Open Interest 6/1/2026 | Jensen Huang's Bullish Software Call

Watch on YouTube ↗  |  June 01, 2026 at 15:55  |  1:26:18  |  Bloomberg Markets
Speakers
Stuart Kaiser — Head of US Equity Trading Strategy, Citi
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Carmen Li — CEO, Silicon Data

Summary

The episode covers NVIDIA's expansion into PC chips, a software rally driven by Jensen Huang's comments, and Berkshire Hathaway's $7 billion acquisition of homebuilder Taylor Morrison. Geopolitical tensions with Iran push oil prices higher, while ISM manufacturing data beats expectations. Guests discuss AI compute futures, housing market weakness, and gold's overvaluation.

  • NVIDIA enters the Windows laptop market with RTX Spark super chip, taking on Intel and AMD.
  • Software stocks rally after Jensen Huang says AI will create more demand for software tools.
  • Berkshire Hathaway buys Taylor Morrison for nearly $7 billion, its first major deal under Greg Abel.
  • Iran halts message exchanges with the U.S. over Israeli strikes, sending oil prices up 5-6%.
  • ISM manufacturing index rises to 54, beating expectations, while prices paid come in lower than feared.
  • Citi's Stuart Kaiser sees the S&P 500 reaching 8500 and remains bullish on NVIDIA's acceleration phase.
  • Meredith Whitney warns of consumer weakness and fading housing demand, noting credit quality data is misleading.
  • Mike McGlone argues gold is overvalued versus Treasuries and facing headwinds from rising yields.
Trade Ideas
Stuart Kaiser Head of US Equity Trading Strategy, Citi 20:53
NVIDIA still in acceleration phase, long
NVIDIA remains a strong long because it is still in the acceleration phase of earnings growth, with two-year-out sales growth still around 20% for the Mag 7. Anchoring to a five-year slowdown narrative misses the near-term upside. The forward PE of 21x is not expensive given the durable earnings trajectory.
NVDA MED
Stuart Kaiser Head of US Equity Trading Strategy, Citi 26:30
S&P 500 can reach 8500 in 3-6 months
The S&P 500 can reach 8500 in the next three to six months driven by continued earnings growth and PE contraction. With earnings per share estimates for 2027 around $300 and a reasonable multiple, a target of 8500 is achievable. The market remains constructive on risk due to strong earnings and a resilient U.S. economy, and the current PE has actually contracted almost 5% this year, leaving room for upside.
SPY HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 83:39
Gold overvalued vs Treasuries, bearish
Gold is overvalued relative to U.S. Treasuries, with the gold-to-Treasury ratio at the most expensive since 1982. Gold has become a highly speculative risk asset rather than a store of value, and higher yields (long bond at 5%) make gold less attractive. The bull market ran too far and is now backing up.
GLD MED
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This Bloomberg Markets video, published June 01, 2026, features Stuart Kaiser, Mike McGlone discussing NVDA, SPY, GLD. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Stuart Kaiser, Mike McGlone  · Tickers: NVDA, SPY, GLD