Global Chip Stock Slump Overshadows Oil Drop | The Opening Trade 7/28/2026

Watch on YouTube ↗  |  July 28, 2026 at 11:17  |  1:35:42  |  Bloomberg Markets
Speakers
Guy Johnson — Anchor, Bloomberg
Paul Malcolm — Investment Director and Head of Global Equities, GAM Investments
Lee Robinson — Founder & CIO, Altana Wealth
Anthony Stevens — Bloomberg Market Producer
Neil Campaign — Senior Strategist, Bloomberg

Summary

Global chip stocks extend losses as AI circular financing fears, Chinese lithography breakthroughs, and costly CapEx fuel a massive Asia selloff. Oil declines on potential US-Iran talks. European equities stay calm, with personal care surging and Barclays falling despite strong equities trading. Guests discuss defensive rotation, semiconductor risks, private credit concerns, and opportunities in European/UK dividend names.

  • Chip stocks plunge in Asia (Cosbi down 11%) on Chinese DUV lithography progress and fears over circular AI funding.
  • Hyperscaler earnings this week seen as pivotal test for AI spending commitments.
  • Brent drops to $86.50 on Trump's talk of a US-Iran deal, easing Middle East supply fears.
  • European markets show resilience, led by personal care and consumer staples.
  • Unilever jumps most in two years on strong emerging-market demand and transformation progress.
  • Barclays beats on equity trading but stock slips on fixed income miss and capital concerns.
  • Man Group posts record net inflows, boosted by solid investment performance across strategies.
  • Altana Wealth's Lee Robinson warns of a private credit bubble and insurance company risks, launching a fund to short credit.
  • GAM's Paul Malcolm favors European and UK equities for defensive positioning and dividend yield, avoids chip hardware near term.
  • Philips CEO defends margin guidance despite cost pressures; shares slump 9%.
Ideas
Guy Johnson Anchor, Bloomberg 48:33
Hide in personal care stocks
Amid heavy tech volatility, personal care stocks like Unilever and Reckitt Benckiser are rising and offer a calming defensive place to hide out.
UL RKT.L LOW
Paul Malcolm Investment Director and Head of Global Equities, GAM Investments 51:03
Favor European equities, especially UK
Europe's sector mix is advantageous in this environment, heavy in defensives and benefiting from value rotation; the UK in particular offers high free-cash-flow dividend yields that can outperform in volatile markets.
UKX SX6P MED
Paul Malcolm Investment Director and Head of Global Equities, GAM Investments 52:50
Avoid semiconductor hardware short term
Chip stocks are trading at extreme multiples of sales, the AI race will produce few winners, Chinese competition adds risk, and forward earnings beyond a few years are doubtful; the market is waking up to overvaluation.
SOX index MED
Up Next
4:41:06
26.07.28 Afternoon Broadcast Full View "Does it make sense?" Another 'Black Tuesday'... Domestic stock market flooded with sell-offs due to foreign invasion
3PRO TV (삼프로TV) · Jul 28
26:17
[#RealMarket] Repeated Crash, Individuals Shed Tears.. Foreigners Dumped 5 Trillion, Reason for Buying 2.7 Trillion in Futures at Market Close "Broken Supply and Demand, Stock Market Manipulated by Foreigner Day Trading" | Director Park Hyun-sang
815 Money Talk (815머니톡) · Jul 28
50:06
Nvidia, AI Stocks Tumble as China Chip Progress Sparks Selloff | The Pulse 7/28/2026
Bloomberg Markets · Jul 28
21:35
[Highlight] Even reflecting the worst-case scenario, it's undervalued now | Chesley Investment Advisory Executive Director Park Se-ik [Womaeshinbak / 26.07.28.Tue]
Chesley Investment Advisory (체슬리투자자문) · Jul 28
21:17
[#Emergency Interview] Global stock markets are holding up... Why is only Korea experiencing a stock market crash on the scale of a financial crisis? / Credit leverage collapse, fear engulfing the Korean stock market | CEO Kim Min-soo
815 Money Talk (815머니톡) · Jul 28

This Bloomberg Markets video, published July 28, 2026, features Guy Johnson, Paul Malcolm discussing UL, RKT.L, UKX, SX6P, SOX index. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Guy Johnson, Paul Malcolm  · Tickers: UL, RKT.L, UKX, SX6P, SOX index