Stocks Slide as Wall Street Gets AI Wake-up Call | The Close 06/23/2026

Watch on YouTube ↗ | June 23, 2026 at 23:47 | 1:30:04 | Bloomberg Markets

Speakers

Alessio de Longis — Senior Portfolio Manager, Invesco

Ariel Rosa — Senior Equity Research Analyst, Citi

Michael Cuggino — President & Portfolio Manager, Permanent Portfolio

John Lovallo — Senior US Homebuilding Equity Research Analyst, UBS

Gil Luria — Technology Strategist at D.A. Davidson

Chad Tredway — Global Head of Real Estate, J.P. Morgan Asset Management

Peter McNally — Global Head of Sector Analysts, Third Bridge

Sridhar Natarajan — Chief Wall Street Correspondent, Bloomberg News

Norah Mulinda — Market Reporter, Bloomberg

Romaine Bostick — Anchor, Bloomberg

Summary

A global AI-led selloff slams chip stocks and the Nasdaq after a report that SK Hynix may slow memory production. Guests broadly view the drop as a normal pullback. ProShares CIO Alessio de Longis remains overweight U.S. equities, recommends long-duration Treasuries, and advises rotating into value mid/small caps while avoiding credit. Citi analyst Ariel Rosa sees upside in FedEx post-spinoff. UBS homebuilding analyst John Lovallo is bullish on KB Home and homebuilders. Permanent Portfolio's Michael Cuggino likes Meta and software. D.A. Davidson's Gil Luria warns Cerebras may be made unnecessary by NVIDIA. Nike announces a CFO change, while World Cup tourism and other macro themes round out the show.

Global chip selloff sparked by report on SK Hynix slows AI memory; Nasdaq drops 3.5% and Philadelphia Semiconductor Index falls 8%.
ProShares CIO says pullback is normal, maintains overweight U.S. equities and recommends extending duration in government bonds.
He advises funding equities from credit and broadening into value-oriented mid-caps and small-caps while avoiding IG credit.
Citi analyst bullish on FedEx after spinoff, citing $6B free-cash-flow target and more supportive macro.
UBS homebuilding analyst positive on KB Home after margin outlook beats, and sees homebuilders cheap with a better 2026 housing backdrop.
Permanent Portfolio manager likes Meta for its below-market multiple and software as a contrarian bet that AI won't ruin.
D.A. Davidson analyst skeptical on Cerebras, arguing NVIDIA is already addressing the same fast-inference needs.
Nike CFO transition announced; World Cup tourism boost discussed but no direct investable takeaway.

Ideas

Alessio de Longis Senior Portfolio Manager, Invesco 3:29

Overweight U.S. equities on strong earnings

U.S. equities remain overweight because the current pullback is a normal re-pricing after strong momentum, fundamentals are still driven by 30% tech earnings growth, and positive real yields on bonds do not yet derail the equity case. Credit spreads at all-time lows provide a funding source.

Alessio de Longis Senior Portfolio Manager, Invesco 4:56

Avoid IG credit, spreads at lows

Investment grade credit spreads are at all-time lows with almost no upside, making credit unattractive. Overweight equities should be funded from credit markets.

Alessio de Longis Senior Portfolio Manager, Invesco 5:10

Long Treasuries for positive real yields

Government bond yields are delivering positive real yields of 2.5%, creating a barbell opportunity to extend duration. Long-duration bonds act as a hedge and are a better funding partner for equities than credit.

Ariel Rosa Senior Equity Research Analyst, Citi 16:29

FedEx spinoff and macro improve upside

FedEx has upside from the freight spinoff, a massive $6 billion free-cash-flow target that supports a market cap north of $100 billion, a more supportive macro environment, and strong pricing discipline. The stock is up 80% in a year but still has room to run.

Michael Cuggino President & Portfolio Manager, Permanent Portfolio 41:37

Meta attractive at below-market multiple

Meta is trading at 18x earnings, a below-market multiple compared to the S&P 500's forward multiple of about 22x and an earnings yield of 4.5%. Despite capex spending on AI, it is an attractive name for long-term investors.

Gil Luria Technology Strategist at D.A. Davidson 67:18

Avoid Cerebras, NVIDIA makes it unnecessary

Cerebras has a unique wafer-scale chip for fast inference and a big backlog with OpenAI, but NVIDIA is now addressing the same fast-inference need within its flexible data-center architecture, which makes Cerebras really unnecessary.

John Lovallo Senior US Homebuilding Equity Research Analyst, UBS 69:50

KB Home beats, strong margin outlook

KB Home reported results where the gross margin outlook and full-year view came in well above consensus, which will be viewed favorably. The company is executing well despite a tough rate environment.

John Lovallo Senior US Homebuilding Equity Research Analyst, UBS 70:59

Homebuilders cheap, 2026 better year

Homebuilder stocks trade at 11x 2027 earnings, intent-to-buy surveys are well above the long-term average, mortgage rates are down year-over-year, and input cost inflation is moderating. 2026 will be a better year for housing, and any reduction in incentives will boost margins.

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This Bloomberg Markets video, published June 23, 2026, features Alessio de Longis, Ariel Rosa, Michael Cuggino, Gil Luria, John Lovallo discussing SPY, LQD, TLT, FDX, META, CBRS, KBH, XHB. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alessio de Longis, Ariel Rosa, Michael Cuggino, Gil Luria, John Lovallo · Tickers: SPY, LQD, TLT, FDX, META, CBRS, KBH, XHB