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Clay Khan (name as heard; verify)
Neuberger Berman, head of Canada (whisper: 'Newberger'/'Newburn'; verify name and firm before carding)
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Cites S&P 500 up 10 percent YTD, Russell 1000 value beating growth, and 'Russell 2000, 20 percent returns' outperforming the S&P by 10 points @0:57. Says the Iran war should resolve into 'some sort of manageable relationship' with less oil volatility @1:46, and GDP 'continues to be strong above trend at two and a half percent' @1:57.
“we think that the market is giving us some interesting information here, which is that we'll see continued outperformance and strong GDP growth, which will help fuel earnings.”
S&P 500 since this was said: ▼ -0.0% · 7,509 → 7,506 · as of 2026-07-22
Frames 2026 hyperscaler spend revised from $700B to $800B versus $150B in 2023 @2:09, and sizes $7T cumulative as roughly three times Canadian GDP @2:29: 'we think that that will help propel economic growth and earnings' @2:38. Later cites the same buildout as 'a secular tailwind' @5:17.
“The estimate was seven hundred billion. The revised estimate now is eight hundred billion. So very large numbers, significant growth. But here's an eye popping number. Cumulatively through twenty thirty, we expect seven trillion dollars in spending in AI.”
Nasdaq since this was said: ▼ -0.4% · 25,837 → 25,742 · as of 2026-07-22
Argues shelter growth is at pre-pandemic levels, wage growth 3 percent, tariffs a one-time goods bump, so 'inflation could had tried to work two percent with the Fed doing nothing on the short end' @3:51 (whisper garble of 'could head toward two percent'). Positioning: 'we actually like the shorter end of the market buying two year paper' because up-down risk favors the buyer @3:58. Adds the Iran conflict 'we don't think will feel a lot of inflation' given lower oil reliance @4:09.
“the Fed consensus opinion is about one and a half rate increases. We think the Fed will hold.”
His firm's machine-learning read of 1,500 company transcripts finds 'adoption rates for A.I. is about 15 percent' with 'lots more room to grow' @5:45. Caveat: companies overspending on AI without deploying it well 'are not going to see the stock returns that investors are hoping for' @6:55.
“So our view is that you'll see outsized returns from those companies that are implementing A.I. both for top line and bottom line management.”
Nasdaq since this was said: ▼ -0.4% · 25,837 → 25,742 · as of 2026-07-22
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