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Big Tech is still carrying global markets higher — but beneath the surface, the picture is becoming far less comfortable. In this episode, we explore the extraordinary rally in AI and semiconductor stocks, Micron’s explosive surge, narrowing market breadth, and why the latest gains in indices like the S&P 500 and Kospi may be masking growing fragilities underneath.
We also discuss the risks tied to rising borrowing costs, slowing economic activity, geopolitical tensions in the Middle East, and even a potential helium supply shock that could quietly become a bottleneck for the AI revolution.
Is AI creating a permanently stronger...

Global markets are entering a dangerous phase where war, sticky inflation and rising debt are colliding at the same time. As the Middle East conflict drags on, oil prices remain a major threat to the inflation outlook just as global central banks are struggling to contain already elevated price pressures. Meanwhile, rising bond yields are tightening financial conditions and exposing the fragility beneath the AI-driven market rally.
In this episode, we explore why a handful of Big Tech companies may be masking deeper economic weakness across global markets, why oil prices remain the key macro variable to watch, and why...

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...

Japan’s bond yields are rising to levels that were unthinkable just a few years ago, and markets are starting to ask whether the next reverse carry trade is already building beneath the surface.
As the Bank of Japan slowly exits decades of ultra-loose monetary policy, higher Japanese yields could encourage investors to bring money home, reducing demand for US Treasuries and tightening global liquidity conditions. The last major reverse carry episode in August 2024 triggered a sharp selloff in global equities, with the Nikkei plunging nearly 20% and the Nasdaq dropping around 14%.
This time, the risk could become more...

Global yields are soaring as rising inflation due to oil prices force investors to rethink the outlook for central bank policy. While European central bank expectations were already pointing at the possibility of summer rate hikes, the Fed funds futures have now started pricing more than a 50% chance of a December rate hike — a stunning reversal from expectations for multiple cuts earlier this year. With equity valuations stretched and borrowing costs rising fast, a market correction looks inevitable.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of...

Markets are ending the week in full euphoria mode. The S&P 500 and Nasdaq hit fresh record highs as investors continue piling into AI stocks despite rising inflation, surging bond yields and escalating geopolitical tensions in the Middle East. Oil prices climbed back above $100 per barrel, Japanese yields pushed far beyond levels once considered dangerous for global carry trades, and US consumers are increasingly struggling with debt repayments. Yet none of it seems capable of slowing the AI rally.
In this episode, we dive into why investors are ignoring the macro warning signs, how massive AI spending is increasingly...

As the world slowly decreases exposure to the US dollar and Treasuries, the concept of the “petro-yuan” is gaining momentum, referring to the growing use of China’s currency in oil and other goods trade.
In this episode, we dive into how to build exposure to a rising China, the challenges and the opportunities.

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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...