Trillion Dollar Valuations & BP Boardroom Drama | The Pulse 05/27/2026

Watch on YouTube ↗  |  May 27, 2026 at 11:44  |  48:38  |  Bloomberg Markets
Speakers
Neil Campling — Tech/TMT Analyst
Sharon Bell — Goldman Sachs
James Fleming — Head of UK Investment Banking Coverage, Citi

Summary

Global stocks hit new records as memory chipmakers SK Hynix and Micron top $1 trillion, fueled by AI demand. Goldman Sachs' Sharon Bell favors European tech, industrials, and renewable utilities as AI beneficiaries. BP's chairman disputes firing over governance issues. UK faces fiscal challenges and political uncertainty ahead of a new PM. AI's impact on jobs is debated, with 120 million workers potentially affected in advanced economies.

  • Memory chip rally drives global equities to record highs.
  • Neil Campling argues ASML is a safer AI enabler than cyclical memory stocks.
  • Sharon Bell recommends European tech, industrials, and renewable utilities for AI exposure.
  • BP's chairman Albert Manifold pushes back against firing, citing governance concerns.
  • Bloomberg Economics finds 120 million workers in advanced economies may be affected by AI.
  • UK fiscal inheritance is fragile, with potential tax rises weighing on domestic growth.
  • Citi's James Fleming notes UK M&A wave driven by cheap valuations and strong liquidity.
  • Geopolitical tensions with Iran remain a key risk for markets, though peace talks continue.
Trade Ideas
Neil Campling Tech/TMT Analyst 1:19
ASML is a safer AI enabler
ASML is a monopoly enabler for memory chips with diversified customer base (Intel, TSMC, memory companies) and has always remained cash-flow positive and gross-margin positive through cycles, unlike cyclical memory stocks such as SK Hynix which swung from negative gross margins in 2023 to projected 80% margins in 2025. ASML's equipment IP is decades ahead of any Chinese competition, making it a safer, more resilient play on the AI hardware buildout.
ASML MED
Sharon Bell Goldman Sachs 7:11
European tech benefits from AI
European technology companies are direct beneficiaries of the AI transformation and have attractive growth prospects. Despite fewer pure-play AI names than the US, European tech offers exposure to the AI hardware and software ecosystem with less concentration risk.
VWAGY HIGH
Sharon Bell Goldman Sachs 7:21
Industrial suppliers benefit from AI
European industrial companies supply equipment for the AI data-center buildout and are an alternative way to gain exposure to the AI theme. These companies provide the physical infrastructure that hyperscalers and memory chipmakers require.
European industrial stocks MED
Sharon Bell Goldman Sachs 7:24
Renewable utilities gain from AI demand
European renewable energy utilities stand to benefit from the massive increase in electricity demand driven by AI data centers and broader electrification. The need for additional power generation, especially from renewables, creates a structural growth tailwind for these companies.
EUFN MED
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This Bloomberg Markets video, published May 27, 2026, features Neil Campling, Sharon Bell discussing ASML, VWAGY, European industrial stocks, EUFN. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Campling, Sharon Bell  · Tickers: ASML, VWAGY, European industrial stocks, EUFN