Trump Puts Himself Centerstage; Fewer Ships Passing Hormuz | Bloomberg This Weekend: July 5

Summary

Bloomberg This Weekend covers the US Independence Day celebrations and President Trump's speech, previews the upcoming NATO summit in Turkey with discussions on burden-sharing and the Ukraine conflict, analyzes the state of semiconductor and memory stocks amid AI infrastructure demand, highlights the SK Hynix ADR debut and Micron's rally, reports on Strait of Hormuz shipping disruptions, and touches on OPEC+ supply increases, new Trump retirement accounts, and Supreme Court rulings.

• President Trump marked the 250th anniversary of US independence with a late-night speech mixing patriotic themes and political messaging.
• The NATO summit in Turkey is expected to feature ongoing tensions over member defense spending and the future of support for Ukraine.
• Bloomberg's Mike Shepard notes that despite a recent 10% dip, the Philadelphia Semiconductor Index remains up 78% year-over-year, supported by sustained AI infrastructure investment from major tech firms.
• Memory chip maker Micron has soared over 240% year-to-date on record demand that is expected to continue into 2027.
• South Korea's SK Hynix, a key Nvidia memory supplier, is launching a US ADR that could raise up to $26 billion, highlighting its prominence in the AI trade.
• Shipping through the Strait of Hormuz remains effectively halted, underscoring the fragility of the US-Iran ceasefire.
• OPEC+ members preliminarily agreed to a modest oil output increase of 188,000 barrels per day for August.
• The program also explored the new government-backed Trump retirement accounts, recent Supreme Court rulings, and cultural segments on bourbon and the history of the dollar.