Rotation away from tech

Show notes

Global markets are showing clear signs of tech disappetite, as investors rotate away from AI-linked names and into value-oriented pockets of the market. Strong tech earnings no longer impress, the Fed cut hardly makes tech investors smile and against this backdrop, risk-sensitive assets such as Bitcoin have come under pressure, underscoring the broader shift in sentiment.
While the Federal Reserve’s renewed Treasury bill purchases offer liquidity support, markets remain focused on whether AI investment can translate into sustainable end-product revenues. Until that happens, tech disappetite is likely to persist, keeping rotation — rather than outright risk-on — as the dominant market theme.

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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 Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.