Ipek Oskar Deskaya

Exactly.

What we see right now is that as the spike in oil prices is being retraced, technology companies are also finding some breathing room right now.

And we also do see some individual divergences in the technology space.

The companies that do have exposure, greater exposure to energy costs, like the ones that run data centers, are being hit more heavily than the others that are more or less capital intensive, like NVIDIA, for example, in the defense sector.

related names are also gaining on the back of the Middle East conflict news.

Yes, we believe that globally the defense stocks have been in demand due to the rapid shift and the significant shift in global geopolitics.

And we have seen a couple of times since last year that the geopolitical tensions are not ready to ease from the actual level.

So the risks are being quite high and the technology companies and technology and defense companies are benefiting grandly from it.

It's not only

in the U.S., but we also think that the defense stocks in Europe will also continue to benefit from the rising geopolitical tensions and risk across the globe.

Well, exactly.

I mean, the big picture of today was the rapid rise that we saw in energy prices at the beginning of today's session.

So, the Asian and European stocks were heavily hit.

But as we move on towards the U.S.

session, we see that these gains have been retraced.

So, some of the hawkish expectations regarding the major central banks that would be lifted, that was coming actually from the fact that the energy prices would lift, inflation expectations are also being

trimmed right now as oil prices are coming back down.

And I think that that is the global macroeconomic picture that investors should understand.

It is really today about the energy prices, the inflation expectations, and the impact on central bank decisions.

As energy prices move lower, we are getting back to the levels of risk that we saw in the beginning of the session.