Chips love AI, software suffers

Geopolitical tensions remain elevated as markets navigate fragile ceasefire dynamics, rising oil prices, and persistent inflation pressures. Brent crude is consolidating near the $100 per barrel level, keeping global yields elevated and reinforcing concerns about the inflation outlook. At the same time, macro data is beginning to reflect the strain, with European activity—particularly in services—showing signs of weakness under higher energy costs. Equity markets remain resilient near all-time highs, but internal dispersion is increasing. Software stocks came under pressure after IBM’s results raised questions about AI disruption to traditional business models, while semiconductor names continue to outperform on strong AI-driven demand. Intel’s latest earnings highlighted renewed strength in data center and CPU demand, while SK Hynix underscored both the power and cyclicality of the memory chip supercycle. 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.