Bloomberg Surveillance 4/24/2026

Watch on YouTube ↗  |  April 24, 2026 at 15:23  |  2:24:16  |  Bloomberg Markets
Speakers
Peter Tchir — Head of Macro Strategy, Academy Securities
Tracie McMillion — Chief Investment Officer, Wells Fargo

Summary

U.S. stocks rise on strong chip earnings (Intel up 28%) and AI optimism, while oil prices surge 18% on the Strait of Hormuz blockade. Investors look past geopolitical risks toward tech growth, betting the oil shock is transitory. The Fed remains on hold, with rate cut expectations pushed to later in 2026. Key themes include semiconductor capex, European energy security, and mega-cap tech free cash flow dominance.

  • Intel's revenue beat and 28% surge lead a 17-day winning streak in the Philadelphia Semiconductor Index.
  • Brent crude gains 18% in a week as the Strait of Hormuz blockade continues, with no immediate resolution.
  • Investors crowd into U.S. tech names, treating them as a safe haven amid geopolitical uncertainty.
  • Fed expected to hold rates steady; Citi pushes first cut to September as inflation data may remain sticky.
  • Mega-cap tech capex plans remain aggressive; Meta and Microsoft cut staff to fund AI spending.
  • Peter Tchir advocates owning energy production for security in both the U.S. and Europe.
  • Ted Mortonson recommends NVIDIA, Broadcom, Global Foundries, and overweight mega-cap tech.
  • Edward Yardeni targets S&P 500 7700 by year-end, citing a tech-driven 'Roaring 2020s' that can weather the oil shock.
Trade Ideas
Peter Tchir Head of Macro Strategy, Academy Securities 6:27
European energy plays for security.
Europe is becoming desperate after being kicked by Russia and Iran, so it will finally unleash energy production and heavy industry. Owning energy production for security in Europe, including BP and Shell, will benefit as the region invests in domestic energy and electricity.
BP SHEL EUEN MED
Peter Tchir Head of Macro Strategy, Academy Securities 11:18
Intel gains from government backing.
The U.S. must grow chip production domestically, and Intel benefits from government involvement—Trump's desire to win and the 10% government stake create a favorable environment where companies want to be on the right side of the administration.
INTC MED
Ted Mortonson 79:52
Mega-cap tech monopolies stay overweight.
Google, Meta, and Microsoft are worldwide monopolies with years-ahead technology advantages, strong free cash flow from core businesses, and the ability to fund enormous AI capex. Institutional investors will remain overweight these positions for some time.
GOOGL META MSFT HIGH
Ted Mortonson 81:03
NVIDIA is a core long-term buy.
NVIDIA has locked up its supply chain, invested heavily in Intel, and generates massive free cash flow ($35 billion last quarter). It remains the core hold for any semiconductor portfolio with aggressive free cash flow and competitive advantages.
NVDA HIGH
Ted Mortonson 84:23
Broadcom is a key semi holding.
Broadcom has sophisticated supply chains and aggressive free cash flow, making it a necessary holding for a semiconductor portfolio alongside NVIDIA.
AVGO HIGH
Ted Mortonson 84:51
Global Foundries benefits from optical demand.
Global Foundries is an undiscovered name with huge optical exposure and lead times extending to 40 weeks, which should drive better utilization and growth as the semiconductor upcycle continues.
GFS MED
Ed Yardeni President, Yardeni Research 138:32
S&P 500 targets 7700 by year-end.
The technology revolution is powering a 'Roaring 2020s' that will continue into the 2030s. The market is looking past the Middle East stalemate because oil prices around $100 are manageable and the U.S. economy is resilient due to tech. He sets a year-end S&P 500 target of 7700.
SPY HIGH
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This Bloomberg Markets video, published April 24, 2026, features Peter Tchir, Ted Mortonson, Ed Yardeni discussing BP, SHEL, EUEN, INTC, GOOGL, META, MSFT, NVDA, AVGO, GFS, SPY. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Peter Tchir, Ted Mortonson, Ed Yardeni  · Tickers: BP, SHEL, EUEN, INTC, GOOGL, META, MSFT, NVDA, AVGO, GFS, SPY