Stocks Churn Before Big-Tech Earnings | The Close 7/22/2026

Watch on YouTube ↗  |  July 22, 2026 at 22:11  |  1:34:26  |  Bloomberg Markets
Speakers
Alex Blostein — Managing Director, Goldman Sachs
Rich Weiss — Senior Vice President & Chief Investment Officer of Multi-Asset Strategies, American Century Investments
Daniel Flax — Head of Digital Assets, Invesco
Jon McNeill — Co-Founder, Partner & CEO, DVx Ventures; former President of Tesla
Matt Stucky — Chief Portfolio Manager, Northwestern Mutual
Ray Wang — Analyst at SemiAnalysis. Fundamental research on AI infra/semis
Steve Sosnick — Chief Strategist, Interactive Brokers
Charles Scharf — CEO, Wells Fargo
Mandy Xu — Head of Derivatives Market Intelligence, Cboe Global Markets
Ron Kruszewski — Chairman and CEO, Stifel

Summary

Bloomberg's The Close covers pre-earnings jitters and instant reactions to Alphabet, Tesla, Texas Instruments, IBM, and ServiceNow results. Interviews with Wells Fargo CEO, Goldman analyst on Blackstone, Stifel CEO, Samsung foldable launch, and options market dynamics. Multiple guests debate AI capex sustainability, favor broadening into small cap/healthcare, and contrast Tesla's weak margins with robotics supply chain opportunities.

  • S&P 500 flat, Nasdaq down slightly ahead of big tech earnings after the close.
  • Interactive Brokers' Steve Sosnick notes strong revenue alone may not sustain rallies; margins and AI capex returns are key.
  • Wells Fargo CEO Charles Scharf discusses sustainable growth and return to U.S. expansion after asset cap removal.
  • Goldman Sachs' Alex Blostein flags a large valuation disconnect in alternative asset managers, particularly Blackstone, expecting an acceleration in monetization.
  • Stifel CEO Ron Kruszewski highlights durable wealth management and cautious on private M&A due to high valuations.
  • Samsung unveils new foldable phones; executive says the biggest competitor is Apple's yet-to-launch device.
  • Cboe's Mandy Xu reports record zero-day-to-expiry option volumes with balanced buyer/seller flow, limiting market impact.
  • Alphabet's cloud revenue jumps 80%+ but search ad revenue misses slightly; multiple analysts stay bullish on long-term AI and capex returns.
  • Tesla misses EPS by a wide margin; former president Jon McNeill says the product line is dated and discounts hammer margins, favoring supply chain instead.
  • Rich Weiss of American Century advocates moving toward small caps and healthcare as Mag7 become fully valued.
  • Intel receives a cautious 'watch' from Constellation Research CEO due to a critical 12-24 month execution window on 2nm chips.
Ideas
Alex Blostein Managing Director, Goldman Sachs 18:00
Blackstone undervalued, monetization accelerating.
Alternative asset managers, particularly Blackstone, have massively lagged the capital markets trade due to multiple derating, but fundamentals are strong with monetization expected to accelerate in the second half, creating an attractive valuation gap.
BX MED
Rich Weiss Senior Vice President & Chief Investment Officer of Multi-Asset Strategies, American Century Investments 57:00
Small caps and healthcare undervalued.
Magnificent 7 are fully valued and lagging, while small-cap and value sectors like healthcare are undervalued, offering better opportunities as the market broadens.
IWM XLV MED
Daniel Flax Head of Digital Assets, Invesco 66:00
Alphabet well positioned in AI cloud.
Alphabet's cloud margins are 2.5x the S&P 500 average, backlog surged $52B quarter-over-quarter, and with only 0.5% agentic AI penetration, demand for compute will remain strong, justifying rising capex.
GOOGL HIGH
Jon McNeill Co-Founder, Partner & CEO, DVx Ventures; former President of Tesla 73:00
Avoid Tesla, margins deteriorating.
Tesla's base auto business is dated and requires heavy discounting, eroding margins and free cash flow, making the company a poor investment relative to the healthier supply chain.
TSLA HIGH
Jon McNeill Co-Founder, Partner & CEO, DVx Ventures; former President of Tesla 75:30
Robotics supply chain outperforms end producers.
The real profit in AI/robotics is in the supply chain, not end producers; China and Korea are the leaders in robotics deployment, offering better investment exposure via supply-chain focused ETFs.
ROBT MED
Ray Wang Analyst at SemiAnalysis. Fundamental research on AI infra/semis 91:15
Intel's execution critical in 12-24 months.
Intel has a narrow window of 12-24 months to execute on 2nm chips and its fab business; failure would lead to major issues, making the stock a high-risk watch.
INTC MED
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This Bloomberg Markets video, published July 22, 2026, features Alex Blostein, Rich Weiss, Daniel Flax, Jon McNeill, Ray Wang discussing BX, IWM, XLV, GOOGL, TSLA, ROBT, INTC. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alex Blostein, Rich Weiss, Daniel Flax, Jon McNeill, Ray Wang  · Tickers: BX, IWM, XLV, GOOGL, TSLA, ROBT, INTC