Nvidia’s CES AI Reveal Fuels Global Tech Optimism | Insight with Haslinda Amin 01/06/2026
Speakers
Ray Wang
— Analyst at SemiAnalysis. Fundamental research on AI infra/semis
Paul Dobson
— Executive Editor, Bloomberg
Chiranjeevi Chakraborty
— Asia Equities Editor, Bloomberg
Victoria Fernandez
— Representative, Crossmark Global Investments
Raymond Sagayam
— Managing Partner, Pictet Group; Co-CEO, Pictet Asset Management
Abhinav Bharti
— Head of India Equity Capital Markets, JPMorgan
Wilbur Ross
— Former U.S. Commerce Secretary, Chairman & CEO of Ross Acquisition Corp II
Dave Sebastian
— Asia ECM Reporter, Bloomberg
Ben Mellow
— China Correspondent, Bloomberg
Carolyn Kissane
— Clinical Professor, New York University School of Professional Studies
Rodrigo Villegas
— Founder and CEO, Suas Group
Summary
The program covers Nvidia's CES announcements, including full production of Vera Rubin and new physical-AI platforms for autonomous vehicles and robotics. Guests debate AI valuations, regional equity rotation away from the US, emerging-market and European opportunities, and fixed-income positioning amid Fed uncertainty. Later segments cover Venezuela's political transition, oil-sector implications, and India's IPO/ECM outlook.
- Nvidia unveiled Vera Rubin in full production and autonomous-vehicle/robotics platforms at CES.
- Asian equities hit records as investors rotated into tech, AI and emerging markets.
- Ray Wang, Victoria Fernandez and Raymond Sagayam debated AI valuations, US concentration and non-US diversification.
- Victoria Fernandez favored international equities and financials, underweight US tech, and outlined a Treasury barbell.
- Pictet's Raymond Sagayam predicted continued US exceptionalism unwind, EM and European equity upside, and dollar/long-end Treasury risks.
- Venezuela roundtable and Wilbur Ross discussed Maduro, oil, debt restructuring and geopolitical implications.
- JPMorgan's Abhinav Bharti saw a better setup for India's equity and IPO market.
- Precious metals were highlighted as supported by central-bank buying, industrial demand and tariff risk.
Ideas
Vera Rubin early, full-stack AI growth
Nvidia's Vera Rubin platform is in full production and arriving earlier than expected, which answers investor fears about pipeline and accelerates demand. The chip handles trillion-parameter models with five times the performance of Blackwell at only 1.6x the transistors, and Nvidia's full-stack ecosystem extends beyond data centers into physical AI, autonomous vehicles and robotics. That supports a multi-year order cycle and the next leg of valuation.
Physical AI is next trillion-dollar market
Ray Wang calls physical AI the next trillion-dollar market opportunity: autonomous vehicles, robotics and other devices that use AI chips to reason and move. Nvidia's platform, including its Mercedes partnership, can speed development and be sold to any automaker, expanding the investable AI ecosystem beyond data centers.
AMD is viable Nvidia GPU alternative
AMD is about to launch new GPUs and can be a real alternative to Nvidia, especially as data-center and AI chip demand is not yet a winner-takes-all market. More chip availability and applications could help AMD show it can compete on the GPU side.
Chinese EVs beat European automakers
Chinese EV makers have made more progress in autonomous-driving miles and training data than Western peers, and Chinese EVs are decimating European competition. That positions Chinese EV manufacturers well in the US-China EV battle over the next 18-24 months while leaving European automakers vulnerable.
Chinese EVs beat European automakers
Chinese EV makers have made more progress in autonomous-driving miles and training data than Western peers, and Chinese EVs are decimating European competition. That positions Chinese EV manufacturers well in the US-China EV battle over the next 18-24 months while leaving European automakers vulnerable.
Underweight US tech on concentration risk
Fernandez is cautious on US tech and remains underweight many tech names even after valuation compression because tech is a huge index weight and 2026 S&P earnings rely heavily on tech delivering. Concentration risk and the need for strong earnings make the group vulnerable if execution disappoints.
Software struggling, wait for bottom
Software is struggling and lacks an upward trend, so she would not step into the group now. Semis are carrying the tech space, and investors should wait for software names to bottom before adding exposure.
International equities to outperform US
International equities are likely to be strong again and outperform the US this year, so investors without international allocations should look for opportunities outside the US. She favors diversification away from concentrated US tech exposure and sees international markets as a better place to put money to work.
Financials to perform strongly
Financials are an area outside AI and tech that could perform strongly this year, offering a way to diversify within equities as investors broaden away from crowded tech leadership.
Barbell US Treasuries on curve steepening
She expects a steeper US yield curve: short-end yields should fall as the market prices cuts, while long-end yields rise on term premium, liquidity concerns, debt and deficits. She likes the short end for yield decline and would wait for the long end to sell off, then buy longer maturities to lock in income for five to ten years.
Barbell US Treasuries on curve steepening
She expects a steeper US yield curve: short-end yields should fall as the market prices cuts, while long-end yields rise on term premium, liquidity concerns, debt and deficits. She likes the short end for yield decline and would wait for the long end to sell off, then buy longer maturities to lock in income for five to ten years.
Indian IT rebound on earnings, rotation
Indian IT stocks are set up for a rebound because valuations are beaten down, earnings growth is recovering from a 2025 nadir, US and European client spending is improving, and bearish speculative positions in large names are being unwound. Foreign investors looking to diversify away from expensive North Asian AI tech could rotate into Indian IT, though the sector's lack of AI exposure remains a valuation risk.
Asia equities benefit from US rotation
Asia is outperforming at the start of the year as investors allocate away from US markets and put money into Asian emerging markets. Inflows are coming from outside and within the region, led by large companies in Korea, Japan and the rest of Asia, and this looks like a continued asset-allocation shift rather than a one-off.
China equities cheap with policy support
Chinese equities are attractive because valuations are much lower than US markets, new companies are gaining momentum, and the government is backing high-tech and new industrialization. While China's economy is not fully robust, the catch-up story and policy support give investors another reason to own Chinese names.
Gold and silver supply-demand bullish
Precious metals should stay supported by supply-demand tightness: central banks are accumulating gold and adding silver, new supply is limited, retail demand is strong, and silver also has industrial uses. Potential Trump tariffs on metal imports are pulling demand into the US and lifting the broader metals complex.
US exceptionalism peaked, diversify non-US
Sagayam believes US exceptionalism has peaked and is unwinding. US equities are 64% of global stock exposure but only 25% of global output, and last year's correction was minor, so asset allocators who are overexposed to the US should continue diversifying into non-US markets.
North Asia equities keep outperforming
North Asian markets such as China, Korea and Japan should continue to do well as part of the broader shift away from US assets. They were outperformers last year and have started this year strongly, with no reason to think the move is isolated.
EM equities strong on cheap valuations
The emerging-market equity thesis is stronger than ever: valuations are cheap even after the rally, growth differentials versus developed markets are widening, and many EM economies are beneficiaries of the AI value chain. The shift away from US assets should continue to support EM outperformance.
EM debt gains on local rate cuts
Emerging-market debt offers capital upside because inflation is under control, average local interest rates around 5.5% have room to fall by another 1.5%, and EM central banks are cutting for sound fundamental reasons. Widening growth differentials versus developed markets add support.
Long-end Treasury yields risky higher
Sagayam warns that US term interest rates are not fully priced for the risk of much higher yields, which the Fed controls less than front-end rates. Heavy debt supply, diversification away from US assets, and hyperscaler debt financing make long-end Treasuries vulnerable, and a fast move above 5% on the 10-year could destabilize equities.
Dollar decline continues with US rotation
The dollar fell 10% last year without hurting US assets, but Sagayam thinks that divergence is hard to sustain. If the diversification away from the US continues, the dollar decline should continue and eventually drag US asset valuations as investors reduce overexposure.
European equities cheap on fiscal stimulus
European equities remain extremely cheap, trading at a 30% discount to the US. The fiscal taboo has been broken and government spending should lift trend growth from 1.1% to 1.5%, which could drive a significant rerating.
India defensive market, better valuation setup
Bharti argues India is a defensive market with a much better setup in 2026: the valuation premium versus emerging markets has fallen back to about 65%, domestic institutional capital is growing rapidly, the IPO pipeline is deep and pricing discipline has improved. If the AI trade weakens, investors could return to India for returns.
Venezuela debt restructuring upside
Venezuela's roughly $160 billion debt stack is trading in the high teens to low twenties, and Ross thinks it could be restructured in the 30-40 cents range. The IMF has no exposure and can lend up to $50 billion, potentially providing funding, though property rights and expropriation guarantees must be fixed for private-sector participation.
Up Next
This Bloomberg Markets video, published January 06, 2026, features Ray Wang, Victoria Fernandez, Chiranjeevi Chakraborty, Paul Dobson, Raymond Sagayam, Abhinav Bharti, Wilbur Ross discussing NVDA, Autonomous vehicles, ROBO, AMD, Chinese EV makers, European automakers, US Tech, IGV, ACWX, XLF, SHY, Long-end US Treasuries, Indian IT Stocks, AAXJ, FXI, GLD, SILVER, non-US equities, EWY, EWJ, EEM, EMLC, US long-end Treasuries, USD, VGK, India Equities, Venezuela sovereign bonds. 24 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Ray Wang, Victoria Fernandez, Chiranjeevi Chakraborty, Paul Dobson, Raymond Sagayam, Abhinav Bharti, Wilbur Ross · Tickers: NVDA, Autonomous vehicles, ROBO, AMD, Chinese EV makers, European automakers, US Tech, IGV, ACWX, XLF, SHY, Long-end US Treasuries, Indian IT Stocks, AAXJ, FXI, GLD, SILVER, non-US equities, EWY, EWJ, EEM, EMLC, US long-end Treasuries, USD, VGK, India Equities, Venezuela sovereign bonds