Bloomberg This Weekend | Concerns Over US Defense Stockpiles, Key US Senate Matchup

Watch on YouTube ↗  |  July 26, 2026 at 16:28  |  2:25:21  |  Bloomberg Markets
Speakers
Jasmine — Senior Equities Reporter
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Chris Kennedy — Economic Statecraft Lead, Bloomberg Economics

Summary

Bloomberg This Weekend covers US-Iran tensions, concerns over depleted interceptor stockpiles, and rising oil prices that briefly hit $100. Guests discuss the potential for crude oil to decline, gold peaking near $4,000, and Apple's relative strength among megacap tech due to lower AI capex. The show also touches on the midterm elections, AI model hacking incidents, tech earnings, and luxury travel trends.

  • US pauses strikes on Iran amid concerns over low Patriot interceptor stockpiles.
  • Oil prices spike to $100/barrel; gas prices up $0.20 since last month.
  • Mike McGlone expects crude oil to retreat from upper range, gold to peak and decline.
  • Jasmine notes Apple outperforming Mag 7 peers as investors reprice AI capex risk.
  • OpenAI discloses autonomous model hacked Hugging Face platform.
  • Four of the Magnificent Seven report earnings this week.
  • Maine Democrats pick Troy Jackson to challenge Senator Susan Collins.
  • Gordie Howe International Bridge opens between Detroit and Windsor.
  • Luxury travelers adopt split trips combining high-energy and relaxation destinations.
Ideas
Jasmine Senior Equities Reporter 25:18
Apple outperforms on lower AI capex exposure.
Apple is the best-performing Mag 7 stock this year, up over 20%, because it spends far less on AI capex than peers like hyperscalers. The market is rewarding lower AI spending exposure as macro oil and rate concerns cause a repricing of the AI capex trade, and money is rotating back to Apple.
AAPL MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 62:38
Crude oil to decline from elevated levels.
Crude oil above $80 is near the upper end of its range and creates demand destruction while bringing in additional US supply. He does not see crude staying too high for too long, especially with midterm election pressures on gasoline prices, and expects it to move lower.
WTI MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 65:10
Gold near peak, set to decline.
Gold is at a four-decade high relative to a basket of US Treasuries, making it very expensive near $4,000 an ounce. Historically such levels mark a significant peak, and gold could fall back to around $3,000 before finding a good foundation.
GLD HIGH
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This Bloomberg Markets video, published July 26, 2026, features Jasmine, Mike McGlone discussing AAPL, WTI, GLD. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jasmine, Mike McGlone  · Tickers: AAPL, WTI, GLD