Bloomberg Surveillance Bloomberg Surveillance TV: October 30th, 2025
Oct 30, 2025
Stuart Kaiser, Head of Equity Trading Strategy at Citi, discusses the implications of big tech earnings and AI investments for market positioning. Leland Miller, CEO of China Beige Book, analyzes the evolving U.S.-China trade relations following recent diplomatic talks. Sonal Desai, CIO for Fixed Income at Franklin Templeton, offers insights on Fed policy and the potential for rate cuts amid inflation concerns. Energy Secretary Chris Wright highlights opportunities for U.S. energy trade with Asia, including notable developments in nuclear energy.
AI Snips
Chapters
Transcript
Episode notes
AI Spend Driven By Builders, Not Rates
- Large-cap tech are self-financing massive AI-capex and utility demand, making them less rate-sensitive.
- Energy and chip bottlenecks, not financing, may limit AI rollout and power-sector winners.
Fed's December Decision Hinges On Data
- The Fed's reaction function for December is unclear because they lack fresh data from the shutdown.
- Markets must watch SEP updates and labor prints to infer whether December is still on the table.
Truce Covers Surface, Not Core Tech Issues
- The US-China truce addressed low-hanging trade issues but deeper tech export control and supply-chain shifts remain unresolved.
- Tariff reductions risk reversing prior de-risking if effective rates approach competitor levels.