Bloomberg Surveillance 5/14/2026

Watch on YouTube ↗  |  May 14, 2026 at 15:53  |  2:24:21  |  Bloomberg Markets
Speakers
Erica Najarian — UBS Financials Analyst
Jonathan Krinsky — Chief Market Technician, BTIG
Paul Quinsee — Global Head of Equities, JPMorgan Asset Management
Julian Emanuel — Evercore ISI
Pierre Ferragu — Analyst, New Street Research
Lisa Abramowicz — Anchor, Bloomberg Television and Radio

Summary

This episode of Bloomberg Surveillance covers the US-China summit, record tech-driven equity highs, rising bond yields, and the transition to a Warsh-led Fed. Guests present investment ideas including favoring big banks over regionals, diversifying into international value and European banks, and expecting a semiconductor pullback.

  • President Trump and Xi Jinping hold a summit in Beijing, discussing trade and Taiwan.
  • US approves H200 chip sales to Chinese firms, but China's approval remains uncertain.
  • Cisco reports strong earnings and raises AI orders forecast, stock surges.
  • Big banks (Goldman Sachs, Morgan Stanley) are favored over regionals by UBS's Erica Najarian.
  • BTIG's Jonathan Krinsky warns semis are overextended and could drop 20%.
  • JPMorgan's Paul Quinsee recommends diversifying into international value and European banks.
  • Fed Governor Stephen Miran discusses supply shocks and monetary policy lags in his final interview.
  • Retail sales and jobless claims data show a resilient but uneven consumer.
Trade Ideas
Paul Quinsee Global Head of Equities, JPMorgan Asset Management 52:44
Diversify into international value and banks
Investors should diversify away from concentrated US tech into international value stocks and European banks, which offer cheap valuations, strong earnings growth, and less AI exposure, with potential currency tailwinds.
International value stocks EUFN MED
Erica Najarian UBS Financials Analyst 79:55
Favor big banks over regionals
Big banks like Goldman Sachs and Morgan Stanley are more attractive than regional banks because their transaction-based business models are less exposed to consumer weakness and deposit costs, while capital markets activity remains robust. Higher rates and inflation favor them, and consumer concerns may be overblown.
GS MS MED
Jonathan Krinsky Chief Market Technician, BTIG 116:59
Semiconductors to pull back 20%
Semiconductors are extremely extended and due for a significant pullback of about 20% to the 50-day moving average, driven by extreme positioning and FOMO, even though the fundamental backdrop remains strong.
SMH MED
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This Bloomberg Markets video, published May 14, 2026, features Paul Quinsee, Erica Najarian, Jonathan Krinsky discussing International value stocks, EUFN, GS, MS, SMH. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paul Quinsee, Erica Najarian, Jonathan Krinsky  · Tickers: International value stocks, EUFN, GS, MS, SMH