Trump Says Intel Will Work With Apple to Make Chips in the US

Watch on YouTube ↗  |  June 18, 2026 at 17:26  |  6:51  |  Bloomberg Markets
Speakers
Anurag Rana — Senior Analyst, Bloomberg Intelligence

Summary

Anurag Rana discusses the Intel-Apple chip deal speculation and the broader tech spending shift where AI infrastructure is draining budgets from software and consulting. He lays out a clear trade of going long semiconductors and AI hardware while avoiding software and services, while noting that large-cap software leaders like ServiceNow and SAP remain insulated. He expresses skepticism about Intel's manufacturing capability for Apple's advanced chips.

  • Trump said Intel will work with Apple to design and produce chips in the US, but no confirmation from companies.
  • Intel's ability to manufacture Apple's advanced chips is questioned.
  • AI infrastructure spending is cannibalizing software and consulting budgets, causing project delays.
  • Go long semiconductors and AI infrastructure, avoid software and services is the simple market trade.
  • Micron benefits from rising memory prices amid chip shortage.
  • Large-cap software leaders (ServiceNow, Workday, SAP) are still growing and insulated from the disruption.
  • Midsize software firms and consulting companies are likely to be clobbered as spending shifts.
Ideas
Anurag Rana Senior Analyst, Bloomberg Intelligence 0:18
Avoid software and services on AI shift
Enterprise AI spending is tugging money away from software and consulting budgets, causing project delays and anemic traditional spending; companies with human capital exposure are being disrupted and punished. The market is moving out of software and services, favoring hardware-related plays. Names like Salesforce and Accenture are down significantly, and the risk of disruption makes software/services unattractive.
IGV IT Services sector CRM ACN HIGH
Anurag Rana Senior Analyst, Bloomberg Intelligence 2:20
Long semis, AI infrastructure on chip crunch
AI infrastructure demand is creating a supply crunch for semiconductors and driving memory prices higher; with companies like Google raising capital to invest heavily in AI, the easy trade is to go long semiconductors and AI infrastructure hardware, getting out of software and services. This trade is supported by prices rising for memory chips (Micron up) and the overall chip shortage.
MU SMH AIQ HIGH
Anurag Rana Senior Analyst, Bloomberg Intelligence 3:27
Long large-cap software leaders insulated from disruption
While broad software and services are under pressure, large-cap software leaders with dominant market share – ServiceNow, Workday, SAP – are still growing and insulated from the AI-driven budget shift. Their commanding positions protect them from the disruption facing smaller firms and consulting companies.
NOW WDAY SAP MED
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This Bloomberg Markets video, published June 18, 2026, features Anurag Rana discussing IGV, IT Services sector, CRM, ACN, MU, SMH, AIQ, NOW, WDAY, SAP. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anurag Rana  · Tickers: IGV, IT Services sector, CRM, ACN, MU, SMH, AIQ, NOW, WDAY, SAP