Episode summary
US Chip Stocks Plunge as AI Selloff Ripples Across From Asia | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 33 min · Hosts: Tim Stenovec, Carol Massar · Guests: Amanda Lyons, Sean Gadd, Katherine Kostereva, Gracelin Baskaran
Summary
A sharp selloff in chip and tech shares set the tone, with the hosts framing the move as a possible reset for the AI trade rather than proof that the story has broken. Amanda Lyons argued the pullback was mostly a positioning event, not a fundamental change, but she said investors should watch Micron closely for clues on pricing, capex, and whether memory supply is finally starting to catch up with demand. She also flagged upcoming S-1 filings from Anthropic and OpenAI as the next major test of AI economics.
The show then shifted to consumer and industrial demand. Sean Gadd said Latham Group is benefiting from demand for pools, especially in the South, where fiberglass has advantages in speed, cost control, and installation time versus concrete. Katherine Kostereva made the case that AI and no-code tools are changing software and customer service by enabling more automated, 24/7 workflows and helping her company grow without adding headcount in support.
Gracelin Baskaran said China’s latest rare-earth restrictions underscore supply-chain vulnerability, but also reinforce the global push to diversify critical minerals. She argued the U.S. is early in a long buildout, with government support and private investment aimed at reducing dependence on China even as companies weigh a “security premium” for more resilient sourcing.
Key takeaways
- Amanda Lyons said the AI selloff looks more like a positioning washout than a fundamental collapse, but she wants Micron’s pricing and capex commentary as the key signal.
- Lyons said memory is still cyclical and warned investors not to assume higher prices will last forever.
- Sean Gadd said fiberglass pools are taking share because they can be installed in about six days versus 90 to 120 days for concrete.
- Katherine Kostereva said AI-driven automation is letting her company add clients without adding call-center staff this year.
- Gracelin Baskaran said the U.S. rare-earth buildout is early-stage and unlikely to reach self-sufficiency in the next two years.
Notable quotes
“I don't think we're seeing a change in that fundamental AI story, but we have to be a little bit more cautious and a little bit more nervous as these things happen”
“the average in North America across North America is $95,000”
“We're not budgeting a single additional person in our call center and customer service organization at all for this year”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Bruising selloff in several tech giants fueling concern that the AI frenzy that has powered the equity bull market might be overblown. — Yeah. Well, we saw the NASDAQ 100 sinking about 3% earlier. The stocks, the key gauge of trip makers that had doubled from war driven lows sliding about 7% losses.
Now it's down 8.3% since I wrote that earlier. — So, it's really come under a lot of pressure. And if you take a look at what happened in terms of the trade overnight, especially in Asia, South Korea's Cosby plunging 10% from a record, but that market is so reliant on really two a couple of big names that has them. Yeah.
Yeah. Again, that trade, the chip trade and the tech trade. Um, so you're wondering, is it a reset, a new narrative? I don't know. We'll see what uh Amanda Lions has to say. — Amanda Lions is head of research at Energy Group Capital. It's a hedge fund manager focused on energy, natural resources, and power. Amanda covering technology there. She joins us from London. So, is it a fundamental change to the AI story?
Hi, thanks for having me on. Um, I don't think we're seeing a change in that fundamental AI story, but we have to be a little bit more cautious and a little bit more nervous as these things happen. I mean, if we look at what's happened today, the fundamentals regarding AI haven't really changed.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai selloff
- chip stocks
- semiconductors
- tech rally doubts
- global markets
Companies and tickers mentioned
- Energy Group Capital
- Latham Group
- Creatio
- Center for Strategic and International Studies
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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