Bloomberg Surveillance 8/4/2026

Watch on YouTube ↗  |  August 04, 2026 at 14:43  |  2:24:15  |  Bloomberg Markets
Speakers
Cameron Dawson — Chief Investment Officer, New Edge Wealth
Lisa Abramowicz — Anchor, Bloomberg Television and Radio
Angelo Zino — Senior Equity Analyst, CFRA Research
David Lebovitz — Multi-Asset Solutions Global Strategist, J.P. Morgan Asset Management
Steven Schork — President, The Schork Group
Paul Golding — Leader, Britain First
Vishal Khanduja — Co-Head of Broad Markets Fixed Income, Morgan Stanley Investment Management
Paul Meeks — Columnist, TheStreet
Rachel Ziemba — Founder, Ziemba Insights
Steve Englander — Global Head of G10 FX Research, Standard Chartered
Deepak Puri — CIO - Americas, Deutsche Bank

Summary

A tech-driven rally pushed the S&P 500 near all-time highs, fueled by blowout earnings from Palantir, Caterpillar, and hyperscalers. Guests discussed Mag 7 valuation normalization, an AMD-Nvidia gap, and the AI build-out's impact on credit markets and inflation. Geopolitical tension with Iran kept oil prices elevated, while a rare U.S.-Japan yen intervention and a hawkish Fed dominated fixed-income talk with a focus on the long-end yield curve.

  • AI rally takes S&P 500 close to record highs on strong earnings from Palantir, Caterpillar, and hyperscalers.
  • Cameron Dawson sees more room for Mag 7 valuations to normalize toward their five-year average.
  • Lisa Abramowicz notes a potential U.S. ban on China data center components could benefit SK hynix and Samsung.
  • Angelo Zino names AMD a top pick as it closes the AI software gap with Nvidia.
  • David Lebovitz says high-yield bonds are attractive in an above-trend growth environment.
  • Stephen Schork argues refiners are maxed out, supporting oil majors like Exxon and Chevron.
  • Paul Golding outlines SpaceX's moat in satellite AI infrastructure ahead of earnings.
  • Vishal Khanduja advises buying 5-7 year Treasuries and avoiding 30-year bonds as the Fed stays hawkish.
  • Paul Meeks prefers Nvidia over AMD, citing faster growth and better AI positioning.
  • Fears of long-end yield spillover and U.S. weapon stockpile depletion add geopolitical and fiscal risk.
Ideas
Cameron Dawson Chief Investment Officer, New Edge Wealth 5:10
Mag 7 valuations can normalize further.
Magnificent Seven valuations have reset from 35x in October 2025 to 22x, well below the five-year average of 28x, leaving room for further normalization and providing upside potential for the group.
MAGS MED
Lisa Abramowicz Anchor, Bloomberg Television and Radio 12:18
US ban benefits SK hynix, Samsung.
The U.S. drafting a ban on China data center components will reduce competition and benefit South Korean memory chip makers SK hynix and Samsung, which are well-positioned to capture market share.
000660.KS 005930.KS LOW
Angelo Zino Senior Equity Analyst, CFRA Research 35:36
AMD to gain AI chip market share.
Nvidia is the dominant AI chip player with faster expected growth and better positioning, while AMD needs to prove that AI spending will continue well beyond 2027 to justify its current valuation; thus Nvidia is a buy and AMD should be avoided at current levels.
AMD HIGH
David Lebovitz Multi-Asset Solutions Global Strategist, J.P. Morgan Asset Management 60:18
High-yield bonds attractive in growth.
High-yield bonds provide attractive yields around 7.25-7.50% with fairly low duration in an environment where above-trend growth keeps default risk contained and spreads remain manageable.
HYG MED
Steven Schork President, The Schork Group 70:54
Oil majors thrive on refining tightness.
U.S. refineries are running at near-maximum capacity with very little room to increase gasoline supply, keeping refining margins elevated and oil major profits high; the only way to bring prices down is demand destruction, which supports staying long the majors until that occurs.
CVX XOM HIGH
Paul Golding Leader, Britain First 82:29
SpaceX moat in satellite AI infrastructure.
SpaceX possesses a wide competitive moat due to its Falcon and Starlink successes, with satellite-based AI compute capabilities (laser mesh, GPU-equipped satellites) providing a differentiated, scalable sum-of-the-parts value across launch, connectivity, and AI infrastructure.
SPCX MED
Vishal Khanduja Co-Head of Broad Markets Fixed Income, Morgan Stanley Investment Management 94:09
Buy 5-7yr Ts, avoid 30yr.
A hawkish Fed that keeps inflation expectations anchored while real yields have risen makes the 5-7 year part of the Treasury curve extremely attractive from a valuation standpoint, whereas the 30-year remains risky and should be avoided due to term premium and deficit concerns.
5-7 year Treasury bonds MED
Vishal Khanduja Co-Head of Broad Markets Fixed Income, Morgan Stanley Investment Management 94:09
Buy 5-7yr Ts, avoid 30yr.
A hawkish Fed that keeps inflation expectations anchored while real yields have risen makes the 5-7 year part of the Treasury curve extremely attractive from a valuation standpoint, whereas the 30-year remains risky and should be avoided due to term premium and deficit concerns.
30-year Treasury bonds MED
Paul Meeks Columnist, TheStreet 116:23
Prefer NVDA, avoid AMD.
Nvidia is the dominant AI chip player with faster expected growth and better positioning, while AMD needs to prove that AI spending will continue well beyond 2027 to justify its current valuation; thus Nvidia is a buy and AMD should be avoided at current levels.
NVDA MED
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This Bloomberg Markets video, published August 04, 2026, features Cameron Dawson, Lisa Abramowicz, Angelo Zino, David Lebovitz, Steven Schork, Paul Golding, Vishal Khanduja, Paul Meeks discussing MAGS, 000660.KS, 005930.KS, AMD, HYG, CVX, XOM, SPCX, 5-7 year Treasury bonds, 30-year Treasury bonds, NVDA. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cameron Dawson, Lisa Abramowicz, Angelo Zino, David Lebovitz, Steven Schork, Paul Golding, Vishal Khanduja, Paul Meeks  · Tickers: MAGS, 000660.KS, 005930.KS, AMD, HYG, CVX, XOM, SPCX, 5-7 year Treasury bonds, 30-year Treasury bonds, NVDA