Is the AI trade beginning to unwind—and could the UK market finally be having its moment?

In this episode of Bassline, Dave Wallace is joined by Lance Peltz, Chief Investment Officer at Cavendish Ware, to examine the forces moving global markets.

They begin with the UK stock market’s push towards record territory. Lance explains why Britain’s concentration of energy, mining, financial and pharmaceutical companies may now be working in its favour as investors rotate away from the dominant AI stocks.

The conversation then turns to the enormous sums being invested in AI infrastructure. Chipmakers, memory manufacturers, generator producers and power-management companies have enjoyed remarkable growth, but Lance warns that momentum investing works brilliantly—until it suddenly does not. With new manufacturing capacity being built and retail investors arriving late, could the familiar semiconductor cycle be about to reassert itself?

Dave and Lance also explore the changing balance of supply and demand in US equities. The technology giants are spending heavily on data centres, borrowing more and buying back fewer shares, while a wave of major companies prepares to enter the public markets. Lance explains why this shift in liquidity may matter more than small changes in interest rates—and why parts of the market remind him of the dotcom era.

Attention then moves to the continuing conflict involving Iran and the United States. Despite disruption around the Strait of Hormuz, oil prices have remained more restrained than many expected. Lance considers the role of American production, Chinese reserves and changing regional trade flows, while warning that depleted inventories, rising food costs and persistent geopolitical tension could still produce another inflationary shock.

Finally, the discussion returns to Britain and the arrival of Andy Burnham in Downing Street. What might a more left-leaning government mean for spending, taxation and consumer confidence? With limited room to raise conventional taxes, Lance considers whether pensions and housing wealth could become the focus of the next Budget.

In this episode

• Why the UK market is benefiting from a global rotation
• Whether enthusiasm for AI infrastructure has gone too far
• The risks facing momentum investors
• Why semiconductor booms tend to create their own downturns
• How hyperscaler spending is changing US equity markets
• The importance of liquidity, valuations and bond yields
• Why the oil market has remained surprisingly resilient
• The inflationary risks posed by energy, fertiliser and food
• How Cavendish Ware is positioning portfolios
• What the “Burnham effect” could mean for Britain
• Why pensions and property may face greater taxation

This podcast is provided for general information and discussion only. Nothing in the episode constitutes personal financial or investment advice. Investments can fall as well as rise, and past performance is not a reliable guide to future returns.

Pensions have long been seen as one of the most tax-efficient ways to pass wealth to the next generation. But from April 2027, that could change dramatically.

In this episode, Dave sits down with financial planners Mat Bonney and Adrian to unpack one of the biggest proposed shifts to UK inheritance planning in years: the move to bring pension pots into inheritance tax calculations.

What does the change actually mean? Could your pension suddenly become liable for inheritance tax? And if you have a spouse, children, or multiple pension pots, what practical steps should you be thinking about now?

The conversation demystifies what is changing, why it matters, and how to avoid knee-jerk reactions. From pension nominations and nil-rate bands to retirement income planning and estate strategy, this episode explores why pensions can no longer be treated in isolation.

Dave also asks the questions many people approaching retirement are quietly wondering: Should I rethink my pension strategy? Is this the beginning of wider inheritance tax reform? And how do I avoid leaving a financial mess for my family?

Matt and Adrian stress the importance of keeping calm, getting informed, and planning carefully, while also highlighting some of the unintended consequences these rules could create for families facing difficult circumstances.

In this episode, we cover:

• What the proposed pension inheritance tax changes actually mean
• Why April 2027 could be a major financial “guillotine date”
• How pension nominations may need revisiting
• Why pensions may now need to be considered alongside the rest of your estate
• The risks of knee-jerk reactions and rushed decision-making
• Whether consolidating old pension pots could make life easier for loved ones
• Why pensions still remain an important retirement vehicle despite the changes
• The broader question: is this the start of bigger inheritance tax reform?

If pensions, retirement, inheritance, or financial planning feel confusing, this episode aims to cut through the noise and explain what really matters — without the jargon.

In this special “Situation Update” episode, Lance Peltz unpacks the rapidly evolving global landscape and its economic implications.

Lance offers a grounded, no-predictions perspective on geopolitical tensions, highlighting how disruption to energy, materials, and supply chains is driving inflation, market volatility, and consumer pressure worldwide. From oil and LNG dynamics to emerging-market vulnerability, the conversation explores how conflict directly translates into economic stress.

They also examine investor behaviour, shifting market structures, and growing concerns about private credit, AI-driven change, and speculative trends in assets such as silver and Bitcoin.

With no clear end in sight, this episode provides a sharp, sober view of markets in flux—and the deeper structural shifts shaping the global order.