Bloomberg Daybreak: Asia Edition US Equities Retreat, Bitcoin Drops, Pinkfong's IPO
Nov 18, 2025
Matt Sallee, Executive Vice President at Tortoise Capital, and Kelvin Tay, Regional CIO for UBS Global Wealth Management in Asia, share insights on the current market landscape. Sallee delves into AI-driven capital expenditures and the appeal of Bitcoin miners amidst its recent decline. Tay discusses the impact of geopolitical tensions on Asia-Pacific markets and warns about potential currency interventions. Additionally, they highlight the surprising surge of Pinkfong's IPO, capturing investor interest beyond the 'Baby Shark' phenomenon.
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Episode notes
AI Adoption Is Still In Early Stages
- AI-driven chip demand remains extremely strong and early adoption is just beginning.
- Hyperscaler spending will grow substantially, supporting sustained AI-capex tailwinds.
Don’t Fear Hyperscaler Debt Issuance
- View cheap corporate debt for hyperscalers as non-threatening given massive free cash flow projections.
- Do not worry about recent debt issuance from big cloud players if free cash flow remains large.
AI Capex Keeps Recession Risk Limited
- Fed cuts are likely within the next few meetings but recession risk looks muted due to heavy AI-driven capex.
- Structural shifts in hiring suggest AI is altering entry-level job availability.