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The next IPO wave could become one of the biggest speculative moments in market history. SpaceX, OpenAI and Anthropic are attracting enormous investor excitement as AI and space infrastructure reshape the future economy. But behind the breathtaking valuations lies a much more fragile reality: these companies are burning billions of dollars while betting on technologies that may take years — or decades — to become sustainably profitable.
In this special episode, we explore the opportunities and risks surrounding the coming tech IPO boom, the race for AI dominance, the enormous infrastructure costs behind artificial intelligence, and whether investors are witnessing...

Markets keep climbing as if nothing can go wrong. While oil prices remain volatile, global yields surge, economic data weakens and recession risks build beneath the surface, investors are once again chasing the AI dream. Reports that SpaceX, OpenAI and Anthropic are preparing massive IPOs have reignited the speculative frenzy, even as market breadth deteriorates and companies outside tech struggle with rising costs and weaker demand.
But markets appear increasingly detached from economic reality, AI hype, and spending are masking mounting macro risks, raising questions about what could happen once the euphoria fades and reality catches up.

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Nvidia once again crushed expectations, but this time the biggest gains spilled far beyond Nvidia itself. From Samsung to LG Electronics and Hyundai Mobis, investors are increasingly betting that the next phase of AI will move beyond data centres and into the real economy through robotics, autonomous driving and “physical AI.”
But beneath the AI euphoria, the macro backdrop is becoming increasingly fragile. Rising global yields, surging oil prices, geopolitical tensions and deteriorating market breadth suggest that the rally is standing on increasingly shaky foundations.

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Ipek Ozkardeskaya has begun her financial career in 2010 in...

Geopolitical uncertainties persist, energy prices remain high, global yields rise. Market focus has been shifting from strong Big Tech earnings to rising borrowing costs.
It’s in this challenging context that Nvidia goes to the earning confessional today, so even strong results may not reverse the tide.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote...