Alphabet Plans Record Spending; US-Iran Talks Set for Friday |Bloomberg Brief 2/5/2026

Watch on YouTube ↗ | February 05, 2026 at 11:54 | 42:54 | Bloomberg Markets

Speakers

Chloe Meley — Reporter, Bloomberg

Matt Bloxham — Head of Research, The Block

Vincent Clerc — CEO, Maersk

Kit Juckes — Macro Strategist, Société Générale

Vonnie Quinn — Anchor, Bloomberg

Tom Mackenzie — Anchor, Bloomberg

Summary

Bloomberg Brief recaps a stalling global tech selloff as Alphabet's record capex plan pressures its shares but supports AI infrastructure names. A memory-chip shortage weighs on Qualcomm and Arm, while Iran-U.S. talks ease some geopolitical risk in oil. Kit Juckes discusses a tug-of-war in the dollar, ECB discomfort with euro strength, and a still-weak yen. Maersk flags shipping-rate pressure from Red Sea reopening and new tonnage.

Alphabet outlines an ambitious capex plan, pressuring shares but boosting AI infrastructure suppliers.
Qualcomm and Arm face concerns over memory shortages and weaker smartphone shipment outlook.
Iran confirms Friday talks with the US, easing military-strike risk and weighing on oil.
Kit Juckes sees a dollar tug-of-war, ECB discomfort with euro strength, and yen weakness needing a debt-confidence catalyst.
Maersk expects shipping rates to face pressure as Red Sea routes reopen and new capacity arrives.
ECB and Bank of England decisions are awaited; Amazon earnings are due after the close.
Precious metals resumed their selloff, with silver down sharply and volatility elevated.
Private capital firms report amid a software/tech selloff and questions about AI's impact on SaaS.

Ideas

Vonnie Quinn Anchor, Bloomberg 1:18

Back-end supply supports curve steepener.

The Treasury refunding announcement appears back-end loaded, with more supply at the long end. That should keep upward pressure on long-end yields relative to shorter maturities and support continuation of the curve steepener trade.

Chloe Meley Reporter, Bloomberg 2:41

Alphabet capex lifts AI infrastructure suppliers.

Alphabet's massive AI capex plan is a positive for companies in the AI infrastructure space because more AI spending means more business for AI gear makers; Broadcom, Marvell Technology, and Applied Materials were moving higher premarket as beneficiaries.

Vincent Clerc CEO, Maersk 15:27

Red Sea reopening pressures Maersk shipping rates.

Maersk faces a challenging shipping-rate environment as capacity normalizes, new tonnage comes online, and Red Sea routes reopen, freeing capacity and pressuring pricing in the shipping division. Underlying demand and terminal/logistics businesses remain strong, but freight rates are the key uncertainty.

Kit Juckes Macro Strategist, Société Générale 25:17

Dollar strengthens if US avoids recession.

The dollar is in a tug-of-war: US economic outperformance and a Fed cutting only to neutral support it, while political risk and the administration's desire for a weaker currency weigh on it. If the US economy avoids recession, Kit expects a stronger dollar before year-end, though near-term euro-dollar may stay rangebound.

Kit Juckes Macro Strategist, Société Générale 26:49

ECB discomfort weighs on euro.

The ECB is not comfortable with the euro's strength, especially in real effective terms against the Chinese yuan, and Chinese car competition is adding pressure. With inflation undershooting and only modest growth upside in Germany, the ECB does not want the currency to go higher and may start signaling discomfort, creating downside risk for EUR/USD.

Kit Juckes Macro Strategist, Société Générale 28:16

Yen awaits debt-confidence catalyst.

The yen remains weak and far from any sensible equilibrium. Japanese politics may become clearer after weekend elections, but policy clarity is missing and markets worry that a renewed Abenomics-style push could backfire given much higher debt/GDP. Restoring confidence in Japanese debt sustainability is needed to turn the currency, which will not happen quickly.

Matt Bloxham Head of Research, The Block 34:34

Alphabet's AI capex is justified.

Alphabet's $85B capex plan is the right move because there is still a land grab for data center capacity, power, and chips; if Alphabet does not spend and match rivals, its mid- to long-term outlook would be severely impaired. Core ads grew faster than expected and cloud beat, so operations are delivering, but revenue momentum must continue for the investment to pay off.

Matt Bloxham Head of Research, The Block 35:59

Memory shortage pressures Qualcomm and Arm.

The memory shortage is spreading because memory chips are being diverted to AI data centers, leaving less memory for smartphones. That is reducing smartphone shipment outlook and skewing demand to high-end models, an important market for Qualcomm and Arm. Both companies gave muted outlooks, and Qualcomm's forward revenue guide missed expectations by as much as 9%, so the smartphone slowdown should weigh on their 2026 momentum.

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