AI euphoria masks a softer market pulse

Global markets kicked off the week on a positive note, driven by fresh AI momentum. Nvidia rallied after announcing chip sales to South Korean firms, while Amazon hit a record high on a $38bn OpenAI deal. Tech gains extended despite rising concerns over the circularity of AI partnerships. European carmakers advanced as China eased Nexperia chip export curbs, while weak US ISM data capped broader gains across the S&P500. Yields and the dollar rose as Fed rate-cut hopes faded. Analysts still see year-end strength, though high valuations, soft data and mounting investor concerns about massive AI spending hint at growing fragility beneath the AI buzz. Listen to find out more! 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.