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