After months of AI-fuelled gains, investors hit the brakes on semiconductor stocks, sending SanDisk, Micron, Western Digital, Marvell Technology and Oracle sharply lower this week as concerns grew over lofty valuations and massive AI spending.

Yet money didn't leave tech entirely - it rotated into profitable software names.

Which names have gained ground?

We unpack what this shift says about the next phase of the AI boom, why JPMorgan Chase's strong earnings are reassuring investors about the health of the US economy, and what IBM's disappointing outlook reveals about rising expectations for AI.

We also examine whether softer US inflation could give the Federal Reserve more room to cut rates, and why geopolitics may matter more than inflation in the days ahead.

Plus, the stocks and sectors investors should keep firmly on their watchlist.

Hosted by Michelle Martin.