Oil Rises after Iranian Attacks; Big Tech Earnings; Fed Decision | Bloomberg Brief 07/29/2026

Summary

The episode covers a volatile session in Asia after SK Hynix earnings, a flare-up in Middle East tensions lifting oil, and the countdown to the Fed's rate decision with a small chance of a hike. Analysts discuss AI capex concerns, implications for chipmakers and hyperscalers, and preview Microsoft, Meta, and Qualcomm earnings. European equities are seen as a relative beneficiary of the rotation out of momentum tech names.

• Korean KOSPI sees sharp selloff, SK Hynix whipsaws after raising capex and missing top-line estimates
• Oil prices surge over 3% after Iran attacks US bases and Saudi Arabia strikes Iraq, disrupting the Strait of Hormuz
• Market pricing indicates a 30% chance of a Fed hike, though most expect a hold under Chair Kevin Warsh
• Analyst Neil notes higher memory capex could ease memory pricing, benefiting hyperscalers but hurting memory makers
• Qualcomm faces margin pressure from rising memory costs and demand destruction risk from its own price hikes
• Meta may report its first negative free cash flow quarter, requiring strong cloud monetization details to avoid a selloff
• Mandeep Singh remains bullish on SK Hynix and Samsung on strong free cash flow and buyback potential
• Priya Misra sees value in AI-related corporate bonds amid heavy but creative issuance