AI to Replace ‘Lower-Value Human Capital’: StanChart CEO | The Opening Trade 5/19/2026

Watch on YouTube ↗  |  May 19, 2026 at 10:26  |  1:35:44  |  Bloomberg Markets
Speakers
Alexandra Jackson — Director of Equities, Rathbone Asset Management
Nicholas Bechtel — CIO, Edmond de Rothschild Private Bank
Mark Cudmore — Executive Editor, Bloomberg Live / Macro Strategist

Summary

The episode covers global market reactions to Trump’s Iran comments, semiconductor selloff after Seagate CEO caution, and UK labour data. Key interviews include Standard Chartered CEO on AI job cuts, OECD secretary general on inflation risks, and Rathbone’s Alexandra Jackson on UK mid-cap opportunities.

  • Oil prices fell after Trump said he called off Iran strikes, but Strait of Hormuz remains blocked.
  • Semiconductor stocks dropped in Asia and the US after Seagate CEO warned about building too much capacity.
  • UK unemployment rose to 5% and wage growth softened, weighing on gilt yields.
  • Standard Chartered CEO Bill Winters announced AI-driven job cuts, replacing 'lower-value human capital'.
  • OECD Secretary General Mathias Cormann warned of stagflationary risks from the Middle East conflict.
  • Alexandra Jackson (Rathbone) advocated for UK mid-caps, highlighting low valuations, M&A, and AI/data center exposure.
  • Nvidia earnings due tomorrow are seen as a key catalyst for the AI trade.
  • European equities outperformed on the day due to lower tech exposure.
Trade Ideas
Alexandra Jackson Director of Equities, Rathbone Asset Management 50:37
UK mid-caps undervalued with M&A catalyst.
UK mid-cap stocks (FTSE 250) offer compelling value with low valuations, strong balance sheets, and a surge in M&A activity. These companies also have structural growth exposure to AI and data center buildout, making them attractive despite macro noise.
FTSE 250 MED
Alexandra Jackson Director of Equities, Rathbone Asset Management 53:28
Data center wiring play, cheap vs peers.
Diploma provides cabling, wiring, and connectors for data centers, benefiting from the physical infrastructure buildout for AI. The company is delivering high-teens organic growth and trades at a cheaper valuation than US peers, offering a way to play the AI theme in UK mid-caps.
DPLM MED
Alexandra Jackson Director of Equities, Rathbone Asset Management 55:35
Precision measurement for chip manufacturing.
Renishaw provides precision measurement technology critical for semiconductor manufacturing at the nanometer level. The company benefits from increased investment in semiconductor capacity, with its semi-focused divisions seeing a step change in orders and revenue visibility.
Renishaw MED
Alexandra Jackson Director of Equities, Rathbone Asset Management 55:35
Semiconductor equipment components from AI.
Oxford Instruments supplies components and technology used in semiconductor equipment manufacturing. Demand from AI-driven chip fabrication is driving a step change in organic growth for its semiconductor-focused divisions, providing leverage to the AI capex cycle.
OXIG:LN MED
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This Bloomberg Markets video, published May 19, 2026, features Alexandra Jackson discussing FTSE 250, DPLM, Renishaw, OXIG:LN. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alexandra Jackson  · Tickers: FTSE 250, DPLM, Renishaw, OXIG:LN