New DeepSeek, Alibaba Models Take On Anthropic, OpenAI | The China Show | 8/3/2026
Спикеры
Masahiko
— Senior Fixed-Income Strategist, State Street Investment Management
Anthony Stevens
— Продюсер рынков Bloomberg
Adriel Chan
— Chairman, Hang Lung Properties
Peter Tang
— Bloomberg Intelligence Analyst
David Savage
— Редактор, The Block
Eva Yi
— Chief Economist, Huatai Securities
Avril Hong / David Ingles
— Anchors, Bloomberg
Micah Hill-Smith
— CEO, Artificial Analysis
The show covers the market impact of new Chinese AI models from DeepSeek and Alibaba, which are challenging US leaders with lower cost and high intelligence, causing a rotation out of memory/semiconductor stocks and into Chinese internet platforms. Japan and the US confirmed their first joint FX intervention in 15 years, driving a sharp yen rally and raising expectations of earlier BoJ rate hikes. Additional topics include US-Iran talks pressuring oil, China's cautious economic policy signals, a recovery outlook for Macau gaming, and bullish comments on Hong Kong property from Hang Lung's chairman.
- DeepSeek V4-Flash and other Chinese AI models show competitive intelligence at a fraction of the cost, intensifying the US-China AI race.
- Memory and semiconductor stocks sell off hard as efficient models cast doubt on massive compute demand, while Chinese internet names rally.
- Japan confirms joint FX intervention with the US, sending USD/JPY below 156 and prompting forecasts of a yen top at 164.
- Markets price in a more hawkish BoJ, adding further support to the yen and weighing on Japanese equities.
- US-Iran diplomatic talks resume, causing a sharp drop in oil prices and benefiting alternative energy stocks.
- China's Politburo and PBOC signal steady, not stimulative, policy with targeted support for AI and strategic sectors.
- Macau gaming revenue misses in July but analysts expect a strong August snapback as World Cup distraction fades.
- Hang Lung Properties chair expresses confidence in Hong Kong's property recovery, noting rising prices and office rents.
Идеи
Long Chinese hyperscalers on lower AI costs.
Chinese hyperscalers (Alibaba, Tencent, Baidu) are outperforming as cheaper and more efficient AI models from DeepSeek and others lower their cost to implement AI. With lower capital expenditure on AI infrastructure, these companies could see earlier monetization and better returns compared to US peers, making them attractive.
Long Hong Kong property via Hang Lung.
Hong Kong property market is recovering strongly with residential prices up 10% year-on-year, volumes at seven-year highs, and office rents in Central rising significantly. Hang Lung Properties is very bullish on Hong Kong and sees a real and broad-based recovery, making it an attractive investment.
Long yen, dollar-yen top at 164.
The joint US-Japan FX intervention is credible and has put a cap on USD/JPY at 164. The Fed's involvement, including repo lines, signals strong support to halt yen weakness. The top in dollar-yen has likely been seen, and the next move is yen strengthening toward 155. The market should watch for BoJ rate hikes to add fundamental support.
Avoid Korean equities after retail blow-up.
Korean equities face further downside risk after the historic retail deleveraging on Friday. Realized volatility around 100 will deter institutional re-entry, and with the momentum trade fragile and the DeepSeek news adding uncertainty, a sustainable bounce is unlikely absent a strong new catalyst.
Long Chinese bonds on fiscal discipline.
China's bond market is signaling continued low yields due to fiscal discipline, slower-than-budget local government spending, and reduced bond supply. With policy expected to remain steady rather than stimulative, bond prices should remain supported, making Chinese government bonds attractive.
Macau gaming to snap back in August.
Macau gaming revenue declined in July due to temporary factors (World Cup distraction, bad weather), but a strong snapback is expected in August as historical patterns show a 5-6% rebound after major sports events. Casino operators like MGM China are already seeing volume pick up, positioning the sector for recovery.
Далее
This Bloomberg Markets video, published August 03, 2026, features Anthony Stevens, Adriel Chan, Masahiko, David Savage, Eva Yi, Peter Tang discussing TCEHY, 9988.HK, BAIDU, HLPPY, FXY, EWY, CBON, MGM. 6 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Anthony Stevens, Adriel Chan, Masahiko, David Savage, Eva Yi, Peter Tang · Tickers: TCEHY, 9988.HK, BAIDU, HLPPY, FXY, EWY, CBON, MGM