The Open Bell — Ep. 007 — 4 Jul 2026

Today on The Open Bell: Meta just announced it has so much AI computing power sitting around that it's going to start selling the surplus to other companies, and the knock-on effect was a full-blown wipeout across the semiconductor sector, because the entire bull case for AI chips was built on the idea that there'd never be enough of them. South Korea's stock market fell nearly 8% in a single session, triggered circuit breakers, and erased the equivalent of hundreds of billions of dollars, which tells you something uncomfortable: Seoul's market had become so concentrated in AI chip names that one Meta headline was enough to blow the whole thing up. The U.S. added just 57,000 jobs in June, less than half what economists expected, and then May and April got quietly revised down too, so the real picture is softer than even that headline number suggests. The Dow Jones Industrial Average, the old-economy index that serious people spent years dismissing as irrelevant, just hit a record high while the flashy tech-heavy indexes were getting demolished, which is either a genuine shift in what the market thinks wins from here, or the most elaborate head-fake of the year. Gold bounced $200 an ounce in a week, oil slipped below $70 as Iran talks quietly progressed, and the jobs miss has markets pricing in rate cuts again, so the mood heading into the long weekend is: maybe the Fed eases, maybe the economy slows, and somehow both of those things feel like good news right now. Hosted by Alex Monroe. New episodes every weekday morning at theopenbell.co Not investment advice. For informational purposes only. --- Chapters: 00:00 Introduction 00:18 Meta 'Meta Compute' Plan Triggers Global AI Chip Rout 02:07 KOSPI Triggers Circuit Breakers in 7.9% Single-Day Crash 03:47 June Jobs Miss: Only 57K Payrolls vs. 115K Expected 05:12 Dow Hits Record 52,900 as 'Great Rotation' Into Old Economy 06:31 Gold Rebounds to $4,200 as Oil Slips Below $70 on Iran Talks 07:51 Closing thoughtsSupport the show