AI Race Heats Up as Tech Earnings Loom | Open Interest 7/20/2026

Watch on YouTube ↗  |  July 20, 2026 at 18:43  |  1:29:16  |  Bloomberg Markets
Speakers
Kelly Ortberg — CEO, Boeing
Guillaume Faury — CEO, Airbus
Aoifinn Devitt — Global Managing Director, Moneta Group
Andy Goldberg — Global Market Strategist, Nomura
Nicky Shiels — Head of Metals Strategy, MKS PAMP
Rob Aarnes — President and CEO, ADI
Peter Elstrom — Senior Editor, Bloomberg Technology
Ed Ludlow — Co-Host, Bloomberg Technology
Tyler Kendall — Multimedia Editor, Bloomberg
Isabelle Lee — Reporter, Bloomberg

Summary

Chinese startup Moonshot disrupts the AI trade with cheaper, open-source models ahead of critical Big Tech earnings. Markets also digest Middle East oil supply risks, with Brent crude steady around $88. Investment strategists recommend rotating from large-cap tech into small caps, banks, and cyclical sectors, while gold’s secular bull run continues.

  • Moonshot’s Kimi K3 model raises pricing pressure fears, adding uncertainty to Alphabet and Tesla earnings week.
  • Oil prices waver amid Houthi blockade threats and possible ceasefire talks, but Brent holds near $88/barrel.
  • Boeing CEO signals production ramp and strong backlog; Airbus CEO points to robust demand and fuel-efficient planes.
  • Aoifinn Devitt advises booking profits in AI chipmakers, tilting toward small caps and banks.
  • Andy Goldberg also favors small caps and cyclical sectors like financials, health care, industrials over tech.
  • Nicky Shiels sees gold’s secular uptrend intact, with silver poised to outperform if the U.S. economy slows.
  • ADI CEO touts spinoff to unlock value in commercial security distribution, driven by tech upgrade cycles.
  • Top calls include a Netflix upgrade, IBM price target cut, and Urban Outfitters upgrade.
Ideas
Kelly Ortberg CEO, Boeing 13:46
Boeing turnaround with strong backlog.
Boeing is turning the corner, ramping up production across product lines, with very strong markets and backlog. The company is focusing on execution and improving cash flow, positioning it to launch the next-generation jet when financially ready in a few years.
BA MED
Aoifinn Devitt Global Managing Director, Moneta Group 21:00
Take profits on overhyped AI tech.
Chinese AI models threaten to undercut pricing, creating uncertainty about return on AI spending. Recommending clients keep to index weight and take profits in large-cap tech and AI chipmakers, not overweighting.
QQQ SMH MED
Aoifinn Devitt Global Managing Director, Moneta Group 25:09
Small caps benefit from market broadening.
Small caps are having one of their best years since 2003 with a rotation from large-cap tech underway. Every portfolio should have small-cap exposure as a sign of healthy risk appetite and market broadening.
IWM MED
Aoifinn Devitt Global Managing Director, Moneta Group 29:03
Banks poised for near-term strength.
Cyclical areas of the economy such as financials, health care, and industrials are great places to invest, offering diversification away from the crowded tech trade. The market is broadening into these sectors.
XLF MED
Guillaume Faury CEO, Airbus 36:28
Airbus strong demand and production ramp.
Airbus is seeing very strong demand for aircraft, with a backlog of more than 9,200 planes and continuing fresh orders. High oil prices increase demand for fuel-efficient aircraft, and Airbus is progressing well on production rate increases.
EADSY MED
Andy Goldberg Global Market Strategist, Nomura 48:52
Favor cyclical sectors over crowded tech.
Cyclical areas of the economy such as financials, health care, and industrials are great places to invest, offering diversification away from the crowded tech trade. The market is broadening into these sectors.
XLI XLV MED
Rob Aarnes President and CEO, ADI 68:12
ADI spinoff unlocks security growth potential.
The ADI spinoff unlocks intrinsic value as a pure-play distribution business. Commercial security demand is driven by continuous technology replacement cycles, independent of residential housing or construction trends.
ADI MED
Nicky Shiels Head of Metals Strategy, MKS PAMP 82:50
Gold's secular bull trend intact.
Gold's secular bull trend is intact, driven by central bank buying, debasement and de-dollarization themes. The recent correction is healthy, and gold should benefit from any U.S. economic slowdown and weaker dollar.
GLD MED
Nicky Shiels Head of Metals Strategy, MKS PAMP 86:34
Silver may outperform if dollar weakens.
If the U.S. economy slows and the dollar weakens, silver historically has better correlation to a weaker dollar and could outperform gold in that scenario.
SLV LOW
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This Bloomberg Markets video, published July 20, 2026, features Kelly Ortberg, Aoifinn Devitt, Guillaume Faury, Andy Goldberg, Rob Aarnes, Nicky Shiels discussing BA, QQQ, SMH, IWM, XLF, EADSY, XLI, XLV, ADI, GLD, SLV. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Kelly Ortberg, Aoifinn Devitt, Guillaume Faury, Andy Goldberg, Rob Aarnes, Nicky Shiels  · Tickers: BA, QQQ, SMH, IWM, XLF, EADSY, XLI, XLV, ADI, GLD, SLV