Markets are at all-time highs, but beneath the surface, something important is changing.

In the first episode of At the Desk, Ben and Phil break down the major rotation taking place across markets as capital moves away from some of the most crowded AI, semiconductor and speculative trades and into financials, industrials, healthcare and consumer staples.

They also discuss the collapse in crypto momentum, the Federal Reserve's changing stance on inflation and interest rates, falling oil prices, and what the latest manufacturing and services data tells us about the strength of the US economy.

The conversation then turns to earnings from Nvidia, Broadcom and Micron, explaining why even exceptional results may not be enough when expectations are already extremely high.

Finally, Ben and Phil explore the risks behind the AI data-centre boom, including hyperscaler capital expenditure, falling token prices, profitability concerns, share dilution and the dangers of holding several stocks that are all exposed to the same underlying theme.

⏱️ Timestamps
01:04 Sector Rotation

06:18 Federal Reserve, Inflation and Oil

11:35 Earnings

15:25 ISM Manufacturing & Services PMI

27:00 Portfolio Diversification

32:55 Hyperscalers CapEx Cycle

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ITPM At The Desk Episode 1 – Sector Rotation has Flipped the Script

Filmed 06-July-2026 | Uploaded 12-July-2026

Cybersecurity could be the next major AI-driven market theme.

In this episode of ITPM Flash, Dieter breaks down how the AI revolution has already created waves in data centers, energy, CPUs and memory — and why cybersecurity may be the next area to attract serious investor attention.

With advanced AI models exposing software vulnerabilities and major institutions racing to strengthen their systems, the setup for cybersecurity stocks could become increasingly relevant. Dieter explains why he prefers ETF exposure through the First Trust Nasdaq Cybersecurity ETF, ticker CIBR, rather than trying to pick individual cybersecurity winners. He also walks through a long call trade structure using November and August options, explaining the setup, the credit received, the risk/reward, and why a longer time horizon may make sense for this particular theme.

Listen now to see why AI-fuelled cyber risk could become one of the next big trades in the market.

ITPM Flash provides insight into what professional traders are thinking about in the markets RIGHT NOW!

While investors chase AI winners, a quieter opportunity may be emerging in an overlooked corner of the technology sector.

The AI trade continues to dominate headlines, pushing the Nasdaq to fresh highs and driving valuations across parts of the technology sector to increasingly stretched levels. But beneath the surface, credit markets remain calm, Treasury yields are easing, and the broader market may be setting up for a rotation rather than a correction.

In this week's ITPM Flash, Ben Berggreen explores why traders should be looking beyond the obvious AI winners and focusing on businesses where fundamentals are beginning to improve alongside structural growth trends.

Enjoy the episode.