Trump Threatens More Iran Strikes, SpaceX IPO Demand Takes Off | The Pulse 6/11/2026

Watch on YouTube ↗ | June 11, 2026 at 12:45 | 48:29 | Bloomberg Markets

Speakers

Matt Bloxham — Head of Research, The Block

Grace Peters — Head of Global Equities, J.P. Morgan Private Bank

Stefan Hartung — CEO, Bosch

Voyager Technologies — CEO, Voyager Technologies

Tim Rocktäschel — Co-Founder, Recursive

Oliver — Bloomberg Reporter

Joana Rocha Scaff — Neuberger Berman Head of Europe Private Equity

Stephen Carroll — Bloomberg Reporter

Summary

The episode covers renewed US-Iran conflict, SpaceX record IPO oversubscription, Oracle's disappointing earnings, and an expected ECB rate hike. CEO Stefan Hartung outlines Bosch's push into AI and humanoid robotics. JPMorgan's Grace Peters lays out multiple investment views including front-end investment grade credit, gold, AI, security, infrastructure and power, and a cautious watch on Europe, driven by an earnings and infrastructure super cycle. Neuberger Berman's Joana Rocha Scaff highlights private equity headwinds, and other guests discuss space, AI, and Europe's reform challenges.

US conducts second day of strikes on Iran, fragile ceasefire collapses, Strait of Hormuz remains shut.
SpaceX IPO is over four times oversubscribed ahead of pricing and trading debut.
Oracle shares slammed premarket as capex rises but revenue growth fails to accelerate.
ECB widely expected to deliver a 25bp rate hike, the first since 2023, driven by Iran-war energy inflation.
Grace Peters (JPMorgan Private Bank) recommends front-end IG credit, gold, AI, security, power/infrastructure, and sees an S&P 500 earnings super cycle.
Bosch CEO Stefan Hartung positions the company for humanoid robotics, sensor and AI market leadership.
Neuberger Berman's Joana Rocha Scaff details private equity exit and valuation challenges.
Voyager Technologies CEO sees lunar economy and space sector gains; Recursive co-founder discusses self-improving AI.

Ideas

Matt Bloxham Head of Research, The Block 3:01

Oracle spending more for less growth

Oracle revenue is growing but not faster than market expectations, capex is rising sharply to $70+ billion, and the direction of travel is spending more for less incremental revenue. After a strong share rally, the momentum narrative is breaking down, and investors are worried.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 15:55

Infrastructure super cycle supports capex assets

The global economy is in an infrastructure super cycle: capex growth extends well beyond AI, with S&P 500 ex-AI capex up 12% in Q1. This capex theme is rewarded by markets and links to AI buildout, security, and power, supporting an earnings super cycle.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 16:16

Front-end IG credit has asymmetric payoff

Front-end investment grade credit offers asymmetric risk/reward: if growth slows you capture a higher yield with potential price appreciation; if oil pushes yields much higher you have a coupon cushion that can protect against equity volatility. Around 40bp of Fed hikes and 70bp of ECB hikes are already priced, providing an attractive entry.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 17:03

Gold pause, double-digit upside remains

Gold has pulled back about 20% from its peak and is on pause because of renewed Fed hiking fears. However, big fiscal concerns, central bank diversification away from the dollar (EM central banks continued buying in Q1), and JPMorgan’s price target still give double-digit upside.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 17:07

Security theme benefits from capex super cycle

Security is a key non-AI theme: governments and corporates are heavily focused on national security, supply-chain security, and energy security, driving capex in physical defence and cyber. This provides diversification and is linked to the infrastructure super cycle.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 19:56

S&P 500 earnings can grow double digits

S&P 500 earnings growth has historically averaged 8% but a capex super cycle (AI buildout, security, power) can sustain double-digit earnings growth for multiple years, putting equities in an earnings super cycle.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 20:45

Power is big infrastructure super cycle play

Power generation is a major component of the infrastructure super cycle, encompassing both renewable and traditional sources. Strong capex growth is driven by AI energy demand, global fragmentation, and security issues.

Grace Peters Head of Global Equities, J.P. Morgan Private Bank 22:50

Contrarian Europe watch, not yet entry

European equities have underperformed significantly and the economic divergence vs. the US is at extreme wides. The contrarian idea would be to go long Europe, but the timing is not yet right; it is worth watching for an entry point.

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