Tech Revival on AI Boom; Iran Averts US Strikes For Now | The Pulse 1/15

Watch on YouTube ↗ | January 15, 2026 at 11:02 | 48:33 | Bloomberg Markets

Speakers

Kokou Agbo-Bloua — SocGen CIB Global Head of Economics, Cross-Asset & Quant Research

Alyssa McDonald — Editor, DL News

Andrea

Charlie Wells — Bloomberg Reporter

Diana Choyleva — Enodo Economics, Chief Economist

Matt Miller — Anchor, Bloomberg

Roxane Farmanfarmaian — Cambridge University Lecturer

Sarah Scholl — Copenhagen Bureau Chief

Summary

TSMC's strong outlook and higher capex forecast revived confidence in AI demand, lifting ASML and broader tech shares. Guests discussed U.S. equity resilience, bank earnings, Iran de-escalation risk, Greenland security tensions, China-Canada relations, luxury demand, and Novo Nordisk's semaglutide patent cliff. Metals fell from records while oil eased after Trump signaled a pause on striking Iran.

TSMC's earnings and capex guidance lifted AI-linked tech sentiment, with ASML hitting a record.
Kokou Agbo-Bloua argued U.S. equities remain supported by earnings power and AI investment, while markets are anti-fragile to geopolitical noise.
U.S. bank results were mixed for share prices as investors watched Goldman Sachs and Morgan Stanley and weighed credit-card fee cap risks.
Trump signaled a pause on striking Iran, but guests said military risk remains and oil/gas prices could be a political concern.
European troops heading to Greenland raised tensions with the U.S. over the island's future.
Diana Choyleva discussed China-Canada ties, Chinese EV tariffs, China's consumption rebalancing, and the dollar's petrodollar role.
Richemont's record sales supported luxury sentiment despite gold and FX cost pressures.
Novo Nordisk faces a semaglutide patent cliff and generic competition, while Eli Lilly is seen with the upper hand.

Ideas

Kokou Agbo-Bloua SocGen CIB Global Head of Economics, Cross-Asset & Quant Research 6:07

AI is a boom, not a bubble

AI is not a bubble but an ongoing boom. As AI adoption moves from about 10% of a large addressable market toward 20-30%, it could generate trillion-dollar revenue and cost-saving opportunities, supporting continued investment.

Kokou Agbo-Bloua SocGen CIB Global Head of Economics, Cross-Asset & Quant Research 7:48

U.S. equities remain robust on earnings power

Although investors have sought to diversify away from the U.S., U.S. companies' earnings power, profitability, innovation and creativity remain ahead. Even if the Fed cuts less than priced, capex and midterm-election-related loose monetary and fiscal policies point to a pretty robust U.S. equity market.

Charlie Wells Bloomberg Reporter 12:08

Goldman, Morgan Stanley may turn bank narrative

Goldman Sachs and Morgan Stanley are shaped differently from other banks, with large investment-banking and trading exposures that are expected to perform well, including IB growth above 20% and strong equities trading. If any banks can reverse the weak market reaction to bank earnings, it will be these two.

Diana Choyleva Enodo Economics, Chief Economist 31:53

Chinese EVs may get tariff relief

Chinese producers make the cheapest and most efficient EVs, so if Canada's domestic green agenda takes precedence and EV security concerns are weighed differently, Canadian tariffs on Chinese EVs could soften, creating a potential catalyst for Chinese EV makers.

Diana Choyleva Enodo Economics, Chief Economist 32:57

U.S. actions reinforce dollar's petrodollar role

A key underappreciated aspect of U.S. actions in Venezuela and Iran is the effort to preserve the dollar's central role in global oil payments and the petrodollar system. Even if Canada supplied more oil to China, it would not be priced or transacted in yuan, reinforcing the dollar's importance in global trade and finance.

Andrea 40:14

Luxury demand recovering, especially from China

Richemont's record sales and signs that China is coming back are good news for the luxury sector after a slow period and tough comparisons. The luxury recovery may be gaining traction, though cost pressures and revived competing brands remain risks.

Andrea 40:14

Richemont sales strong, margin risks remain

Richemont delivered record sales as jewelry outperformed handbags and China showed signs of recovery, but gold costs and adverse currency moves are weighing on profitability. The key investor question is whether jewelry-led outperformance can continue as other luxury brands revive with new designers.

Alyssa McDonald Editor, DL News 44:54

Novo faces generic semaglutide competition pain

Semaglutide patent expirations in Canada, China, India, Brazil and other countries open the market to dozens of generic drugmakers and could push prices as low as $5 a month in some countries. Novo Nordisk is most exposed because it is its product going off patent and it is already struggling to keep up with Eli Lilly.

Alyssa McDonald Editor, DL News 45:37

Eli Lilly has obesity-market upper hand

Eli Lilly has gained the upper hand in the obesity-drug market as Novo Nordisk struggled with supply and was slower to enter some markets; with Novo facing patent expiry and generic competition, Lilly is well positioned in the fast-growing obesity-drug space.

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This Bloomberg Markets video, published January 15, 2026, features Kokou Agbo-Bloua, Charlie Wells, Diana Choyleva, Andrea, Alyssa McDonald discussing AI-SECTOR, SPY, GS, MS, Chinese EVs, UUP, Luxury sector, Richemont, NVO, LLY. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kokou Agbo-Bloua, Charlie Wells, Diana Choyleva, Andrea, Alyssa McDonald · Tickers: AI-SECTOR, SPY, GS, MS, Chinese EVs, UUP, Luxury sector, Richemont, NVO, LLY