SpaceX Plans Mega IPO; Broadcom Weighs on Tech | The Asia Trade 6/4/2026

Watch on YouTube ↗  |  June 04, 2026 at 05:55  |  1:34:04  |  Bloomberg Markets
Speakers
Ruth Carson — Correspondent, Singapore
Youkyung — Asia Equities Reporter, Bloomberg
Daniel Hynes — Head of Commodity Strategy, ANZ
John — Editor
Sylvia Jablonski — Chief Investment Officer, Defiance ETFs
Robert Cohen — director of global developed credit at DoubleLine

Summary

This episode of 'The Asia Trade' covers AI-driven market exuberance with SpaceX's record IPO filing, Broadcom's disappointing AI chip forecast, and geopolitical developments including a US-brokered Israel-Lebanon ceasefire. Analysts discuss yen and won weakness, a structural uptrend in copper and aluminum, and a potential rerating of South Korean equities versus Japan. The show also highlights hawkish BOJ signals and concerns over an AI credit bubble.

  • SpaceX files for a $75B IPO, setting a fixed price and giving Elon Musk 84% voting control.
  • Broadcom's weaker-than-expected AI chip revenue forecast weighs on tech stocks.
  • Bank of America CEO Brian Moynihan says AI spending is stimulating the economy.
  • BOJ Governor Ueda signals strong chance of a June rate hike, but yen remains near 160.
  • South Korean equities forecast to outearn Japanese companies for the first time since 2008, supporting a rerating.
  • ANZ's Dan Hynes sees a structural uptrend for copper and aluminum due to AI infrastructure and supply constraints.
  • DoubleLine's Robert Cohen warns that AI credit markets could eventually reach bubble levels.
  • The Korean won weakens as foreign investors sell stocks, while the yen stays a favorite short.
Trade Ideas
Ruth Carson Correspondent, Singapore 37:52
Yen remains favorite short trade.
The yen is a favorite short trade because the BOJ is behind the curve, oil prices are high (Japan is a big energy importer), and the Iran conflict adds pressure. Options markets signal further yen weakness.
FXY HIGH
Youkyung Asia Equities Reporter, Bloomberg 44:08
South Korea equities have rerating potential.
South Korean equities have more room to rererate compared to Japan due to stronger earnings growth from AI-related companies (Samsung, SK Hynix) and cheap valuations, while Japanese automakers' earnings are waning.
EWY HIGH
Daniel Hynes Head of Commodity Strategy, ANZ 79:53
Copper and aluminum structurally higher.
Copper and aluminum are entering a structural uptrend driven by AI infrastructure demand, supply constraints, and the energy transition, outweighing macroeconomic headwinds.
COPPER Aluminum MED
Ruth Carson Correspondent, Singapore 87:34
Korean won in selling crosshairs.
The Korean won is under pressure due to tech sector sensitivity and foreign investor selling of Korean stocks. The won is in selling crosshairs.
USD/KRW MED
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This Bloomberg Markets video, published June 04, 2026, features Ruth Carson, Youkyung, Daniel Hynes discussing FXY, EWY, COPPER, Aluminum, USD/KRW. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ruth Carson, Youkyung, Daniel Hynes  · Tickers: FXY, EWY, COPPER, Aluminum, USD/KRW