US to Increase Scrutiny of Chinese AI Models | The China Show | 7/23/2026

Watch on YouTube ↗  |  July 23, 2026 at 08:43  |  1:32:44  |  Bloomberg Markets
Speakers
Thomas Taw — Head of Asia ETFs at Fidelity
Anthony Stevens — Bloomberg Market Producer
Linting — Managing Editor, Asia Equities

Summary

The China Show covers US accusations that Moonshot AI improperly used Nvidia chips, Alphabet and Tesla earnings boosting Asian hardware, Fidelity's Thomas Taw advocating US equity rotation away from concentrated tech into small caps and energy, and strategic overweight of Europe, EM, and commodities. Oil prices rise above $96 on Red Sea tanker attacks, China intervenes to support markets ahead of a major chip IPO, and US-China trade talks progress.

  • US accuses Moonshot of using banned Nvidia chips and US AI models to develop Kimi K3.
  • Alphabet and Tesla earnings highlight surging AI CapEx, lifting Asian hardware stocks.
  • Thomas Taw says US equities not a bubble but advises tactical rotation to small caps, energy, financials.
  • He also recommends long-term strategic overweight in Europe, emerging markets, and commodities.
  • Oil jumps above $96/bbl as Houthi attacks on Saudi tankers in the Red Sea raise supply fears.
  • China intervenes with national team ETF buying to stabilize markets ahead of a major DRAM IPO.
  • South Korean unions demand profit sharing after Samsung pays large bonuses amid AI boom.
  • US and China discuss boards of investment and trade, eyeing Xi Jinping's Washington visit in September.
Ideas
Anthony Stevens Bloomberg Market Producer 14:03
TPU names outperform, TSMC struggles.
Google's CapEx plans are driving a transition from GPUs to TPUs, benefiting TPU makers like MediaTek and related suppliers (Unimicron, Global Unichip) while foundry-heavy TSMC struggles.
2454.TW UNIMICRON Global Unichip MED
Anthony Stevens Bloomberg Market Producer 14:03
TPU names outperform, TSMC struggles.
Google's CapEx plans are driving a transition from GPUs to TPUs, benefiting TPU makers like MediaTek and related suppliers (Unimicron, Global Unichip) while foundry-heavy TSMC struggles.
TSM MED
Thomas Taw Head of Asia ETFs at Fidelity 15:55
Rotate to small caps, energy, financials.
US equity earnings are broadening with strength in laggards like energy and financials, and concentration risk in large tech calls for tactical rotation into small caps, mid-caps, energy, and financials.
IWM mid caps XLE XLF MED
Thomas Taw Head of Asia ETFs at Fidelity 26:56
Overweight Europe, EM, commodities strategically.
Concentration risk and high valuations in US equities make it necessary to strategically overweight Europe, emerging markets, and alternatives like commodities in long-term portfolios.
VGK EEM DBC MED
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This Bloomberg Markets video, published July 23, 2026, features Anthony Stevens, Thomas Taw discussing 2454.TW, UNIMICRON, Global Unichip, TSM, IWM, mid caps, XLE, XLF, VGK, EEM, DBC. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anthony Stevens, Thomas Taw  · Tickers: 2454.TW, UNIMICRON, Global Unichip, TSM, IWM, mid caps, XLE, XLF, VGK, EEM, DBC