Bloomberg Surveillance Bloomberg Surveillance TV: May 11th, 2026
24 snips
May 11, 2026 
Roukaya Ibrahim, BCA Research strategist on commodities and energy, breaks down oil inventories, Strait of Hormuz risks, and regional bypass options. Aaron Kennon, CEO of Clear Harbor Asset Management, unpacks semiconductor-driven market concentration, valuation vs earnings, and how hyperscaler capex could reshape returns. Short, punchy takes on geopolitics, markets, and supply-chain spillovers.
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Semiconductor Earnings Are Fueling A Concentrated Rally
- Semiconductors are driving a concentrated market rally with outsized earnings growth powering low apparent P/Es.
- Aaron Kennon notes memory chip names trade mid‑to‑high single digits while earnings have "shot the moon," and tech makes up ~36% of S&P 500 returns.
Hyperscaler CapEx Is The Market's Pressure Point
- Hyperscaler CapEx expectations are the key vulnerability to the semiconductor story and could shift market perception.
- Kennon warns a modest CapEx revision (e.g., $850bn to $750bn) would dent semiconductor enthusiasm but help Microsoft and Alphabet.
Earnings Momentum Trumps Geopolitical Noise
- Geopolitical shocks like the Iran war are typically temporary market drivers compared with earnings momentum.
- Kennon emphasizes 17% annualized earnings growth and median S&P 500 growth near 14% as the dominant forces.