Rotation, earnings and US midterm elections | MarketTalk
About this video
Investors are rotating away from tech as strong earnings fail to ease concerns about spiralling AI spending, falling free cash flow and uncertain returns. Defensive stocks and cheaper European markets are attracting interest, but rising energy costs, borrowing costs and potential rate hikes leave few comfortable hiding places. US midterm elections add political uncertainty, with implications for the current administration’s support for AI infrastructure. Meanwhile, Apple, Palantir, AMD, Arm and Cloudflare face their next earnings test. Can fresh results restore confidence in the AI trade, or will valuation discipline and a tougher macro backdrop keep the rotation going through November?
Watch the full episode to find out more!
0:00 Intro
0:59 October’s rotation away from tech
2:24 Earnings update: Mag 7 is not doing *that* well!
4:11 US midterms and AI trade
7:19 Central banks: RBA and BoE to hike
7:47 Rotation also benefits to European stocks!
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 clints. 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.
#StockMarket #BigTech #AI #Earnings #Midterms #MarketRotation
#Swissquote #MarketTalk
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