Oil Climbs with Iran Talks in Limbo; Tesla Boosts Spending Plan to $25B | Bloomberg Brief 4/23/2026

Watch on YouTube ↗  |  April 23, 2026 at 11:06  |  42:24  |  Bloomberg Markets
Speakers
Marvin Loh — Global Senior Macro Strategist, State Street
Stephanie Brinley — Senior Reporter, CoinDesk

Summary

Oil prices climb past $100 as the US-Iran standoff intensifies at the Strait of Hormuz, with no imminent diplomatic breakthrough. Tesla announces a $25 billion CapEx plan focused on AI and robotics, but shares fall as investors question execution and regulatory hurdles. Tech earnings show a clear divergence: semiconductors thrive on data center demand while software companies like ServiceNow suffer from war-related delays and AI disruption. State Street's Marvin Loh remains bullish on equities supported by CapEx spending, and recommends TIPS for inflation hedging. S&P Global's Stephanie Brinley warns that Tesla's autonomous driving ambitions face significant regulatory and technical obstacles.

  • Brent crude holds above $100 as US-Iran standoff continues with no progress on peace talks
  • Tesla announces $25 billion CapEx for AI and robotics, stock falls 3% pre-market
  • Texas Instruments beats estimates and surges 10% on data center and industrial recovery
  • ServiceNow drops 13% after citing sales delays due to the Iran war and AI disruption
  • Marvin Loh says equities remain supported by CapEx theme; sees TIPS as inflation hedge
  • Stephanie Brinley questions Tesla's autonomous driving timeline and capacity expansion plans
  • Intel is flagged as expensive at over 100x P/E with only 3% revenue growth expected
  • Latin American EM bonds noted for high real yields, but no specific trade recommended
Trade Ideas
Neil Campling Tech/TMT Analyst 13:02
Intel expensive with low growth expectations
Intel is extremely expensive at over 100x forward P/E with only 3% expected top-line growth, making it vulnerable given high expectations baked into the stock.
INTC MED
Marvin Loh Global Senior Macro Strategist, State Street 28:26
Equities remain supported despite war uncertainty
US equities (S&P 500) are supported and likely to continue making new highs because the CapEx-driven growth theme in tech and data centers remains intact, the war has not disrupted credit availability, and the risk of further escalation is contained. The path of least resistance is higher.
SPY MED
Marvin Loh Global Senior Macro Strategist, State Street 29:12
TIPS as inflation protection hedge
TIPS (Treasury Inflation-Protected Securities) are a useful diversification and inflation hedge given the uncertainty around inflation and the potential for continued volatility from the Iran conflict.
TIP LOW
Stephanie Brinley Senior Reporter, CoinDesk 35:42
Tesla faces regulatory and execution uncertainty
Tesla's autonomous driving and robotaxi plans lack clarity on regulatory exemptions, hardware upgrades, and capacity expansion, while the China market is tough and basic vehicle production growth is not being discussed. The risk/reward is unattractive.
TSLA MED
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This Bloomberg Markets video, published April 23, 2026, features Neil Campling, Marvin Loh, Stephanie Brinley discussing INTC, SPY, TIP, TSLA. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Campling, Marvin Loh, Stephanie Brinley  · Tickers: INTC, SPY, TIP, TSLA