The cost of shooting for the moon

Renewed hopes of a US–Iran breakthrough briefly eased energy concerns before fading, leaving investors facing higher oil prices, persistent inflation risks and mounting European debt stress. Meanwhile, SpaceX’s strong quarterly results revived enthusiasm for AI, with booming computing revenue highlighting its growing ambitions beyond space. But shooting for the moon comes at a cost: enormous infrastructure investment, rising financing needs and growing credit concerns across smaller competitors. Meta’s results offer the next test for the broader AI trade. Can advertising growth and new products justify soaring spending? Bigger budgets could support chipmakers while pressuring cash flow. Softer plans could reassure shareholders but disappoint suppliers. Investors increasingly want evidence that today’s ambitious investments will generate tomorrow’s profits and sustainable returns for shareholders.

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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.