Greenland Pivot Charges Relief Rally, Chips and Tech Get Another Boost | The Opening Trade 1/22/2026

Watch on YouTube ↗ | January 22, 2026 at 15:20 | 1:38:36 | Bloomberg Markets

Speakers

Jensen Huang — CEO, NVIDIA

Nadia Calvino — President, European Investment Bank

Mary Vilakazi — CEO, FirstRand Bank

Michael — Senior Equity Strategist, Bloomberg

Skyler Montgomery Koning — Macro Strategist

Ray Dalio — Founder, Bridgewater Associates

Guy Johnson — Anchor, Bloomberg

Mark Rutte — NATO Secretary General

Anna Edwards — Anchor, Bloomberg TV (London)

Rishi Sunak — Former U.K. Prime Minister

Nigel Farage — Leader, Reform UK

Friedrich Merz — German Chancellor

Summary

Global stocks rallied after President Trump backed away from tariff threats tied to Greenland, sparking a relief trade in European autos, luxury and broader risk assets while defense names fell. Chip and AI-related shares gained on Jensen Huang's comments about a massive AI infrastructure buildout and OpenAI funding news. Davos interviews focused on European defense spending, gold and de-dollarization, South African macro reforms and UK political/economic policy. Corporate news included Beazley rejecting Zurich's offer and Ubisoft slumping on guidance cuts.

Trump's Greenland pivot removes near-term tariff threat, lifting European equities.
Autos, luxury and banks rally; defense stocks fall on de-escalation.
Chips and AI names gain on Jensen Huang and OpenAI developments.
Ray Dalio warns of capital war and favors gold/non-US asset diversification.
NATO and EIB officials emphasize European defense investment and spending.
South Africa is seen improving on lower inflation, rates and structural reforms.
UK borrowing data supports gilts; Beazley rejects Zurich bid.
Ubisoft plunges after guidance cut and game cancellations.

Ideas

Jensen Huang CEO, NVIDIA 7:08

AI buildout needs trillions, lifting chips

AI infrastructure buildout is the largest in human history, with trillions of dollars of spending still to come, which reinforces demand for chips and semiconductors.

Nadia Calvino President, European Investment Bank 15:50

EIB financing supports European defense sector

The EIB has already shifted 5% of its activities into security and defense and is financing flagship projects, creating a structural policy financing tailwind for Europe's defense and security sector.

Mary Vilakazi CEO, FirstRand Bank 39:26

South Africa reforms support growth momentum

South Africa is seeing cyclical improvements including stronger GDP, a supportive budget, lower inflation target, lower rates and structural reforms in energy and logistics, supporting the country's growth momentum.

Mary Vilakazi CEO, FirstRand Bank 44:03

FirstRand benefits from lower South African rates

FirstRand is 80% domestic, and lower inflation and interest rates should support its retail business, while corporate and wholesale banking show advisory and lending activity, with a corporate-led cycle and retail starting to bounce.

Michael Senior Equity Strategist, Bloomberg 52:32

Semis strong on orders and shortages

Semiconductors are the strong part of the equity trade, especially in Europe, because that is where orders and shortages are and where investors want to be invested.

Skyler Montgomery Koning Macro Strategist 55:17

Gold a persistent geopolitical and central-bank hedge

Geopolitical and tariff risks plus structural central bank buying make commodities and especially gold a persistent hedge; the trade is crowded but likely to continue.

Skyler Montgomery Koning Macro Strategist 55:32

Defense sector benefits from geopolitical shift

The changed geopolitical environment also supports the defense sector as a structural holding, not just a trade around specific tariff rates.

Ray Dalio Founder, Bridgewater Associates 65:57

Diversify away from US assets

Ray sees a diversification away from US assets as part of a capital war; US markets underperformed the rest of the world last year and asset holdings are shifting, favoring non-US and rest-of-world assets.

Ray Dalio Founder, Bridgewater Associates 66:14

Central banks buy gold, weakening fiat system

Central banks are buying gold to diversify away from fiat currencies and debt, making gold's 67% surge the biggest move, bigger than tech, and a signal of a weakening monetary system and capital war.

Guy Johnson Anchor, Bloomberg 73:05

Beazley deal risk remains on watch

Beazley rejected Zurich's cash proposal, but the stock's modest decline after a prior rally suggests the market does not see the deal as dead, so the M&A situation remains one to watch.

Mark Rutte NATO Secretary General 84:46

NATO spending builds European defense sector

NATO members need to implement Hague summit commitments, build defense industries and ramp up a still-too-small defense industrial base, with Germany already leading higher spending, creating a structural tailwind for European defense.

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This Bloomberg Markets video, published January 22, 2026, features Jensen Huang, Nadia Calvino, Mary Vilakazi, Michael, Skyler Montgomery Koning, Ray Dalio, Guy Johnson, Mark Rutte discussing SMH, European defense sector, EZA, FSR, GLD, DBC, ITA, non-US equities, BEZ.L. 11 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jensen Huang, Nadia Calvino, Mary Vilakazi, Michael, Skyler Montgomery Koning, Ray Dalio, Guy Johnson, Mark Rutte · Tickers: SMH, European defense sector, EZA, FSR, GLD, DBC, ITA, non-US equities, BEZ.L