Trump to Launch $12B Mineral Stockpile to Blunt China Reliance | Bloomberg Businessweek Daily 2/2/26
Speakers
Joe Deaux
— Corporate and Economic State Crafting Reporter, Bloomberg
Jayati Bharadwaj
— TD Securities Head of FX Strategy
Ross Gerber
— CEO, Gerber Kawasaki Wealth Management
Eric Clark
— CIO, Accuvest Global Advisors
Cathie Wood
— Founder/CEO/CIO, ARK Invest
Charlie Pellett
— Anchor/Reporter, Bloomberg
Tim Stenovec
— Anchor/Co-Host, Bloomberg TV & Radio
Summary
The episode covered the U.S. government's $12 billion strategic critical-minerals stockpile aimed at reducing reliance on China, along with the dollar and precious-metals trades after recent volatility. Ross Gerber argued Disney should be broken up and criticized Apple's AI caution, while remaining invested in Tesla despite skepticism about the SpaceX/xAI merger. Eric Clark of Manhattan Associates discussed resilient supply-chain software demand and AI-driven efficiency gains.
- Trump administration launches a $12B critical-minerals stockpile with private capital and OEM partners.
- Joe Deaux says timing and details of stockpile purchases remain uncertain, but government backing is a supportive signal.
- Jayati Bharadwaj sees tactical dollar strength, though temporary, and says the debasement trade and precious-metals bid are not over.
- Ross Gerber advocates breaking Disney into three companies and sees sum-of-parts value above current levels.
- Gerber remains invested in Tesla but is skeptical of merging SpaceX and xAI; he calls Apple too risk-averse on AI.
- Eric Clark says Manhattan Associates is winning supply-chain software deals and seeing AI-agent ROI.
Ideas
U.S. critical minerals stockpile supports rare earths
The U.S. government is launching a $12 billion strategic critical-minerals stockpile, with about $10 billion from an Export-Import Bank loan and $1.6 billion in private capital, to help private companies insulate themselves from supply shocks and reduce reliance on Chinese rare earths and other metals. Major OEMs including Stellantis, Boeing and GM are partners and will tell the vault what minerals their industries need; the administration could start purchasing quickly, though it is unclear whether purchases will be raw ore, concentrates or refined metal and whether the program persists after Trump. The government's backing is a supportive signal for critical-minerals and rare-earth producers because it can make private investment more attractive, but the details and timing remain uncertain.
Tactically long dollar; strength temporary
The dollar has room to strengthen tactically as markets reprice a potentially hawkish Kevin Warsh Fed nomination and as January/February U.S. data seasonality tends to favor the dollar. If the focus remains on U.S. data, the dollar can rally a bit more, but she expects any strength to be temporary rather than the start of a durable dollar uptrend.
Debasement trade not over; long precious metals
The debasement trade is not over. Precious metals have been the largest absorber of the debasement trade, and FX has also participated. Pending Supreme Court decisions, uncertainty about whether Kevin Warsh will be hawkish or bend to the administration's rate-cut pressure, U.S. fiscal and geopolitical uncertainty, and the dollar no longer acting as a reliable safe haven mean the trade can continue. She says the dollar is not out of the woods yet and precious metals can remain supported.
ARKVX offers private SpaceX exposure
She is positive on the SpaceX/xAI combination, saying xAI will become part of the SpaceX ecosystem and that orbital data centers are a big idea. She notes ARKVX is constructed with 80% private exposure and already owns xAI; once SpaceX goes public, the fund will bump up the public position but will not have to sell, giving ARKVX a way to capture the SpaceX/xAI IPO/listing upside.
Disney breakup could unlock value
Disney's market valuation is too low relative to the value of its assets. The parks, resorts and cruise business is a high-cash-flow asset, the streaming business (Disney+/Hulu) is now a strong competitor, and ESPN is a valuable sports asset but has volatile financials that do not fit with the rest. He argues Disney should be broken into three companies—parks/experiences/cruise, streaming/entertainment, and ESPN—and that a sum-of-the-parts value could be closer to $150 per share versus around $100, unlocking value for shareholders after five years of waiting.
Tesla remains Musk bet despite risks
He remains invested in Tesla and is willing to keep betting on Elon Musk despite being skeptical of the proposed SpaceX/xAI combination and the broader capital-intensive projects. He notes Tesla has about $44 billion on the books but argues Musk's ventures are cash-hungry and may need to raise more money. He does not bet against Musk and has a certain bet with him, suggesting he is holding Tesla rather than selling.
Apple too risk-averse on AI
Apple is too risk-averse under Tim Cook and is sitting on the sidelines of the AI revolution. He says Cook won't do anything and is scared to get in the water, leaving Apple watching the AI race unfold and asking who it should pay next because it has not done anything itself. That management inaction makes Apple less attractive relative to more aggressive innovators like Musk.
Manhattan Associates growing supply-chain software demand
Manhattan Associates reported a good fourth quarter and full year 2025, with cloud revenue up, ramped ARR up 23%, and remaining performance obligations up 25%. It remains the supply-chain software market leader, winning more than 70% of deals. Customers continue to buy across warehouse, transportation, order management, point of sale and supply-chain planning, and its AI agents/Foundry are producing measurable ROI through headcount reductions and efficiency gains, such as 3% more shipping lines and up to 40% lower logistics expenses for store-fulfilled online orders.
Up Next
This Bloomberg Markets video, published February 02, 2026, features Joe Deaux, Jayati Bharadwaj, Cathie Wood, Ross Gerber, Eric Clark discussing REMX, UUP, GLTR, ARKVX, DIS, TSLA, AAPL, MANH. 8 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Joe Deaux, Jayati Bharadwaj, Cathie Wood, Ross Gerber, Eric Clark · Tickers: REMX, UUP, GLTR, ARKVX, DIS, TSLA, AAPL, MANH