Gil Luria, D.A. Davidson technology and research head, says the fundamentals are still looking good for semiconductor and AI-related stocks. He speaks on “Bloomberg The Close.”
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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

On today’s show, TSMC posted quarterly profit that beat estimates by a significant margin, highlighting robust global demand for AI computing. The main chipmaker for Nvidia and Apple reported second quarter net income of $22 billion, while revenue rose 36%.

The US completed another round of attacks on Iran, that it says were intended to degrade the country’s ability to attack ships in the Strait of Hormuz. President Trump has pledged to intensify bombardment and claims Tehran is seeking more talks after the US strikes degraded its missile and drone capabilities.

And incoming UK Prime Minister Andy Burnham is reportedly set to name Home Secretary Shabana Mahmood as his Chancellor. This according to reports in newspapers including the Financial Times. A spokesperson for Burnham says no final decision has been made.

Today’s guest: Morten Wierod, ABB, CEO.

Chapters:
00:00:00 – Daybreak Europe
00:00:42 – Chip Selloff Extends Into Asia
00:11:10 – US Launches Strikes on Iran Over Hormuz
00:14:47 – US Targets Buyers of Russian Oil & Gas With New Bill
00:17:57 – CIA Says AI Drones Give Russian Troops Only 30 Minutes to Live
00:20:24 – Mahmood Set to Become UK Chancellor
00:22:36 – Dimon Warns of Broad Mythos Access
00:25:46 – TSMC Earnings Beat Lofty Estimates
00:29:11 – Morten Wierod, ABB, CEO
00:37:00 – TSMC Earnings Bet on All Key Merits
00:41:54 – Jamieson Greer Speaks on Pharma Dependence
——–
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Chipotle Mexican Grill, under the leadership of CEO Scott Boatwright, is set to open its first restaurant in Mexico later this week, marking a significant milestone in the company’s international growth. The initial location will be in Monterrey, with plans to expand to Mexico City by 2027. Boatwright emphasized the importance of Mexico to Chipotle’s global strategy, highlighting the brand’s respect for Mexican culinary heritage and its focus on fresh, same-day prepared ingredients. He speaks with Romaine Bostick & Katie Greifeld on “The Close.”
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TSMC posted quarterly profit that beat estimates. The main chipmaker for Nvidia Corp. and Apple Inc. reported a rise in net income for the June quarter to NT$706.6 billion ($22 billion), surpassing the average estimate of NT$623.7 billion. The steady growth highlights the company’s central role in producing the vast majority of the world’s most advanced chips for data centers and smartphones. Bloomberg’s Stephen Engle reports.
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SpaceX’s record-setting IPO gave public investors access to one of the world’s most valuable companies, but not equal voting rights. CEO Elon Musk holds just over 40% of the company’s equity while controlling more than 80% of the vote. IPO adviser Lise Buyer says dual-class shares can protect founders from short-term market pressure, but Harvard Law School’s Lucian Bebchuk warns that SpaceX’s structure goes much further, raising risks around accountability, succession, conflicts of interest, and shareholder value. Some investors, including Danish pension fund AkademikerPension, have already rejected the stock over what they call “catastrophic governance,” turning SpaceX into a test case for how much control public markets are willing to give superstar founders.
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