Oil Tops $100 on War Worries; Trump Resurrects Tariff Wall | The Asia Trade 7/24/2026

Watch on YouTube ↗ | July 24, 2026 at 03:58 | 1:11:31 | Bloomberg Markets

Speakers

Kunjan Sobhani — Semiconductor Analyst

Dan Ives — Managing Director, Wedbush Securities

Jun Bei Liu — Ten Cap Founder

Garfield Reynolds — Markets Reporter/Editor, Bloomberg

Nick — Oil Reporter, Bloomberg

Summary

Brent crude surges above $100 on escalating US-Iran conflict and Houthi tanker attacks, reigniting global inflation fears and rate hike expectations. Intel's blowout earnings forecast validates massive AI data center spending, boosting semiconductor optimism. New US tariffs on 60 economies using forced-labor provisions rebuild Trump's trade wall. Asian equities open lower as oil-driven macro risks overshadow tech gains, while guests highlight opportunities in NVIDIA, Korean memory, copper, and Macquarie.

Brent crude trades above $100 as US strikes on Iran continue and a ceasefire proposal is rejected, raising supply disruption fears.
Intel beats profit estimates, driven by AI data center chip demand, boosting the outlook for Asian semiconductor suppliers.
Trump administration announces new tariffs on 60 major trading partners under Section 301 forced-labor provisions.
Japan's core CPI accelerates, heightening BOJ rate hike expectations while the yen stays near 164 per dollar.
Dan Ives sees AI spending only 15% through a $3-4 trillion cycle, bullish on NVIDIA and Korean memory names Samsung and SK Hynix.
Jun Bei Liu favors picks-and-shovels AI infrastructure plays like copper and Macquarie, avoiding overvalued AI names due to rate risks.
US Treasury forex report keeps China on a monitoring list but does not label any major partner a currency manipulator.
Asian markets decline as oil and geopolitics overwhelm positive Intel earnings, with Nikkei and Kospi down over 1%.

Ideas

Kunjan Sobhani Semiconductor Analyst 3:13

Intel turnaround fueled by AI demand.

Intel's execution is turning around, driven by the AI boom and a surprise beat in the PC client side where improved yields and volumes are boosting revenue. Combined with discipline work over the last year, both areas are helping Intel deliver better results.

Dan Ives Managing Director, Wedbush Securities 5:33

AI spending early, Nvidia benefits.

The AI revolution is in its early stages with only about 15% of a projected $3-4 trillion data center spend completed. Intel's blowout forecast validates that hyperscaler capex continues to surge, which is a strong positive for NVIDIA and the entire semiconductor food chain.

Dan Ives Managing Director, Wedbush Securities 11:08

Korean memory makers benefit from AI.

Korea is the poster child for top-down government-backed memory boom. Public-private partnerships and AI-driven demand for memory have moved Korean market front and center, with Samsung and SK Hynix as direct beneficiaries, and other countries looking to replicate this model.

Jun Bei Liu Ten Cap Founder 55:11

Macquarie well-positioned for energy volatility.

Macquarie Group is performing very well, with its core business well-positioned for ongoing volatility in global energy markets. The CEO transition is manageable and the incumbent is a good fit for the time being, while earnings are expected to remain very strong over the next 12 months.

Jun Bei Liu Ten Cap Founder 55:57

Copper critical for AI supply chain.

Copper is a critical part of the AI supply chain as a picks-and-shovels play. Data center builds and AI infrastructure require substantial copper inputs, making it an attractive commodity exposure given the structural demand growth.

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Speakers: Kunjan Sobhani, Dan Ives, Jun Bei Liu · Tickers: INTC, NVDA, 000660.KS, 005930.KS, MQG.AX, COPPER