Bloomberg Surveillance · Friday, July 10, 2026
An analyst suggests that the potential 'bubble' in the current market might lie in earnings expectations rather than stock prices, drawing a contrast with the dot-com era. The gap between sell-side and buy-side estimates, particularly in AI-related sectors, is a key area of focus.
“I think maybe not the earnings where we stand right now, but the earnings expectation is I think where there could be a bubble, and I think we got a little bit of a flavor of that with the recent Samsung report that pretty nicely beat the cell side estimate. That's the consensus that analysts publish, but there's also a byside estimate out there, and that's not something published. It represents maybe the we whisper number or the hyped up number.”
“And we saw what happened to the stock that is one of the things I'm paying close attention to during earning season is whether that cell side versus byside estimate has a very widespread and what's the sensitivity in terms of the market reaction. I think it probably continues to fuel these rapid fire rotations that just have become the name of the game in this kind of market.”