
She favors diversification across diverging global interest-rate markets. European rates are particularly interesting because little easing is priced for 2026 and the hedged yield pickup makes them an attractive area to look at.
European interest-rate markets MED
Mark Mobius Founder, Mobius Capital Partners 32:31
Gold unattractive after rally; dollar risk.
Mobius is shunning gold after its historic rally, saying it has become unattractive. He warns that a potential rebound in the dollar could undercut precious metals and says he would reconsider gold only if prices were about 20% lower.
GLD HIGH
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This Bloomberg Markets video, published January 16, 2026, features Matt Bloxham, Annabel Droulers, Henrietta Pacquement, Mark Mobius discussing XLU, Small nuclear reactors, TSM, LQD, AI-related corporate bonds, Utilities corporate bonds, Short-to-intermediate corporate credit, Long-duration credit, European interest-rate markets, GLD. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Matt Bloxham, Annabel Droulers, Henrietta Pacquement, Mark Mobius  · Tickers: XLU, Small nuclear reactors, TSM, LQD, AI-related corporate bonds, Utilities corporate bonds, Short-to-intermediate corporate credit, Long-duration credit, European interest-rate markets, GLD