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AI Trade Faces Big Test as Trump Rings Opening Bell | Open Interest 7/6/2026

Watch on YouTube ↗  |  July 06, 2026 at 17:24  |  1:31:33  |  Bloomberg Markets
Speakers
Mandeep Singh — Senior Analyst, Bloomberg Intelligence
Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets
Nancy Tengler — CEO & CIO, Laffer Tengler Investments
Mike Wilson — Chief Investment Officer, Morgan Stanley
Mike Malone — Senior Commodity Correspondent, Bloomberg
Dani Burger — Anchor, Bloomberg Television
Michael Shepherd — Tech/Defense Reporter
David Schreier — Gaming Industry Reporter

Summary

The episode covers a pivotal week for AI with SpaceX joining the Nasdaq 100 and SK Hynix's US IPO. Chip supply crunch supports memory companies. RBC lifts its S&P 500 target to 8150, while strategists discuss rotational risks from frothy semiconductors into hyperscalers. Nancy Tengler offers specific long picks in Micron, Amazon, and SpaceX. Commodity correspondent Mike Malone warns of a pump-and-dump in aluminum and crude oil. Other segments address Trump Accounts, NATO defense spending, Xbox layoffs, Alibaba legal news, and sports M&A.

  • Mandeep Singh argues memory companies have pricing power from disciplined capex and AI-driven demand, backing Micron and SK Hynix.
  • Lori Calvasina raises RBC's S&P 500 target to 8150 based on valuation models but flags semiconductor froth and advocates rotation.
  • Nancy Tengler details long positions in Micron, Amazon, and SpaceX, citing demand, growth, and thematic potential.
  • Mike Wilson expects hyperscalers to stabilize and semiconductors to correct as a natural market rotation.
  • Mike Malone sees aluminum and crude oil heading lower amid supply surpluses and ebbing war premiums.
  • Microsoft announces 3,200 Xbox layoffs in a reset amid high component costs and slow growth.
  • President Trump rings the opening bell for Trump Accounts, seeding $1,000 for eligible children.
  • Alibaba wins a temporary court block against a law forcing lobbyists to drop the company, with implications for other Chinese tech.
Ideas
Mandeep Singh Senior Analyst, Bloomberg Intelligence 2:03
Memory supply crunch drives pricing power and visibility
Memory chip companies have pricing power and earnings visibility due to supply chain agreements and disciplined capex. Supply expansion is slow, while demand from hyperscalers is strong. Backlog for Micron reaches $100 billion into 2030. NVIDIA's increasing memory in new architectures will tighten supply further. SK Hynix is the leader in HBM and may support half its market cap from earnings growth over 2-3 years.
000660.KS MU HIGH
Mike Wilson Chief Investment Officer, Morgan Stanley 16:43
Semis correct, hyperscalers stabilize in rotation
Hyperscalers are expected to stabilize while semiconductor stocks undergo a correction. This ebb and flow is a natural governing factor that prevents the market from becoming unstable. The capex cycle is not over.
SKYY MED
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 17:30
S&P 500 heading to 8150 on valuation models
RBC raised its 12-month S&P 500 target to 8150, driven by a median of five models, with the valuation/earnings model showing the best support. The target reflects a long-term compass, with low-end at 7777.
SPY HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 18:37
Semiconductor valuations at post-tech bubble highs
Semiconductor valuations have reached post-tech-bubble highs, and the market historically does not tolerate froth for long. Investors have been looking to take profits and rotate elsewhere. She shares concerns about a correction in semiconductors.
SMH MED
Nancy Tengler CEO & CIO, Laffer Tengler Investments 56:45
Amazon top pick among hyperscalers
Amazon is a top pick among hyperscalers. The portfolio is overweight this group, and she expects a shift back to hyperscalers as a summer trade.
AMZN MED
Nancy Tengler CEO & CIO, Laffer Tengler Investments 57:42
Buy SpaceX on theme, not valuation
SpaceX is a transformative theme that will change how we live, similar to Amazon at IPO. It should be bought on theme, not on valuation, and she will add on weakness.
SPCX MED
Mike Malone Senior Commodity Correspondent, Bloomberg 86:38
Aluminum supply surplus will push prices down
Aluminum has joined the commodity pump-and-dump list. Goldman Sachs cut its aluminum price forecast due to a growing supply surplus. China, the largest producer and net exporter, is on a deflationary trajectory, and supply will come back faster than demand. Prices likely fall to $2800.
Aluminum MED
Mike Malone Senior Commodity Correspondent, Bloomberg 87:33
Crude oil heading back to $57 barrel
Crude oil is next on the commodity pump-and-dump list. It is heading back to pre-war levels around $57 a barrel as supply returns and the war premium fades. Higher prices have incentivized production.
WTI MED
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This Bloomberg Markets video, published July 06, 2026, features Mandeep Singh, Mike Wilson, Lori Calvasina, Nancy Tengler, Mike Malone discussing 000660.KS, MU, SKYY, SPY, SMH, AMZN, SPCX, Aluminum, WTI. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mandeep Singh, Mike Wilson, Lori Calvasina, Nancy Tengler, Mike Malone  · Tickers: 000660.KS, MU, SKYY, SPY, SMH, AMZN, SPCX, Aluminum, WTI