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Tech Selloff Drags Stocks Lower | The Close 6/22/2026

Watch on YouTube ↗  |  June 22, 2026 at 22:23  |  1:29:53  |  Bloomberg Markets
Speakers
Veronica Willis — Global Investment Strategist, Wells Fargo Investment Institute
Mehdi Hosseini — Senior Equity Research Analyst, Susquehanna International Group
Kim Forrest — CIO, Bokeh Capital Partners
Aaron Mulvihill — Head of Content, Blockworks
Tom Ara — Weil, Gotshal & Manges Entertainment, Sports & Media Head
Laurence Meyer — Former Fed Governor & Monetary Policy Analytics Chairman
Norah Mulinda — Market Reporter, Bloomberg

Summary

Markets closed mixed with tech under pressure while cyclicals and small caps gained. Wells Fargo's Veronica Willis advised buying the dip in large-cap stocks, while Susquehanna raised its TSMC price target on expected multiyear capex. Micron rallied on an Anthropic memory partnership, and Kim Forrest called it a near-term winner. JPM's Aaron Mulvihill recommended real estate as a hedge against tech concentration. The program also reflected on Alan Greenspan's legacy and the Fed's new hawkish stance.

  • S&P 500 falls as large-cap tech slides; Russell 2000 and Dow rise on rotation.
  • Veronica Willis: Stay long large-caps/AI, use pullbacks to add; Fed likely on hold.
  • Mehdi Hosseini raises TSMC target; sees multiyear capex above $200B, deep customer commitment.
  • Micron surges on Anthropic partnership; Kim Forrest sees strong near-term margins in memory.
  • Aaron Mulvihill suggests real estate as an anti-tech portfolio hedge with improving cycle.
  • New Fed Chair Kevin Warsh signals hawkishness; inflation risks remain front and center.
  • Alan Greenspan's legacy discussed; comparisons drawn to 1990s productivity optimism.
  • Small business survey shows soft optimism but high Gen Z growth ambition and AI adoption.
Ideas
Veronica Willis Global Investment Strategist, Wells Fargo Investment Institute 7:47
Favor large-caps over small-caps
The Fed has a high hurdle for rate changes and likely won't act this year. Inflation will peak this summer then decline. Large caps offer quality and resilience amid ongoing volatility, while small caps are more exposed. Use pullbacks in large-cap stocks to add exposure, and the AI trade remains positive with earnings support.
SPY MED
Mehdi Hosseini Senior Equity Research Analyst, Susquehanna International Group 18:18
TSMC's multiyear capex guide boosts shares
Taiwan Semiconductor customers have become more committed to longer-term supply agreements. TSMC is expected to issue a multiyear capex guide of over $200 billion, reflecting increased customer commitment and competitive moat. Geopolitical risk is overstated; the main risk is competition from Samsung and Intel, but TSMC's R&D lead remains decisive. The AI cycle debate is healthy and extends sustainability.
TSM HIGH
Kim Forrest CIO, Bokeh Capital Partners 40:54
Micron bullish near-term on memory shortage
Memory supply is the current AI bottleneck and no immediate solution exists, so Micron will report strong margins near-term. The company is building capacity, which signals confidence in future demand. Longer-term, technology could provide alternatives, but that risk is not a near-term threat. Focus on orders and capacity build as a leading indicator.
MU MED
Aaron Mulvihill Head of Content, Blockworks 66:25
Real estate diversifies away from tech
Investors are overexposed to tech and the MAG7. Real estate offers a shelter and downside protection, benefiting from AI tailwinds like data center demand but not fully dependent on AI. The real estate cycle is bottoming with positive fundamentals on the upside, providing diversification away from tech volatility.
XLRE MED
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This Bloomberg Markets video, published June 22, 2026, features Veronica Willis, Mehdi Hosseini, Kim Forrest, Aaron Mulvihill discussing SPY, TSM, MU, XLRE. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Veronica Willis, Mehdi Hosseini, Kim Forrest, Aaron Mulvihill  · Tickers: SPY, TSM, MU, XLRE