Markets Weigh AI Rotation, US 'Self-Defense' Strikes | The Asia Trade 6/10/2026

Watch on YouTube ↗  |  June 10, 2026 at 04:45  |  1:34:52  |  Bloomberg Markets
Speakers
Jack Caffrey — Portfolio Manager, J.P. Morgan Asset Management
Dario Amodei — CEO, Anthropic
Jasmine Duan — Senior Investment Strategist, RBC Wealth Management Asia
Richard Wagner — CEO, Morgan Stanley Australia
Min Min Low — China Correspondent, Bloomberg
Marcus Wong — Rates and Emerging Markets Macro Strategist, Bloomberg
Romaine Bostick — Anchor, Bloomberg
Anthony — Bloomberg Reporter
Ruth Carson — Correspondent, Singapore
Shery Ahn — Anchor, Bloomberg Television
Rebecca Hill — CEO, Morgan Stanley Wealth Management Australia

Summary

The episode covers market rotation out of AI/tech stocks amid renewed US-Iran tensions, with US self-defense strikes on Iran raising geopolitical risk. Guests discuss implications for Asian markets, including an AI memory chip bottleneck, energy sector overweight, ASEAN underweight, and Australian property concerns. The Bloomberg Invest Hong Kong event highlights the city's recovery and China's $295 billion AI data center plan. Key views include bullish US equities on strong earnings, AI-driven software expansion, and bearish Indonesian assets due to credibility issues.

  • US strikes on Iran escalate tensions, lifting oil prices and fueling market volatility.
  • Rotation out of tech into cyclicals continues, with liquidity vacuum ahead of SpaceX IPO.
  • Jasmine Duan (RBC WM) sees AI memory chip shortages as critical bottleneck, favors memory chipmakers and US energy, underweights ASEAN.
  • Richard Wagner (Morgan Stanley Australia CEO) expects massive AI infrastructure capex in Australia but warns property market faces damming outlook.
  • China plans $295 billion AI data center buildout, favoring domestic suppliers per Bloomberg's Minmin Low.
  • Indonesia's surprise rate hike fails to arrest asset decline; macro strategist Marcus Wong sees credibility broken.
  • Jack Caffrey (JP Morgan) stays bullish on US stocks driven by 22%+ earnings growth in 2026-2027.
  • Anthropic CEO Dario Amodei believes AI will expand the overall software industry.
Ideas
Richard Wagner CEO, Morgan Stanley Australia 13:41
Australia wins big AI infrastructure capex.
Australia is the chosen destination for hyperscaler AI infrastructure spend with abundant land and renewable energy; over $200 billion of global capex is expected to flow into Australia, making the next 12-24 months revolutionary for local infrastructure and related sectors.
ASX 200 MED
Richard Wagner CEO, Morgan Stanley Australia 16:30
Prefer Australian resources over banks.
Australian resources have been a better place to be than banks over the last two months, with the consumer under pressure from rate hikes and cost of living, while resources benefit from global demand.
QRE LOW
Richard Wagner CEO, Morgan Stanley Australia 18:44
Australian property market faces damming outlook.
The Australian property market faces a damming near-term outlook due to budget impacts on housing, two rate hikes, high investor concentration (40% of the market), and alarming metrics, making property a sector to avoid.
VAP MED
Jack Caffrey Portfolio Manager, J.P. Morgan Asset Management 31:04
US earnings growth drives further upside.
US stocks have further upside because profits are on track for growth of 22% or more in 2026 and the same is likely in 2027, making this an earnings-driven story; pullbacks will be short but sharp.
SPY MED
Dario Amodei CEO, Anthropic 33:21
AI expands software industry overall.
AI will make the software industry larger, not smaller; the total pie expands even as some incumbents shrink or disappear if they fail to adapt.
IGV MED
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 50:44
AI memory chip shortage benefits chipmakers.
AI memory chip shortages are becoming a critical bottleneck for AI development, driving surging demand and prices; memory chipmakers have strong earnings visibility and still decent valuations, even though the trade has become crowded and hyperscalers may eventually reduce dependency.
000660.KS 005930.KS HIGH
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 55:13
Elevated oil prices favor US energy.
The Middle East conflict will drag on and oil prices are likely to stay elevated into summer, so investors should maintain higher exposure to the energy sector, especially in the US market.
XLE MED
Jasmine Duan Senior Investment Strategist, RBC Wealth Management Asia 55:37
ASEAN hurt by high energy import costs.
ASEAN economies are net energy importers that rely more on Middle East energy; as elevated energy prices persist, they will be disproportionately hurt, warranting an underweight on the region.
ASEA MED
Min Min Low China Correspondent, Bloomberg 81:07
China's AI buildout benefits domestic suppliers.
China's $295 billion AI data center buildout over five years will largely benefit domestic data center suppliers and telco companies, while US suppliers like AMD and Nvidia are unlikely to participate, making Chinese AI infrastructure plays attractive.
Chinese AI data center suppliers MED
Marcus Wong Rates and Emerging Markets Macro Strategist, Bloomberg 86:13
Avoid Indonesian assets, credibility broken.
Indonesia's surprise rate hike signals desperation and a lack of credibility; investors see more downside and are unwilling to catch a falling knife, with the rupiah, bonds, and equities remaining under pressure.
EIDO MED
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This Bloomberg Markets video, published June 10, 2026, features Richard Wagner, Jack Caffrey, Dario Amodei, Jasmine Duan, Min Min Low, Marcus Wong discussing ASX 200, QRE, VAP, SPY, IGV, 000660.KS, 005930.KS, XLE, ASEA, Chinese AI data center suppliers, EIDO. 10 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Richard Wagner, Jack Caffrey, Dario Amodei, Jasmine Duan, Min Min Low, Marcus Wong  · Tickers: ASX 200, QRE, VAP, SPY, IGV, 000660.KS, 005930.KS, XLE, ASEA, Chinese AI data center suppliers, EIDO