Trump Says Iran 'Will Pay' for US Troop Deaths | The Pulse 7/21/2026

Watch on YouTube ↗  |  July 21, 2026 at 11:57  |  48:32  |  Bloomberg Markets
Speakers
Hugh Gimber — Global Market Strategist, JPMorgan Asset Management
Tim Craig — Research Director, Bloomberg Intelligence
Matthew — Analyst, Bloomberg Intelligence

Summary

The episode covers US-Iran strikes, new US tariffs on Canada, the UK's new government, and investment implications. Hugh Gimber sees opportunities in UK gilts and equities, favors semiconductor equipment suppliers over AI spenders, and likes Chinese AI stocks. Tim Craig highlights BAE Systems and UK homebuilders. TSMC's price increases are also discussed.

  • US forces strike Iran for a 10th consecutive day with no clear de-escalation.
  • White House threatens 50% tariff on $20 billion of Canadian goods.
  • UK's new chancellor signals higher defence spending, supporting gilt outlook.
  • UK equities are pitched as a hedge against Middle East risks and AI concentration.
  • Semiconductor equipment beneficiaries are preferred over capex spenders.
  • China's AI and chip names are seen as undervalued vs. Korea/Taiwan.
  • BAE Systems expected to benefit from European defence collaboration.
  • TSMC price increases could drive upward revenue momentum.
Ideas
Hugh Gimber Global Market Strategist, JPMorgan Asset Management 3:29
UK gilts attractive if fiscal rules upheld.
If the new Chancellor continues to demonstrate he is taking fiscal rules seriously, there are opportunities in UK gilts, as the bond market has already priced in fiscal constraints and the relative yield looks attractive.
UKGILT MED
Hugh Gimber Global Market Strategist, JPMorgan Asset Management 4:44
UK equities hedge and diversify AI.
UK equities serve as a hedge against further Middle East escalation and offer diversification from AI-heavy markets; a new prime minister providing more clarity could be a catalyst for international flows to return.
EWU MED
Hugh Gimber Global Market Strategist, JPMorgan Asset Management 10:20
Buy AI capex beneficiaries over spenders.
Beneficiaries of the $700 billion AI capex spend have more stable earnings visibility than the spenders whose ROI remains uncertain; the next step for the semi story requires hyperscaler commitments to rise, but recipients are better positioned.
AI MED
Hugh Gimber Global Market Strategist, JPMorgan Asset Management 11:13
China AI stocks undervalued and promising.
Chinese AI and semiconductor companies are making progress in sophistication and cost, with reasonable valuations, and have not kept up with the rally in Korea and Taiwan, making them worth a look for the next leg of the AI trade.
China AI/semiconductor equities MED
Hugh Gimber Global Market Strategist, JPMorgan Asset Management 11:53
Avoid AI capex spenders.
The ROI on massive AI capex spend by hyperscalers remains as unanswerable as a year ago, so investors are better off avoiding the spenders and favoring the beneficiaries of that spend.
Hyperscalers / AI capex spenders MED
Tim Craig Research Director, Bloomberg Intelligence 28:03
BAE Systems wins from defence spending.
BAE Systems is right in the target zone as a prime defence contractor that will benefit from increased defence spending and the push for European collaboration to keep budgets within the region.
BAESY MED
Tim Craig Research Director, Bloomberg Intelligence 28:52
Watch UK homebuilders if rates fall.
UK housing is currently depressed by high interest rates and weak demand, but if rates come down, homebuilders would benefit greatly from government plans to build more homes.
UK homebuilders LOW
Matthew Analyst, Bloomberg Intelligence 45:45
TSMC price hikes boost revenue momentum.
TSMC's price increases for next year amid supply-demand imbalance should drive upward revenue momentum beyond consensus, supporting the stock.
TSM LOW
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This Bloomberg Markets video, published July 21, 2026, features Hugh Gimber, Tim Craig, Matthew discussing UKGILT, EWU, AI, China AI/semiconductor equities, Hyperscalers / AI capex spenders, BAESY, UK homebuilders, TSM. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Hugh Gimber, Tim Craig, Matthew  · Tickers: UKGILT, EWU, AI, China AI/semiconductor equities, Hyperscalers / AI capex spenders, BAESY, UK homebuilders, TSM