Episode summary
Bloomberg Surveillance TV: February 26th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 22 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Emily Roland, Angelo Zino, Andrew Bishop
Summary
The discussion centered on why Nvidia’s blowout quarter failed to lift U.S. tech stocks, and whether the market is shifting from pure AI enthusiasm toward broader diversification. Emily Roland argued that Nvidia’s earnings strength is extraordinary, but the market is rewarding momentum elsewhere, including Europe, Japan, South Korea, and silver. She said investors should still own technology, but also tilt toward quality cyclicals, midcaps, and bonds, where she thinks valuations are more attractive and returns may quietly repeat last year’s gains.
Angelo Zino took a more cautious view of the AI trade, saying the Street is increasingly focused on the risks tied to AI rather than the long-term growth opportunity. He argued that Nvidia’s numbers largely confirmed what investors already expected, and that the real test will be whether AI monetization shows up in hyperscaler results and enterprise use cases later in 2026 and into 2027. He also said China remains too uncertain to underwrite meaningful revenue assumptions.
Andrew Bishop shifted the conversation to geopolitics, saying President Trump is still likely to delay any strike on Iran as long as diplomacy remains possible. He said the president may wait until after April 4 and that any conflict could trigger forceful retaliation, potentially including attempts to kill Americans and Israelis.
Key takeaways
- Emily Roland said Nvidia’s earnings were remarkable, but the market is chasing momentum in Europe, Japan, South Korea and silver instead of U.S. megacap tech.
- Roland said investors should favor midcaps over small caps because about 40% of the Russell 2000 is unprofitable.
- Roland sees value in intermediate Treasuries, arguing bonds returned 4% to 8% quietly last year and could do so again.
- Angelo Zino said Nvidia’s quarter did not change the story much because the market now wants proof of AI monetization, not more capex headlines.
- Zino said China is too uncertain to model confidently for Nvidia, though AMD has been able to book some China revenue under different license conditions.
- Andrew Bishop said Trump is likely to keep diplomacy alive with Iran as long as possible, but if he strikes, retaliation could be forceful and could target Americans and Israelis.
Notable quotes
“80% year-over-year earnings growth. The estimate was 57% on a $5 trillion company”
“We believe that stock prices follow profits over time, and that's where the earnings are”
“the street really more focused about the risk tied to AI more so than the growth opportunities here long term from AI”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloombo television weekday mornings from 6:00 to 9:00 a.m. Eastern.
Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always on the Bloomberg terminal, and the Bloomberg Business app, we begin this out as big tech struggles to impress. A blowout quarter for Nvidia failing to spark a market rally.
Emily Ron of John Hancock Investment Management writing the following. It's amazing the market doesn't seem to care. It's like Nvidia is winning the game, but investors are giving participation prizes out to all the other players.
Emily joins us now for more. Emily, welcome. I think a lot of people feel the same way this morning looking at those numbers yesterday evening looking at the price action this morning and everybody asking themselves the question what is going on?
Yeah, John, there is never been anything like this in US corporate history. 80% year-over-year earnings growth. The estimate was 57% on a $5 trillion company.
Like this is just so remarkable. And then you look you wake up this morning and you look at the relative winners again and it's it's the Cosby. It's, you know, Europe, it's the CAC, it's everything else except US technology companies.
You know, the market cap of Nvidia hasn't really changed very much over the past 6 months. And meanwhile, we've just seen massive multiple expansion, massive uh changes in terms of the size of pretty much every other company on the planet. Um, we've been talking about this sort of idea of March Madness coming up.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- world markets
- economy
- finance
- investment strategy
- policy research
Companies and tickers mentioned
- Manulife Investment Management
- CFRA
- Signum Global Advisors
Watch the episode
Watch “Bloomberg Surveillance TV: February 26th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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