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Apple Price Hikes Rattle Tech, Europe's Record Heat Wave | The Pulse 6/26/2026

Watch on YouTube ↗  |  June 26, 2026 at 10:18  |  48:07  |  Bloomberg Markets
Speakers
Christian Mueller-Glissmann — Head of Asset Allocation Research, Goldman Sachs
Philipp Freise — Co-Head of European Private Equity, KKR
Sarah Kapnick — JPMorgan Global Head of Climate Advisory
Cristiano Amon — CEO, Qualcomm
Elizabeth Burton — Bloomberg Auto Reporter

Summary

Tech stocks sold off as Apple component-cost-driven price hikes and a possible OpenAI IPO delay raised concerns about AI demand and chip rally sustainability. Goldman Sachs' asset allocation head recommended diversifying from crowded semiconductors into hyperscalers, while KKR's European private equity co-head highlighted opportunities in European private equity and defense. JPMorgan's climate chief described structural investment trends in European grids and nuclear. Qualcomm's CEO detailed a path to $5-15 billion in data center AI revenue. Other topics included European heat wave impacts on Rhine shipping, VW job cuts, and Chinese auto inroads.

  • Global tech sell-off on Apple price increases and OpenAI IPO delay fears.
  • Goldman Sachs strategist advocates shifting from semiconductors to hyperscalers within the AI theme.
  • KKR sees European private equity and defense/sovereignty spending as multi-year opportunities.
  • JPMorgan climate head predicts over $1 trillion European grid investment and nuclear renaissance.
  • Qualcomm CEO projects $5bn data center AI revenue by 2027, scaling to $15bn by 2029.
  • Record European heat wave strains Rhine water levels, threatening diesel supply.
  • Volkswagen reportedly plans up to 100,000 job cuts; Chinese auto brands capture 10% of Europe.
  • Naples emerges as a growing Italian tech hub attracting EU investments and talent.
Ideas
Christian Mueller-Glissmann Head of Asset Allocation Research, Goldman Sachs 5:21
Diversify to hyperscalers, away from semiconductors.
Semiconductors have led the AI bull market and are now heavily positioned with leverage via levered ETFs and options, making them very volatile. Hyperscalers have not performed as well and offer a less crowded way to participate if AI momentum continues. Therefore, diversify toward hyperscalers and away from semiconductors.
SKYY MED
Christian Mueller-Glissmann Head of Asset Allocation Research, Goldman Sachs 5:21
Diversify to hyperscalers, away from semiconductors.
Semiconductors have led the AI bull market and are now heavily positioned with leverage via levered ETFs and options, making them very volatile. Hyperscalers have not performed as well and offer a less crowded way to participate if AI momentum continues. Therefore, diversify toward hyperscalers and away from semiconductors.
SMH MED
Philipp Freise Co-Head of European Private Equity, KKR 16:22
European private equity offers catch-up upside.
Europe is the second largest economy, undergoing structural change, and private equity can patiently transform companies away from public market scrutiny. Starting from a lower base creates catch-up potential, and long-term investors need geographic diversification especially after AI volatility. European private markets offer exposure to exciting sectors underrepresented in public indices.
European private equity MED
Philipp Freise Co-Head of European Private Equity, KKR 19:17
European defense spending boom creates opportunity.
Europe is finally committing to invest in critical infrastructure and defense to ensure sovereignty. The annual capital need is $750 billion, but only one third can come from public money, forcing a long-term partnership with private capital. This creates a multi-year investment opportunity in European defense and space assets.
DFNS MED
Sarah Kapnick JPMorgan Global Head of Climate Advisory 26:11
Nuclear renaissance in Europe gains momentum.
Many European countries are investing in nuclear power and new types of nuclear (e.g. small modular reactors) to provide low-carbon baseload energy. This trend will continue as companies bring products to scale, supported by energy security needs and decarbonization goals.
URA MED
Sarah Kapnick JPMorgan Global Head of Climate Advisory 26:53
Europe's grid needs $1 trillion investment.
Europe's electricity grid will see over $1 trillion in investment over the next decade due to aging infrastructure, weather/climate stress, modernization, and surging demand from AI data centers and re-industrialization. This is a structural, not temporary, investment trend.
European electrical grid infrastructure MED
Cristiano Amon CEO, Qualcomm 39:16
Qualcomm data center AI revenue to surge.
Qualcomm has high confidence in reaching $5 billion in data center AI revenue by fiscal 2027, scaling to $15 billion by fiscal 2029, driven by existing customer engagements with two large hyperscalers, a Meta CPU contract, and a differentiated portfolio that doesn't rely on HBM memory. The shift to agentic AI data centers opens room for Qualcomm beyond traditional GPU suppliers.
QCOM HIGH
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This Bloomberg Markets video, published June 26, 2026, features Christian Mueller-Glissmann, Philipp Freise, Sarah Kapnick, Cristiano Amon discussing SKYY, SMH, European private equity, DFNS, URA, European electrical grid infrastructure, QCOM. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Christian Mueller-Glissmann, Philipp Freise, Sarah Kapnick, Cristiano Amon  · Tickers: SKYY, SMH, European private equity, DFNS, URA, European electrical grid infrastructure, QCOM