Record high delusion?

Markets keep climbing despite rising oil prices, geopolitical tensions and growing inflation risks. The S&P500 and Nasdaq pushed to fresh record highs as stronger-than-expected earnings — especially from AI and energy companies — helped investors look through the Middle East turmoil and higher energy costs. But beneath the surface, the rally is becoming increasingly narrow, with tech and semiconductors doing most of the heavy lifting. The million dollar question is: why markets continue rallying despite unideal geopolitical headlines, why emerging markets are also hitting record highs despite a rising oil and stronger US dollar, and why some investors — including Michael Burry — warn that today’s tech optimism increasingly resembles the peak of the dot-com bubble, what are risks linked to oil supply disruptions, inflation, Fed expectations and the growing disconnect between market optimism and economic reality. 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.