Focus on Big Tech spending plans

Chip stocks bounced back as investors returned to the AI trade, but the real challenge is only just beginning. With Alphabet and Tesla kicking off Big Tech earnings season, markets are shifting their focus from AI promises to AI profits. After committing hundreds of billions of dollars to data centres, chips and AI infrastructure, investors now want evidence that these massive investments are generating returns. At the same time, rising oil prices, higher inflation expectations and climbing bond yields are increasing borrowing costs, making the AI spending boom harder to sustain. Will Big Tech reaffirm its ambitious capital expenditure plans, or will management teams begin to show signs of caution? The answer could determine not only the direction of Nvidia, AMD and the broader semiconductor sector, but also whether the recent rebound in technology stocks has further to run or is simply another bear-market rally within the AI supply chain.

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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.