Chip Wreck

Oil prices plunged after Donald Trump hinted at a possible deal with Iran, dragging bond yields lower just as the Federal Reserve begins its latest policy meeting. But while falling oil prices offered temporary relief to broader markets, technology investors faced a fresh wave of bad news. China's memory chip giant CXMT made a blockbuster stock market debut, raising fears of lower memory chip prices and intensifying competition across the semiconductor industry. ASML came under pressure after reports that a Chinese rival has started producing advanced lithography tools, while renewed concerns over circular AI financing weighed heavily on Nvidia and the broader AI ecosystem. Rising CDS spreads for Nvidia, Oracle and other major AI spenders suggest investors are becoming increasingly worried about leverage, mounting debt and deteriorating free cash flow. As Microsoft, Amazon and Meta prepare to report earnings, the market's focus is shifting from AI optimism to the cost of funding the AI race. 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.