Episode summary
Making Sense of the Tech Selloff | Bloomberg Surveillance
Bloomberg Surveillance
· · 25 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Ivan Feinseth, Qian Wang, Libby Cantrill, Jared Fleishcer
Summary
The episode centered on the recent tech pullback and whether it marked a buying opportunity. Ivan Feinseth argued the selloff in software and AI names was overdone and called it a healthy correction in a theme he believes still has long room to run. He said Microsoft remains a “tremendous buy,” while database, infrastructure, processor, and memory companies should benefit from continued AI spending and a shortage of memory capacity.
The discussion then turned to Asia. Qian Wang said Hong Kong is stabilizing after years of uncertainty, with finance and labor activity improving, and described mainland China’s growth as still solid on the surface but increasingly dependent on exports. She said domestic demand remains weak, housing has not bottomed, and China is likely to tolerate only a controlled pace of yuan appreciation.
Libby Cantrill said the New York primary results reflected anti-incumbent anger more than a clean ideological shift, while Jared Fleisher described Dan Gilbert’s role in Detroit as part of a broader urban turnaround built on place, population growth, and adaptive reuse. He said the riverfront and the Renaissance Center are now the next major focus.
Key takeaways
- Ivan Feinseth said the tech and software selloff is a healthy correction, not the end of the AI trade.
- Feinseth said Microsoft is a “tremendous buy” and pointed to AI capital spending nearing $700 billion this year.
- Qian Wang said Hong Kong is stabilizing, but mainland China still leans heavily on exports while domestic demand remains weak.
- Wang said the yuan looks undervalued and may appreciate, but only at a controlled pace set by policymakers.
- Libby Cantrill said the New York primary showed anti-incumbent anger more than a national ideological realignment.
- Jared Fleisher said Detroit’s next growth phase depends on riverfront redevelopment and turning the city into a place young people want to live.
Notable quotes
“I think this negative view of the software stocks is just way overdone”
“Software drives the functionality of hardware. But uh look, it's still AI is a powerful investment theme”
“I think Microsoft is a tremendous buy here”
“I think Hong Kong actually is you know, stabilizing right after quite a few years of you know, uncertainty”
“I do think, you know, there there's room for RMB yuan to appreciate”
How the episode opens
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And technology, Ivan Feinseth joins us at Tigress uh this morning. He survived Boston University finance and accounting, one of the great grinds of uh college academics. Ivan, I'm going to cut to the chase. You've got a very, very constructive note on a quote classic shakeout of crowded AI trades. Do you load the boat on Microsoft? What's the character of your enthusiasm to acquire shares?
Well, first of all, I think this negative view of the software stocks is just way overdone. Even Jensen Huang has said that. Software drives the functionality of hardware.
But uh look, it's still AI is a powerful investment theme and we're going to see things get to have themselves like we saw this run up in ARM, the run up in Micron, run up in SanDisk, but yet this is a very powerful theme that I think has still long to run. And the next phase is going to be the evolution of smart devices that just have an AI operating system and instead of on your phone using different apps to do different functions, you're going to have an overall AI interactive operating system that then will drive agents to use different apps to accomplish what you want. Like for example, if you're interested in you know, you you want to eat um Italian food, where's the best place to go to where I am?
It'll give you some suggestions and all you have to do is say, all right, book me a table at 7:30 for four people at this restaurant.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- tech selloff
- sp 500 outlook
- growth momentum
- vcs and vc outlook
- public policy and housing initiatives
Companies and tickers mentioned
- Tigress Financial Partners
- Vanguard
- PIMCO
- Bedrock Detroit
Watch the episode
Watch “Making Sense of the Tech Selloff | 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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