Buzzberg Cup Live

AI Boom Cements HK's Role as Gateway to China | The China Show | 7/3/2026

Watch on YouTube ↗  |  July 03, 2026 at 06:28  |  1:33:15  |  Bloomberg Markets
Speakers
Billy Leung — Head of Content, Crypto.com
Julio Callegari — Asia Fixed Income CIO, JPMorgan Asset Management
Mark Cranfield — Cross Asset Strategist, Bloomberg
Asia Stocks — Asia Stocks Reporter, Bloomberg
Anthony — Markets Reporter, Bloomberg
Dan Moss — Opinion Columnist, Bloomberg
Kirk — Reporter, Bloomberg

Summary

The China Show covered US jobs data, AI chip rotation, and yen intervention speculation. Guests gave bullish views on AI semiconductors, infrastructure, Korean memory, and Chinese AI, while recommending long positions in US Treasuries, EM local rates, and select Asian currencies. Bearish calls emerged on semiconductor equipment and the yen, with a cautious stance on Chinese internet stocks.

  • US June jobs growth slowed sharply, reducing immediate Fed rate-hike expectations.
  • AI semiconductor and infrastructure trades remain strong, with broadening into power, optical, and Korean memory.
  • Chinese AI stocks are seen as overlooked and under-priced, with catalysts ahead.
  • JPMorgan Asset Management recommends long 7-10 year UST and EM local rates (Philippines, India) on peak rate bets.
  • Bulls expect Asian currencies (KRW, TWD, JPY) to appreciate once US exceptionalism fades.
  • MLIV columnist bullish on Korean won on policy coordination; bearish yen as authorities appear content with weakness.
  • Semiconductor equipment makers face downside risk from potential data center capex cuts.
  • Chinese internet/HSTECH remains unattractive until macro recovers and AI monetization materializes.
Ideas
Asia Stocks Asia Stocks Reporter, Bloomberg 15:10
Avoid HSTECH until macro recovers
Chinese internet stocks remain unattractive due to weak macro, lack of visible AI monetization, and rotation into hardware names in Korea and Taiwan. Investors need a meaningful economic recovery and earnings surprises to consider re-entering the sector.
HSTECH MED
Billy Leung Head of Content, Crypto.com 28:52
AI infrastructure and semiconductors set to extend
The AI trade is broadening beyond GPUs into infrastructure such as power, optical components, and interconnect. Semiconductors remain the strongest trait with heavy ETF flows. This breadth can extend the AI trade further, supporting both the semiconductor sector and related infrastructure names.
SMH AI infrastructure (power, optical, interconnect) HIGH
Billy Leung Head of Content, Crypto.com 30:41
Korean memory stocks benefit from AI expansion
The AI trade is expanding geographically into Korea, which hosts key memory players. Increased memory demand from AI will directly benefit Korean memory companies.
EWY HIGH
Billy Leung Head of Content, Crypto.com 30:56
Chinese AI stocks are under-priced gem
China has a full stack of AI names that are overlooked and under-priced. Catalysts such as IPO activity, large language model data points, and eventual earnings beats can drive a re-rating of Chinese AI stocks.
Chinese AI stocks HIGH
Billy Leung Head of Content, Crypto.com 35:03
Chinese AI infrastructure plays strong buy
The picks and shovels behind AI—data centers, interconnect, cables, power equipment, optical cables—are a very strong market in China. These infrastructure companies will benefit from increased hyperscaler spending and represent a distinct AI play.
Chinese AI infrastructure companies HIGH
Julio Callegari Asia Fixed Income CIO, JPMorgan Asset Management 54:21
Buy 7-10 year U.S. Treasuries
With a gradual U.S. economic slowdown, the Fed is unlikely to hike further. The belly of the yield curve (7-10 year) will benefit the most as rate expectations become anchored, offering attractive returns.
U.S. Treasury 7-10 year bonds HIGH
Julio Callegari Asia Fixed Income CIO, JPMorgan Asset Management 55:21
Philippine bonds to rally on fewer hikes
Markets have priced in about four rate hikes in the Philippines, but the central bank is likely to deliver only one or two. This creates a repricing opportunity in short-end local rates, making Philippine bonds attractive.
Philippine government bonds (short end) HIGH
Julio Callegari Asia Fixed Income CIO, JPMorgan Asset Management 55:34
Indian bonds benefit from over-priced hikes
Similar to the Philippines, India has too many rate hikes priced in. The central bank is likely to deliver less, so short-end Indian bonds should outperform as the market reprices.
Indian government bonds (short end) HIGH
Julio Callegari Asia Fixed Income CIO, JPMorgan Asset Management 56:07
Asian currencies set to appreciate
Asian economies have massive current account surpluses ($1.6 trillion over 12 months) tied to exports and AI/tech. Once the narrative of U.S. exceptionalism abates and the Fed stops hiking, capital flows will return to Asia and drive appreciation in the Korean won, Taiwan dollar, and Japanese yen.
KRW TWD FXY HIGH
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This Bloomberg Markets video, published July 03, 2026, features Asia Stocks, Billy Leung, Julio Callegari discussing HSTECH, SMH, AI infrastructure (power, optical, interconnect), EWY, Chinese AI stocks, Chinese AI infrastructure companies, U.S. Treasury 7-10 year bonds, Philippine government bonds (short end), Indian government bonds (short end), KRW, TWD, FXY. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Asia Stocks, Billy Leung, Julio Callegari  · Tickers: HSTECH, SMH, AI infrastructure (power, optical, interconnect), EWY, Chinese AI stocks, Chinese AI infrastructure companies, U.S. Treasury 7-10 year bonds, Philippine government bonds (short end), Indian government bonds (short end), KRW, TWD, FXY