Episode summary
Bloomberg Surveillance TV: June 24th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 22 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Dan Ives, John Servidea, Frances Donald
Summary
The discussion centered first on semiconductors and AI spending, with the guest arguing that Micron’s post-earnings setup is part of a broader “gut-check” phase rather than a breakdown in the trade. He said checks in Taiwan and Korea show “no cracks in the armor,” and he still sees the AI buildout as early-stage, with supply-demand still far from equilibrium. He also said margins at major chip and cloud players should stay elevated for another 9 to 12 months before competition starts to bite more meaningfully.
The conversation then shifted to the surge in large investment-grade financings tied to AI infrastructure, including SpaceX’s $25 billion bond deal. The guest said the market is still absorbing these risks rationally, with investors doing real credit work rather than buying blindly. He described the boom as a secular financing need that is forcing more creativity across currencies, structures, and investor bases, while warning that any real concern would come only if euphoria replaced analysis.
On macro, the guest said the Fed is finally acknowledging persistent inflation outside energy, especially in food, healthcare, and other core services. He argued the bigger risk is not a bond-market shock but pressure on low- and middle-income consumers, who are already seeing weaker real wages and more credit use.
Key takeaways
- Dan Ives said Micron and the broader chip trade are still in a “gut-check” phase, but he sees no sign of cracks in AI demand across Taiwan and Korea.
- Dan Ives argued that supply-demand in chips remains extremely tight and that margins should stay strong for another 9 to 12 months before competition compresses them.
- John Servidea said the $25 billion SpaceX bond sale shows capital is available for AI-linked financing and that investors are still doing credit work, not buying blindly.
- John Servidea said the AI funding boom has moved the market from relying on free cash flow to a much broader mix of debt, equity, and project finance.
- Francis Donald said the Fed’s harder problem is inflation in core services and food, with low- and middle-income consumers already under strain from weaker real wages and more credit use.
Notable quotes
“There is some added nervousness on the important memory chip trade. We continue to believe that in this market, we will continue to go through a number of gut-check moments”
“our checks in Taiwan, in Korea, no cracks in the armor. And that's why I just continue to believe third inning, one out in terms of the AI game”
“The way that we're thinking about the market generally and and and specifically to your question, if you take a big step back, and this is no surprise, but credit spreads are at historic tights”
“the problem is inflation, which finally we have a chair of the Federal Reserve which is calling it out”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. — This is the Bloomberg Surveillance podcast. I'm Jonathan Ferro, along with Lisa Abramowicz and Amry Houghton. 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 Bloomberg 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.
Let's talk about semi tech trade steadying ahead of Micron earnings due out after the close today. Shares up more than 250% so far this year. Dan Ives of Wedbush writing, "There is some added nervousness on the important memory chip trade. We continue to believe that in this market, we will continue to go through a number of gut-check moments." Dan Ives of Wedbush joins us now for more. Dan, good morning.
Great to be here. — Is this one of those gut-check moments?
It is. Look, I think the thing you saw with the stock speed down 10%. They were like the golden child of this tech boom.
A lot of it's in Korea in terms of memory chips. When you think about what's happened with SK and obviously Samsung, and SK overtaking Samsung, Micron such an important quarter relative to what we've seen in terms of demand ripple. What does that mean for Nvidia, hyperscalers?
But I continue to Look, our checks in Taiwan, in Korea, no cracks in the armor. And that's why I just continue to believe third inning, one out in terms of the AI game.
Further downstream though, you're starting to see some pushback to price. Increasingly, does that upend some of the story? — Look, I think on the edges that could be Look, right now, demand supply caught 12, 15 to 1 in terms of where we are relative to chips.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- tech research
- investment grade debt
- economic outlook
- global markets
- rates and credit
Companies and tickers mentioned
- JPM
- RY
- Wedbush Securities
- JPMorgan
- RBC
Watch the episode
Watch “Bloomberg Surveillance TV: June 24th, 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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