Citi's Kaiser Isn't Ready to Step In on Chip Stocks

Stuart Kaiser, Citi's head of equity trading strategy, says stocks have endured a painful week beneath the surface, even as the S&P 500 has held near record levels. Kaiser also says valuations are demanding, with clients viewing earnings expectations for 2027 and 2028 as largely priced in, making it easier for risks to outweigh potential upside further out. He speaks on "Bloomberg Surveillance."