Buzzberg Cup Live

Bloomberg Surveillance 7/17/2026

Watch on YouTube ↗  |  July 17, 2026 at 15:31  |  2:24:23  |  Bloomberg Markets
Speakers
Aaron Kennon — Chief Investment Officer, Clear Harbor Asset Management
Alicia Reese — SVP of Equity Research, Wedbush
John Stoltzfus — Chief Investment Strategist, Oppenheimer
Jeff Currie — CSO Energy Pathways, Carlyle Group
Dominique Toublan — Barclays Head of US Credit Strategy
Binky Chadha — Chief Global Strategist, Deutsche Bank
Dan Ives — Managing Director, Wedbush Securities

Summary

The episode covers a tech-led market selloff sparked by a competitive AI model from China (Kimi K3), raising doubts about the scale of US AI capex. Iran tensions escalate with six days of US strikes and a naval blockade, lifting oil. Netflix disappoints, while strong overall earnings support the S&P 500. Energy shortages, product crack spreads, and hyperscaler debt supply are flagged as risks and opportunities.

  • Chinese AI startup Moonshot unveils Kimi K3 model, rivaling US top models, sparking fears of cheaper AI reducing chip demand.
  • US expands strikes on Iran for sixth day, targeting bridges and enforcing naval blockade, lifting crude oil and product prices.
  • Netflix shares drop after forecasting a second quarter of slowing sales growth, though engagement metrics show improvement.
  • S&P 500 earnings season starts strong with no misses, supporting bullish outlook and path to 8000.
  • Energy sector flagged as best-performing asset class with record-high crack spreads due to global refining shortages.
  • Hyperscaler investment-grade debt market faces absorption limits, prompting an underweight call from Barclays.
  • Fed officials debate rate hikes amid soft CPI/PPI but persistent inflation concerns, with focus on money supply as leading indicator.
  • Broad market rotation underway, with equal-weight indices and small caps outperforming, suggesting diversification.
Ideas
Aaron Kennon Chief Investment Officer, Clear Harbor Asset Management 10:42
Banks strong on M&A and trading activity.
The banking sector is strong, driven by increased M&A activity, a favorable regulatory environment, and rising trading and wealth management revenues.
XLF MED
Alicia Reese SVP of Equity Research, Wedbush 33:01
Netflix engagement improving, live sports driving growth.
Netflix engagement metrics are improving, with a third straight half of acceleration; live sports is a Trojan horse driving sign-ups and advertising revenue; the bear case's core metric is moving against the bears, and the sell-off is overdone.
NFLX MED
John Stoltzfus Chief Investment Strategist, Oppenheimer 51:57
Buy tech dips, AI spending will continue.
Technology always gets cheaper, and volume makes up for lower unit pricing; AI spending is a multi-year trend, hyperscalers will survive and thrive, this is not a tech bubble, making pullbacks a buying opportunity.
XLK HIGH
Jeff Currie CSO Energy Pathways, Carlyle Group 78:19
Commodities and energy surging on product shortages.
The energy complex is severely underinvested; record-high crack spreads indicate a shortage of products, not an illusion of abundance; commodities are the best performing asset class with significant upside, led by the petroleum complex.
DBC XLE HIGH
Dominique Toublan Barclays Head of US Credit Strategy 90:04
Hyperscaler bond market facing supply pressure, underweight.
Hyperscaler investment-grade corporate bond issuance is overwhelming demand, leading to underperformance; historically, sectors with heavy supply underperform the index; this supply pressure is likely to persist, warranting an underweight or avoid stance.
Hyperscaler Investment Grade Corporate Bonds MED
Binky Chadha Chief Global Strategist, Deutsche Bank 101:50
S&P 500 to 8000 on strong earnings.
Q2 earnings have been exceptionally strong with zero misses to date; midterm election year Q4 history shows positive returns 21 of the last 23 years, averaging 7%; the S&P 500 is on a path to 8000 supported by fundamentals.
SPY HIGH
Dan Ives Managing Director, Wedbush Securities 115:45
NVIDIA central to AI buildout, buy.
NVIDIA is the one chip fueling the AI revolution; commoditization of AI models does not threaten demand for its cutting-edge chips, and hyperscaler capex will continue to flow toward NVIDIA as the AI buildout advances.
NVDA HIGH
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This Bloomberg Markets video, published July 17, 2026, features Aaron Kennon, Alicia Reese, John Stoltzfus, Jeff Currie, Dominique Toublan, Binky Chadha, Dan Ives discussing XLF, NFLX, XLK, DBC, XLE, Hyperscaler Investment Grade Corporate Bonds, SPY, NVDA. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Aaron Kennon, Alicia Reese, John Stoltzfus, Jeff Currie, Dominique Toublan, Binky Chadha, Dan Ives  · Tickers: XLF, NFLX, XLK, DBC, XLE, Hyperscaler Investment Grade Corporate Bonds, SPY, NVDA