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Shift from semiconductors and memory towards hyperscalers and software continues
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The Corner
Today’s session will have several clear focal points: the Fed meeting and the results from tech giants Microsoft and Meta Platforms, whilst keeping a close eye on the situation in the Middle East.
For their part, Saudi Arabia and the US are responding with joint strikes against “Iran-aligned terrorists” in Iraq.
They insist that demand will outstrip supply until at least 2030.
The market is fully pricing in a 25 bp hike in September and a further 25 bp in Q1 2027.
Meanwhile, the rotation away from semiconductors and memory – which posted strong gains in 1H26 and are now the focus of profit-taking – continues, with capital shifting towards hyperscalers and software in relative terms.