Ferraris, Advil, and AI Chips 10 Companies to Watch Right Now

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1:53Scarlet Fu:on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube. Tim Kraikad, Global Chief Content Officer for Bloomberg Intelligence. He's been one of the leaders from day one for Bloomberg Intelligence, this little experiment in investment research that we've done here at Bloomberg. He's run businesses for us in Hong Kong, London, New York. So he's been all over. Based in London right now, but he's here in New York. So we figured we'd get him in studio to talk about some of the research coming out of Bloomberg Intelligence.

2:24Tim, I know you guys publish time to time kind of, hey, here are 10 companies we really think you should pay attention to. We think we've got some insights into some of these companies. Maybe we've identified some catalysts that investors can keep an eye out for that might move these stocks one way or the other. What are you guys looking at these days? So I'll put it into just a little bit of context, if that's okay. So we have a broad set of what we call focus ideas. And these are high conviction, bottom up, fundamentally oriented calls on companies where we see something that the market doesn't seem to get and that there are catalysts ahead that can change the market mentality.

3:03There's about 120, 530 of these things globally across all sectors right now. And at the beginning of every quarter, we'll zero in on 10 where we think that there are catalysts ahead right now in the upcoming quarter. A lot of that will revolve around it could be a new product announcement. It could be earnings results that really hit home on a given element. Yeah, that's the context. I'm going to ask Matt. Matt Miller's wiring in and saying, hey, ask about Ferrari because that's one of the names on the list. And Michael Dean, our auto analyst, he covers all those cool European automakers. What's his thing about Ferrari here?

3:44Yeah, you know, it's interesting because Ferrari's got a couple of things going on. Right up front, there are important new cars coming, new models. The F80 is their next big supercar. You've got the Luce, L-U-C-E, which is their full electric that's coming out. And those are two of 20-odd models that are coming through over the course of the next three years. But importantly, these are now starting to wrap, and we think that when you get in and see the next earnings reporting period, you will see the impact. It is interesting because it's a broader issue with the European autos where there was such high hopes about EV transition and China being a big market.

4:33And both of those turn pear shape. Wow. And so last year was a big issue. Look at any of these guys, Ferrari, BMW, et cetera. And we think Ferrari is looking to accelerate. No pun intended. Here in the U.S., and folks, you can tell from Tim's accent, he's from down south. But he's been all over the world. Here in the U.S., Tim, you've probably heard EV things kind of stalled out. I'm being generous there. Oh, yeah. I'm calling it stall out. How about in the rest of the world? Yeah, it's interesting. We just published our semi-annual buyer survey that we do, one in US, one in Europe, one in Asia.

5:13And in Europe, it really does depend on the home market. Scandinavia still cares about EVs, no surprise. Yep. Germany, give me a petrol, gasoline-based engine. Generally speaking, there's more appetite for hybrids across Europe than what was full-on plug-in electric vehicles. And clearly over here, it's all about gasoline. And if you're going to do electric, you're going to do a hybrid. You're not going to do a battery electric. Yeah. For my final offspring, he goes to school in California where gas is like six dollars a gallon so we got them the hybrid and it's been perfect. Well I've got a battery electric I love it but hey I live in London.

6:00In London yeah so talk to us just broadly and kind of related topic just ESG in general environmental sustainability governance all that kind of stuff hit a brick wall here in the U.S. but I understand that's not the case in Europe and some other parts. Yes and no. So there's a series of client events that I get involved with on an ongoing basis that go around Europe along with my team. And speaking of Scandinavia, that's the heart and soul of ESG who adopted it most aggressively. They don't call it ESG anymore. They call it sustainable finance or sustainability. It's generally under that moniker.

6:41And you could say, oh, you know, we could just change in names. But it's about managing companies well. And part of this is management, governance, part of it is social issues, part of it is environmental. And I think it seems to be making a move towards actually, don't call it ESG and tick a box, which was kind of the thing before. Think about how this is a way that you can actually manage a company better. And that actually is good for shareholder returns. We've done some pretty interesting work. There's a report actually the team here, our BI team here had put out about ESG 2.0. And that is all about actually driving better companies.

7:22Scarlet Fu:Stay with us. More from Bloomberg Intelligence coming up after this. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. For many men, mental health challenges aren't recognized until they've already taken a toll.

8:02Work pressure, financial stress, changing relationships, and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In Season 3 of The Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of The Visibility Gap, a podcast presented by Cigna Healthcare.

8:27Scarlet Fu:You need to make a huge presentation in an hour. Adobe Acrobat uses AI to take all your documents and generate a presentation with a single click. Build slides quickly and streamline the process. Need a last-minute pitch deck? Do that with Acrobat. Need to level up your presentation design? Do that with Acrobat. You have 30-plus documents that need to be simplified into a proposal. Do that. Do that. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app.

9:10Scarlet Fu:Listen on demand wherever you get your podcasts or watch us live on YouTube. One of the big winners in the tech space consistently has been Micron Technology. Stocks up 3 % today. It's up 32 % year to date, up 485 % on the trailing 12 months. But it is down about 20 % from its high. We're going to get the latest reporting on this big, big tech stock,$425 billion in market cap. We can do that today with Yukon Lee. Bloomberg Asia Stocks reporting. Yukon, thanks for joining us here. You're based in Seoul, but you're here in New York today. That's right. So it's great to have you in our studio. Talk to us about Micron Technologies.

9:47It might not be a name that a lot of U.S. investors know, but it's a huge tech stock, and it's having a big run here. What's the story here? Yeah, sure. So Micron is the biggest maker of this memory device called DRAM Dynamic Random Actless Memory, which is crucial and facing a bottleneck in this because it is a crucial device for the artificial intelligence transformation, is the largest one to supply DRAM in the United States. But in the world, it is third largest after two Korean bigger rivals. And one of that Korean rival is going to, is reviewing possible listing of the ADRs in the United States.

10:25So yeah, so that's going to, if that happens, that's going to end the micro status as the only U.S.-listed supplier of this dynamic random access memory, a crucial memory chip device for the artificial intelligence transformation.

10:43Scarlet Fu:And for those investors looking to be opportunistic, SK Hynix trades at a lower valuation than Micron as well. So talk through what investors are saying about that. Yeah, absolutely. Even though Micron is smaller than the Korean rivals, it's been trading at a slight premium than those Korean rivals because it's the only one listed out of the three biggest memory makers in the world listed in the United States. So it's been enjoying that such slight premium over the Korean memory makers. However, if one of the rival SK Hynix lists ADRs in the United States, that premium may come to end because SK Hynix could enjoy better access, easier access to U.S.-based retail investors, and it could also possibly gain access to the ETF that tracks U.S.-listed chip stocks.

11:33There's a huge flow there. Hedge funds can enjoy new long, short opportunity to play if the SK Hynix joins the chip index, possibly, that are traded in the United States. So all these could possibly end the premium that Micron has been enjoying over its bigger South Korean rivals.

11:49Scarlet Fu:Okay, so the bigger South Korean rivals are SK Hynix. There's also Samsung Electronics. is that company's shares traded in the U.S. at all, either as an ADR or as an OTC? So Samsung Electronics is not traded in the United States. So most U.S.-based funds, they probably gain access to the Samsung Electronics through the South Korea ETF, which has a big exposure to chip stocks such as Samsung. Samsung is the largest member in the South Korea's benchmark, KOSPI. So that's how they gain the indirect access to the companies like Samsung, which is actually reporting its preliminary earnings tomorrow.

12:27Why are all the great chip memory stocks in Korea? What's the history there? Oh, yeah, that's actually an interesting question. So there has been a long history of South Korea for having the memory chip makers since the 80s and 90s. It first began as mimicking the technology that Japan chip makers had and then using the chip labors and also massive capital investment that they could have. it's been becoming the world's largest, it's become the world's largest supplier of the memberships. And SK Hynix, thinking about an ADR in the US, that's the story. When do we know if they're going to do that?

13:01So they said in the SEC confidential filing that they will do that within this year. So they, and there's been local media reports of hiring the bankers for that. Stay with us. More from Bloomberg Intelligence coming up after this. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business.

13:42Let's create smarter business, IBM. For many men, mental health challenges aren't recognized until they've already taken a toll. Work pressure, financial stress, changing relationships, and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In Season 3 of The Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of The Visibility Gap, a podcast presented by Cigna Healthcare.

14:15Scarlet Fu:You need to make a huge presentation in an hour. Adobe Acrobat uses AI to take all your documents and generate a presentation with a single click. Build slides quickly and streamline the process. Need a last-minute pitch deck? Do that with Acrobat. Need to level up your presentation design? Do that with Acrobat. You have 30-plus documents that need to be simplified into a proposal. Do that. Do that. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App.

14:59Scarlet Fu:Listen on demand wherever you get your podcasts or watch us live on YouTube. Let's get back to technology. I'm looking at the NASDAQ here up about a quarter of 1 % here today. A lot to talk about here. I'm going to go to Anurag Rana, senior tech analyst at Bloomberg Intelligence. Anurag, let's start with Apple here. What are expectations, if any, for Apple, AI, Siri? I mean, it's been a wait and see kind of approach, which historically has worked for Apple. But I guess the concern is building that maybe they're waiting too long here to really try to create an AI portfolio or tailwind. So, Paul, I'll go back in November of last year when Mark Gurman reported that Apple may be using Google's Gemini technology for its Siri.

15:47And, you know, one of our calls at that point was that if this happens, when you look at Apple's low capex model, people are going to appreciate it in 2026 as everybody else is going to spend hundreds of billions of dollars. You can go back and see the valuation of Apple in the last three months or so. I mean, it's really divergent when you compare it to Apple versus Microsoft or Apple versus any of the other large tech company. And that's because they're only spending, what,$12 to$15 billion in CapEx, which is not that much more than what they did four years ago. But look at Microsoft. It's going to go up to$160 billion in CapEx.

16:25So from a CapEx point of view, the Apple story is working. What we are most excited about is going into June when the next developer conference comes in. And Mark has done a great job of telling all of us that the upgraded version of Siri comes out with the help of Google's Gemini models. And if they are able to pull that off, that's another change in the narrative of Apple being an AI laggard to somebody who's actually found a way to capitalize on it.

16:52Scarlet Fu:But does Apple just need to do what kind of catch up with everyone else or does it need to really wow consumers and iPhone users with what Siri is capable of? Because it's fallen. It feels like it's fallen pretty far behind in this AI race. Yeah, that's a fair point. But at the same time, they're not in the selling of the model business. They want to make sure that the most important distribution that they have, which is iOS, is as good as Android so that they don't lose market share to Samsung. And right now, all they have to do is honestly catch up and just give similar features to what is available on Android.

17:27In this particular case, I think the one news that really got our attention was, if you have the next version of Siri, you can go and call on any of the AI models out there. So you can go and call on, you know, whether it's ChatGPT or Gemini or anybody else that you have downloaded, which means you will get the best of everything. but your point of interaction is still Apple's iOS system, you're not leaving that and going somewhere else. What else will you be looking for at this June get-together product launch? I think this is the most significant upgrade of adding more AI capabilities. I think that's the number one.

18:05The second one is, can we get into a point that they can give us a hint whether this conversational AI going into the phone and talking can take other actions? So, for example, will it be able to do some work on Apple CarPlay down the road? Because once you start using that, I think that's the next phase of big development for all of us where AI agents can go out and do shopping for you or do other things. But the point of intersection is still the iOS or, you know, your interaction with your phone.

18:36Scarlet Fu:And very quickly, before we let you go, Anurag, Oracle naming a new CFO, what will you be watching for, listening for from her? I think the number one thing that for us is they found somebody from the power and the electric industry, which is probably the biggest bottleneck that we have in building data centers right now. So it's very clear to us where Oracle's future is as far as the management is concerned. You know, they are looking to deploy more in that area. The biggest question for me is where are their next acquisitions going to be? Are they going to be more on the industrial side or are they going to stick to software?

19:10Stay with us. More from Bloomberg Intelligence coming up. after this.

19:42Let's create smarter business. IBM. For many men, mental health challenges aren't recognized until they've already taken a toll. Work pressure, financial stress, changing relationships, and traditional expectations around masculinity can quietly wear men down, often without clear warning signs. In Season 3 of The Visibility Gap, Dr. Guy Winch and his guests explore how these pressures show up, how to spot them earlier, and how men can access meaningful support. Listen to the new season of The Visibility Gap, a podcast presented by Cigna Healthcare.

20:16Scarlet Fu:Everyone has been there. Your team's feedback is scattered across emails, chats, and sticky notes. It's a mess. But PDF Spaces and Adobe Acrobat gives you one collaborative workspace to streamline every file and comment. So if you need six departments to finally agree on a proposal, do that with Acrobat. Need to turn a mountain of feedback into one plan of action? Do that with Acrobat. Want to stop searching for files and finally get everyone on the same page? Do that. Do that. Do that with Acrobat. Learn more at adobe.com slash do that with Acrobat. You're listening to the Bloomberg Intelligence Podcast.

20:57Scarlet Fu:Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. All right, let's bring in Catherine Chaglincy right now. She is our U.S. finance team leader on Jamie Dimon's annual shareholder letter. And this is something that Jamie Dimon's been doing for years. She's kind of the spokesman, the ambassador for the industry at large. And it used to focus on things like the Fortress balance sheet of J.P. Morgan. But in recent years, it's become kind of much bigger and broad ranging and talking about policy in the U.S.'s.

21:33Scarlet Fu:place in the world. What's the big takeaway from his latest letter? Yeah, well, I think you could see that in this letter. Well, he definitely talked about J.P. Morgan and the risks facing the bank and how the bank was weathering big changes like AI and all that stuff. He really spent like the biggest portion on critical issues facing America. And he really dug into these geopolitical issues, including he mentioned the Iran war. He also mentioned the war in Ukraine. But he also like talked a lot about what the bank and what other citizens need to be doing to bolster the U.S., make sure we don't fall behind.

22:05He ragged on Europe, which has been sort of a favorite talking point of his, to say that they need to be doing more. And I think you've seen that a lot in how J.P. Morgan, they've been announcing all these initiatives. So like the Security and Resiliency Initiative, they have the American Dream Initiative. It's all these ventures that they have now to focus quite a bit on certain aspects of the U.S. economy. And I think that's Jamie really leaning into this sort of elder statesman role he has in the industry. Any hint as to succession thoughts? No hint as to succession. And he was definitely like still classic Jamie sort of, you know, cheering on the bank and looking for the long term.

22:42So. But he did say that many companies will only thrive if their countries thrive. Now, is that behind the plan to deploy more than one trillion dollars to ensure U.S. remains strong? I mean, they're putting their money where their mouth is. Yeah, they're putting their money where their mouth is one more than one trillion over a decade, you know, and I think it is financing a lot of these industries that will be key to the military and to other sort of like he brought up critical minerals, all these different businesses, and he's brought in help from the outside. Todd Combs from Berkshire is helping to lead that venture, part of that venture.

23:17And so, yeah, I think it is a little bit of him sort of leaning into sort of how does the bank relate to sort of geopolitics. And it's obviously quite a tumultuous time now for around the globe. So I think he was really trying to speak to investors' concerns about that.

23:31Scarlet Fu:And of course, he also spoke to investor concerns about private credit. This is something he has warned about in the past, right? Calling them cockroaches. If you see one, there's more to come. What has he said about private risk this time around? So in some ways, I think it was tempered, right? Like he mentioned private credit. He doesn't believe it will likely be a systemic risk. So I think that was in relation to other parts of the market and the size of how private credit relates to that. But he did notice that, especially now, we're seeing all these funds face redemption requests that are quite high.