Bloomberg Surveillance Bloomberg Surveillance TV: December 1st, 2025
7 snips
Dec 1, 2025 Guests include Alastair Pinder, Global Equity Strategist at HSBC, discussing how AI adoption may shape equities and credit in 2026. Ian Harnett, Chief Investment Strategist at Absolute Strategy Research, warns of potential AI bubbles and macro risks. Amanda Lynam, from BlackRock, provides insights on the credit market, predicting peak defaults but urging selectivity. U.S. Senator Bill Cassidy analyzes consumer spending trends from Black Friday and discusses health care affordability proposals. Tune in for a mix of market insights and fiscal policy!
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AI Spurs Big-Cap Earnings And Cost Cuts
- Alastair Pinder argues AI adoption is already boosting large-cap earnings and cutting costs about 1%, roughly $130 billion next year.
- He says AI-driven labor reductions could ease Fed pressure and support equities even if the broader economy lags.
Breadth Could Replace Mega-Cap Dominance
- Pinder expects the 493 non-Magnificent Seven stocks to catch up as AI-led earnings growth broadens beyond mega-caps.
- He forecasts more equalized earnings growth between megacaps and the rest in 2026, enabling broader outperformance.
Global Stimulus Shifts The Investment Map
- Pinder warns global stimulus (China, Japan, US) could weaken the dollar and make non-US markets, especially EM and Germany, more attractive.
- He highlights significant valuation discounts in Asia even within AI exposures.