AI Disruption Fears Spark Selloff; Novo Nordisk, AMD Drops After Earnings | Bloomberg Brief 2/4/2026

Watch on YouTube ↗  |  February 04, 2026 at 11:46  |  43:24  |  Bloomberg Markets
Speakers
Tom Mackenzie — Anchor, Bloomberg
Stephanie Guild — Chief Investment Officer, Robinhood
Matt — Executive Vice President and Chief Financial Officer
Craig Trudell — Reporter, Bloomberg News
Sam Fazeli — Senior Pharmaceutical Analyst, Bloomberg Intelligence
Vonnie Quinn — Anchor, Bloomberg
Chloe Meley — Reporter, Bloomberg
Francine Lacqua — Anchor, Bloomberg

Summary

The session focuses on an AI-disruption selloff sparked by Anthropic's new automation tools, which hit software, private credit and private equity while creating a bifurcated reaction to AI hardware names. Bloomberg Brief covers earnings moves in AMD, Novo Nordisk, UBS, Supermicro and others, plus Iran talks and Washington policy news. Robinhood CIO Stephanie Guild highlights selective opportunities in software, Microsoft, pharmaceuticals and consumer names including VF Corp. Later segments discuss ServiceNow's AI risk, Nvidia's OpenAI investment, Alphabet and Qualcomm previews, and Uber versus Tesla in autonomous driving.

  • AI disruption fears from Anthropic drove a selloff in software and related funders.
  • AMD fell after a disappointing sales forecast and questions about catching Nvidia; Supermicro rose on AI server demand.
  • Novo Nordisk plunged on 2026 pricing pressure; Sam Fazeli saw guidance possibly conservative but volume-dependent.
  • UBS beat and announced a buyback, while Santander fell on its Webster Financial deal.
  • Iran sought to move U.S. talks to Oman and limit them to nuclear issues.
  • Stephanie Guild favored selective software, Microsoft, pharmaceuticals, consumer goods and VF Corp.
  • Matt discussed AI threats to cloud software, Nvidia's OpenAI investment, and Alphabet/Qualcomm earnings.
  • Craig Trudell said Uber's core remains strong despite AV fears, while Tesla was criticized for AV execution.
Ideas
Tom Mackenzie Anchor, Bloomberg 3:47
Software selloff needs winner differentiation
The AI-driven software selloff may be indiscriminate, with the baby thrown out with the bathwater, so investors cannot buy the AI basket indiscriminately and must differentiate software winners from losers as more LLM verticals challenge incumbent spaces.
IGV MED
Tom Mackenzie Anchor, Bloomberg 4:02
Watch private credit and private equity
The software/AI disruption selloff is leaking into private credit and private equity, and while there are early signs of stabilization, the trade is something to watch until those markets stabilize.
BIZD PSP MED
Tom Mackenzie Anchor, Bloomberg 6:48
AMD yet to take Nvidia share
AMD's sales forecast underwhelmed, and the key investor concern is that it has yet to prove it is substantially taking AI/data-center share from Nvidia; the stock is being weighed down by expectations, with possible improvement only in the second half when new chips arrive.
AMD HIGH
Sam Fazeli Senior Pharmaceutical Analyst, Bloomberg Intelligence 9:12
Novo guidance may be conservative
Novo Nordisk's 2026 pricing pressure is real and hit sooner than investors expected, but the guidance may prove conservative; the oral Wegovy launch is doing well and volume should build, so investors should watch whether volumes recover to offset price declines.
NVO MED
Stephanie Guild Chief Investment Officer, Robinhood 24:28
Watch software selloff for undervalued names
She is not ready to buy the whole software sector yet because it is in freefall and below key moving averages, but software companies look fundamentally strong versus the broader market, with roughly double the cash-flow margins and much less debt, so investors should watch the selloff for individual undervalued names.
IGV HIGH
Stephanie Guild Chief Investment Officer, Robinhood 25:02
Microsoft better positioned than market thinks
Microsoft is likely to end up in a better position than the market gives it credit for: its products are essential, it has its own AI and application-layer capabilities to compete with tools like Claude, and switching an entire software stack to an AI-native alternative is disruptive and less certain than the selloff implies.
MSFT HIGH
Stephanie Guild Chief Investment Officer, Robinhood 26:29
Adding to pharma selectively
She started adding to pharmaceuticals in October, viewing post-earnings weakness as part of the market rethinking technology and as a stock-picker's opportunity; she is not buying pharma broadly, but expects an opportunity or two in selloffs.
XLV MED
Stephanie Guild Chief Investment Officer, Robinhood 27:48
Favor goods over services
She sees a market of goods over services, with consumer names having sold off and offering a place to look for opportunities; efficiency drives and tariff pressure are forcing better operations, supporting selected consumer names.
XLY MED
Stephanie Guild Chief Investment Officer, Robinhood 28:12
VF Corp turnaround and Skims collab
VF Corp is a favored consumer name: like Gap, it is focused on becoming more efficient after tariff pressure, is trying to revitalize its brands, and the North Face/Skims collaboration is generating excitement with younger consumers.
VFC HIGH
Matt Executive Vice President and Chief Financial Officer 37:04
ServiceNow threatened by Anthropic AI
Anthropic's new legal AI agent is broadening fears that AI can disrupt cloud software, and Matt says even recent innovators like ServiceNow may be threatened because Anthropic can use cloud infrastructure to develop powerful code very quickly.
NOW MED
Craig Trudell Reporter, Bloomberg News 40:37
Uber core strong despite AV fears
Uber's core business continues to perform extremely well even as autonomous vehicles deploy, with gross bookings expected to grow around 20%, so the stock's steep decline since October looks more like a communications and expectations challenge around self-driving than evidence the core business has peaked.
UBER MED
Craig Trudell Reporter, Bloomberg News 41:56
Tesla AV execution lags its noise
Tesla is making more noise in autonomous driving than it is executing, has not built much of a substantial business, and progress has been slower than Elon Musk has alluded, making its robotaxi narrative less attractive relative to Uber's partnering strategy.
TSLA MED
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This Bloomberg Markets video, published February 04, 2026, features Tom Mackenzie, Sam Fazeli, Stephanie Guild, Matt, Craig Trudell discussing IGV, BIZD, PSP, AMD, NVO, MSFT, XLV, XLY, VFC, NOW, UBER, TSLA. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tom Mackenzie, Sam Fazeli, Stephanie Guild, Matt, Craig Trudell  · Tickers: IGV, BIZD, PSP, AMD, NVO, MSFT, XLV, XLY, VFC, NOW, UBER, TSLA