$SIE (+0.77%)
$NVDA (-4.22%)

Siemens AG and NVIDIA Corporation are expanding their strategic partnership to advance self-verifying, agent-based AI workflows for semiconductor and printed circuit board design.

Hello everyone,

For those of you involved in semiconductor design using Cadence $CDNS (+4.25%) or Synopsys $SNPS (+4.41%) should also start taking a closer look at Siemens.

I remain invested in Siemens and NVIDIA.

Siemens AG has announced an expansion of its strategic partnership with NVIDIA Corporation to deliver self-verifying, agent-based AI workflows for EDA. This is intended to help semiconductor and printed circuit board (PCB) development teams make the transition from autonomous task orchestration to more reliable, continuously validated engineering results. The new features build on Siemens AG’s recently introduced Fuse EDA AI Agent system and complement it with new AI technology from NVIDIA Corporation. This technology is designed to help long-running, domain-specific AI agents reason, act, and continuously verify their decisions against deterministic, physics-based EDA engines. The updates to the Fuse EDA AI Agent aim to take the semiconductor and PCB industries beyond mere automation and deliver robust, verifiable results that improve result quality, time to results, the reliability of tool calls, and token efficiency in long-running engineering workloads.

The Fuse EDA AI Agent system is now integrated into Siemens AG’s recently launched Intelligence Center X and supports the creation and orchestration of agents within the Group’s industrial AI enterprise environment. Intelligence Center X enables AI-powered, coordinated processes across development, manufacturing, and the supply chain, thereby strengthening the comprehensive Digital Twin to support smarter execution and more reliable results.

The Fuse EDA AI Agent solution now combines Siemens AG’s engineering intelligence and reliable verification capabilities with AI infrastructure technologies from NVIDIA Corporation to execute complex semiconductor design tasks faster and with greater precision. Optimized EDA agents, developed using NVIDIA Corporation’s open-source NeMo Gym library for agent-based environments, improve result quality, speed, and token efficiency for semiconductor and PCB design. The secure runtime environment NVIDIA Corporation OpenShell enables enterprise-scale design teams to run autonomous agents across their entire EDA environment—with enterprise-grade security, access controls, and audit trails within controlled runtime environments.

Advanced reasoning using the latest NVIDIA Corporation Nemotron models and Switchyard accelerates design through AI agents that understand complex technical trade-offs at the speed of AI inference, and supports demanding engineering workflows with improved performance and token efficiency. Accelerated computing from NVIDIA Corporation and CUDA-X libraries help design teams achieve signoff quality in hours rather than days—they power both AI reasoning and EDA engines, delivering significant speedups without compromising accuracy. Together, these capabilities enable secure and token-efficient coordination of multiple agents, real-time feedback, and improved convergence in semiconductor and PCB design and verification workflows, helping customers achieve robust engineering results.

https://ch.marketscreener.com/boerse-nachrichten/siemens-ag-und-nvidia-corporation-bauen-strategische-partnerschaft-aus-um-selbstverifizierende-agen-ce7f51dcdb8ff623

$SIE (+0.77%)

Hello, everyone,

Many of you are investing in relatively unknown and unprofitable companies in the aerospace sector, some of which have high valuations. But you may not realize that Siemens is also an exciting player in this sector. The company is profitable and pays dividends. And it can easily absorb expensive development costs.

- Munich-based startup The Exploration Company aims to make its development work less complex and faster using Siemens Xcelerator

- Aiming to expand the use of reusable components in spaceflight

The European space company The Exploration Company is using software from the Siemens Xcelerator portfolio to make its development work less complex and faster. Founded in 2021 in Gauting near Munich, the company develops reusable, launch vehicle-independent space systems—including the Nyx family of spacecraft—as well as high-performance rocket engines to transport cargo and, eventually, astronauts into space.

“The future of aerospace will be shaped by companies that combine speed, innovation, and technical precision on a large scale,” said Edwin Severijn, Senior Vice President and General Manager for Europe, the Middle East, and Africa at Siemens Digital Industries Software. “Our collaboration with The Exploration Company exemplifies how Siemens Xcelerator helps customers build a connected digital enterprise that accelerates development and enables them to meet the demanding requirements of next-generation space programs,” added Severijn.

“Our mission at The Exploration Company is to facilitate access to space through reusable technologies. This requires an advanced and scalable development and engineering environment,” said Daniel Prudente Martins, Principal EWIS & Electrical Interfaces at Nyx Avionics, part of The Exploration Company. “Collaborating with Siemens and leveraging its industry-leading software helps us integrate our development processes, reduce rework, accelerate development, and make manufacturing more efficient as we continue to expand our operations. For the ‘Bikini’ mission—our demonstration space capsule—we went from initial concept to flight-ready hardware in just nine months. This allowed us to demonstrate the speed at which our integrated engineering approach enables rapid development.”

The integrated software tools from the Siemens Xcelerator portfolio ensure seamless data exchange and complete traceability throughout the entire development process, thereby supporting the aerospace industry’s stringent certification requirements. By bringing together mechanical, electrical, and simulation disciplines in a unified development environment, teams can work more efficiently. For example, when developing its high-thrust Storm rocket engine, The Exploration Company can better simulate and optimize its additive manufacturing processes, so that changes in one area can be immediately reflected in the other disciplines.

https://press.siemens.com/global/de/pressemitteilung/siemens-beschleunigt-entwicklung-wiederverwendbarer-raumfahrtsysteme

- Global data center capacity

- Market for liquid cooling in data centers

- Cashing in on the AI gold rush

- "Old industry" as the winner

- ABB $ABBN (+0.37%)

- Cisco $CSCO (-0.18%)

- Hochtief $HOT (-2.91%)

- Nokia $NOKIA (-1.33%)

- Schneider Electric $SU (+0.24%)

- Siemens $SIE (+0.77%)

- Siemens Energy $ENR (-1.06%)

Link: https://shorturl.at/BvOA6

The AI boom is usually discussed in terms of chips and software, but the market that’s actually larger lies beneath: data centers, power grids, and cooling systems. According to Gartner, AI infrastructure is expected to grow to over 1.4 trillion U.S. dollars by 2026, accounting for a good 45% of all AI spending. McKinsey even estimates that up to 7 trillion U.S. dollars in investment will be needed by 2030.

And it’s not just the big-name tech companies that are benefiting from this.$ANET (-2.35%) And $CSCO (-0.18%) supply the high-performance networks, $VRT (-3.9%) and the cooling technology for data centers. What’s particularly exciting is that “traditional industry” is also playing a major role.

$ABBN (+0.37%) and $SIE (+0.77%) are seeing double-digit growth in the data center business; $SiemensEnergy provides the power connection, and $HOT (-2.91%) has more than doubled its data center orders within twelve months—result: promotion to the DAX.

Anyone looking for the AI story only among chip manufacturers is overlooking the more exciting part of the physical infrastructure behind it.

👉 The full analysis with all the numbers and charts is available in verlinkten Artikel.

#KI
#Rechenzentren
#Infrastruktur
#Marktausblick

This article is part of an advertising partnership with Société Générale

Since the wikifolio was created on June 18, a review will not take place until the end of July.

The first rebalancing will take place at the start of the second half of the year.

• The weighting of the VAT Group $VACN (-4.22%) will be reduced from 4.5% to 2.3%.
• The weighting of Nexans $NEX (-1.06%) will be reduced from 1.6% to 0.3%.
• New addition Alfa Laval $ALFA (-1.99%) at 1.7%.
• New addition: Atlas Copco $ATCO B (-1.32%) at 1.7%.

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Background

Reduction of VAT Group / Addition of Atlas Copco:

One of the goals of the Euro AI Backbone is to cover as much of the value chain as possible. While the VAT Group manufactures vacuum valves, this is now complemented by the global market leader in vacuum pumps.

Reduction in Nexans:

In the cable/infrastructure sector, in addition to Nexans, Prysmian $PRY (-3.55%) and NKT $NKT (-1.72%) are also represented. Prysmian, with its large operational scale, and NKT, with its deep roots in European network expansion, already cover a large portion of this sector.

Addition of Alfa Laval:

In the automation and data center cooling sector, Alfa Laval is the global market leader in thermal heat transfer, separation technology, and fluid control. Alfa Laval complements Siemens $SIE (+0.77%) , Schneider Electric’s $SU (+0.24%) and ABB $ABBN (+0.37%) , as well as RWE $RWE (-2.3%) , Iberdrola $IBE (-0.07%) and Enel $ENEL (+0.92%) .

Hier geht es zum Euro AI Backbone-wikifolio

P.S.: Almost there! The wikifolio has already been bookmarked seven times—just three more to go before the certificate can take the next step toward “Investable” in a few days.

$SIE (+0.77%)

Krefeld · In 2029, new battery-powered trains from the Siemens Mobility plant in Krefeld, in northern Westphalia, are set to begin passenger service. A British investor and the Rock Group are funding the 800-million-euro investment.

The construction and sale of climate-friendly regional trains is a pillar of success for the more than 2,000 employees at the Siemens Mobility plant in Krefeld, located on Duisburger Straße in Uerdingen. The second pillar—maintenance and service—is what makes the offering complete for many customers. Siemens is supplying 61 Mireo Plus B battery-powered trains to Rock Rail, supplemented by a full-service contract with a term of up to 30 years, according to a Siemens spokesperson.

The customer, Rock Rail, is relying on Siemens Mobility’s comprehensive Railigent X operations and maintenance concept in collaboration with the Westfalen-Lippe Regional Public Transport Association (NWL) to further develop regional rail transport on the Northern Westphalia (NNW) network. As part of this long-term service package, Siemens Mobility will assume full responsibility for fleet maintenance, thereby ensuring nearly 100 percent availability. The goal is to achieve particularly reliable, efficient, and sustainable operations on the Northern Westphalia network, where the modern battery-powered trains built in Krefeld will enter service starting in December 2029, according to the spokesperson.

“Long-term service contracts are a key success factor for reliable and sustainable rail transport. This contract underscores precisely that importance. In doing so, we are laying the foundation for efficient, cost-effective operations while also making an important contribution to the decarbonization of rail transport in Westphalia,” emphasized Elmar Zeiler, CEO of Customer Service at Siemens Mobility:

The project demonstrates how innovative financing structures, expertise in rail vehicles, and long-term private capital from British investor John Laing can help bring cleaner and more efficient transportation solutions to life. “Rock Rail is proud to be working with Siemens Mobility, Laing, and NWL to put this important fleet into service for passengers throughout the region,” explained Mike Kean, Chief Operating Officer of Rock Rail.

The investment, costing approximately 800 million euros, is 89 percent owned by the international investment firm John Laing and 11 percent by Rock Rail, an investor specializing in rail infrastructure, Laing announced on LinkedIn.

Siemens Mobility combines preventive, corrective, and predictive maintenance with digital analysis using Railigent X to enable condition-based maintenance even before a train enters the shop. This reduces downtime, optimizes maintenance processes, and sustainably lowers operating costs, the company spokesperson reported.

(sti ped)

https://rp-online.de/nrw/staedte/krefeld/krefeld-rock-rail-kauft-61-batteriezuege-aus-uerdingen_aid-150489431

Dear Community,

To kick off the week, I’d like to introduce you to my “Pick-and-Shovel” wikifolio “Euro AI Backbone” (in German: Backbone). More detailed information will follow; for now, this is just a rough overview.

_________________________

Background

The market’s focus is primarily on the U.S., while Europe often plays a more subordinate role. Yet recent years in particular have made it clear just how dependent Europe is on other countries such as the U.S., Russia, and China.

By the time the “Orange Man” began his second term, it had become clear:

Europe must become more independent —not only in the field of defense but also in the field of AI.

For nearly five years, Goldman Sachs has maintained an index called “EU AI Capex,” which consists of 64 European stocks. This served as the blueprint for my wikifolio.

The wikifolio was launched on June 18, 2026. For the wikifolio to receive “Investable” status, it needs, among other things, 10 bookmarks. So I’d really appreciate it if you could click “Add to Watchlist” on the wikifolio—thanks in advance.

_________________________

The “Pick-and-Shovel” Approach

The wikifolio aims to cover as much of the value chain for operating modern artificial intelligence as possible.

The focus here is primarily on five areas:

• The Shovels: Semiconductors and machinery (e.g., lithography systems, wafer deposition, chip assembly)
• The Gas: Electricity and energy generation (e.g., wind power, hydroelectric power, solar power plants)
• Highways: Networks and cables (e.g., transformers, high-voltage undersea cables, power grid infrastructure, transmission lines)
• The brain: Automation and data center cooling (e.g., liquid cooling, power distribution cabinets, data networks, control systems)
• The Physical Foundation: Construction, emergency power, and security (e.g., construction of the facilities, emergency power generators, cybersecurity)

_________________________

Investment Universe

The portfolio includes European large-, mid-, and small-cap stocks.

Focus: Technology (semiconductor equipment), utilities (electricity, grids), and industrials (automation, specialty cables, data center construction, cybersecurity).

The Core: European market leaders with global monopolies and competitive moats.

The Tech Specialists: Profitable second-tier suppliers as yield boosters.

The foundation: Energy producers, grid operators, and construction specialists for stable cash flows and risk hedging.

Regular rebalancing, which typically takes place at the beginning of each month, prevents concentration risk. While the foundation remains unchanged, the weightings of individual securities may be adjusted. The replacement of individual stocks, the addition of new stocks, or the exclusion of individual stocks can also take place at the beginning of the month.

Initially, the portfolio consists of 37 stocks. There is no cash reserve.

The current allocation of holdings is as follows:

By sector:

• Industrial: 44%
• Utilities: 29%
• Technology: 26%
• Consumer Discretionary: 1%

By country:

• Germany: 24%
• United Kingdom: 14%
• Switzerland: 13%
• Netherlands: 12%
• France: 12%
• Spain: 10%
• Italy: 9%
• Denmark: 2%
• Finland: 2%
• Austria: 2%

Investments are made exclusively in European stocks. None ETFs, no investment certificates, no funds, no leveraged products.

_________________________

Initial Holdings

At the start, the portfolio comprises the following 37 securities, sorted by their current weighting:

Infineon $IFX (-2.72%) , ASML Holding $ASML (-6.9%) , Siemens $SIE (+0.77%) , Enel $ENEL (+0.92%) , Rolls-Royce $RR. (+0.18%) , Schneider Electric $SU (+0.24%) , Iberdrola $IBE (-0.07%) , ABB $ABBN (+0.37%) , VAT Group $VACN (-4.22%) , Siemens Energy $ENR (-1.06%) , Prysmian $PRY (-3.55%) , ASM International $ASM (-5.07%) , BE Semiconductor Industries $BESI (-8.27%) , STMicroelectronics $STM (+2.21%) , RWE $RWE (-2.3%) , E.ON $EOAN (-2.1%) , Legrand $LR (-2.18%) , National Grid $NG. (-1.03%) , Nokia $NOKIA (-1.33%) , SSE $SSE (-1.75%) , EDP Renovaveis $EDPR (-2.47%) , Hochtief $HOT (-2.91%) , Red Eléctrica de España $RED (+0.25%) , Nexans $NEX (-1.06%) , United Utilities $UUGRY (-0.31%) , Enagas $ENG (+0.29%) , Centric $CENTR , Spirax-Sarco Engineering $SPX (-0.9%) , Soitex $SOI (-4.2%) , Geberit $GEBN (+0.78%) , Aixtron $AIXA (-3.62%) , Orsted $ORSTED (-1.57%) , Verbund $VER (-1.31%) , SAFRAN $SAF (+1.53%) , Thales $THALES (-0.33%) , NKT $NKT (-1.72%) , Andritz $ANDR (-1.88%)

_________________________

Holding Period

Since infrastructure development is likely to continue for several more years, the holding period is clearly geared toward the long term. Short-term trading is avoided.

_________________________

Sources of Information

The following sources of information are primarily used to identify stocks:

Companies’ quarterly reports and financial statements.

Analyst reports and industry studies from global investment banks.

Business media and financial publications.

_________________________

I’m curious to see how the portfolio will perform over the long term. Monthly updates will keep you informed.

Hier geht es zum Euro AI Backbone-wikifolio

Hello, everyone,

In my portfolio, I'm investing in, among other things, the $DBXD (+1.31%) with a position of just under 13,000 euros and $ISAC (+0.08%) with a holding of just under 3,500 euros.

I’ve had $SIE (+0.77%) shares in my portfolio that have yielded a gain of just under 123% and are currently worth 6,000 euros. I’m no longer adding to these, and they’re just sitting there :-)

When I look at the position sizes in the DAX ETF, Siemens has the highest weighting there, so I’m considering selling my Siemens shares and putting the entire amount into the $ISAC (+0.08%) .

On the other hand, there’s still the matter of the possible spin-off of $SHL (+1.74%) and the potential distribution of free shares to Siemens shareholders—which I’d still like to be a part of.

What do you guys think: should I just let things run their course—the ETFs are topped up monthly anyway—or should I sell the Siemens shares, forgo the annual 150-euro dividend, and put the money into the $ISAC (+0.08%) ?

Dear Community,

Throughout last year, I found myself repeatedly wanting to focus on the European market as well. But the same old arguments kept dissuading me: The European market doesn’t deliver; Europe doesn’t meet my desire for a growth-oriented, high-yield portfolio, etc.

I also asked myself: Which sectors and industries do I want to cover? Where do I see enough potential to justify taking the risk? To what extent do I want to align my portfolio with this strategy?

In today’s episode, Alles auf Aktien: Fiese Gewinnwarnung bei BMW und Europas KI-Unabhängigkeitsaktien , something caught my attention:

A basket from Goldman Sachs, consisting of 64 European stocks, with the wonderful name: EU AI Capex.

Performance over the past five years: 17.5 percent annualized, including dividends.

_________________________

And which industries are covered?

• Semiconductors
• Machinery
• Electricity
• Networks
• Cables
• Energy
• Automation

Unfortunately, existing ETFs such as the iShares STOXX Europe 600 Utilities UCITS ETF or the iShares STOXX Europe 600 Technology UCITS ETF do not cover all of these sectors.

"Sounds exactly like what I was looking for," I thought to myself, and used my day off today to create an index tailored to my preferences.

Goldman Sachs has listed 12 of the 64 holdings, including their percentage allocations. The remaining 52 holdings appear to be known only to institutional investors, as the index isn’t publicly available.

So I created my own “Pie” through Trading 212. More specifically, a “Pie” is a personalized investment portfolio in which I can invest in multiple stocks and ETFs according to a percentage allocation I set myself and save toward them simultaneously via a single automated savings plan—with no expense ratio and no order fees.

It would go beyond the scope of this post to write about every individual security, which is why I chose this particular one. I didn’t make these decisions entirely on my own. Gemini helped me with this. In the end, we settled on 37 securities.

_________________________

On Selecting the Holdings

Together, we gradually added European market leaders across the entire value chain. We always kept an eye on the sectors—none should be left out.

_________________________

On the Percentage Allocation

It’s important to note upfront that the “pie” will be funded with 150 euros per month going forward. Since the minimum investment amount at Trading 212 is one euro, the smallest weighting in the “pie” must be at least 0.7%:

1.00 euro / 0.70% = 142.85 euro

The percentage allocation was then based on pricing power and global scalability.

More details on this may follow in a later post.

_________________________

About the Stocks

From EU AI Cortex Basket taken over by Goldman Sachs:

• Infineon ($IFX (-2.72%)): 7.10%
• ASML ($ASML (-6.9%)): 6.80%
• Siemens ($SIE (+0.77%)): 6.00%
• Rolls-Royce ($RR. (+0.18%)): 5.40%
• Enel ($ENEL (+0.92%)): 5.40%
• Schneider Electric ($SU (+0.24%)): 5.40%
• ABB ($ABBN (+0.37%)): 5.00%
• Iberdrola ($IBE (-0.07%)): 4.90%
• Siemens Energy ($ENR (-1.06%)): 4.70%
• ASM International ($ASM (-5.07%)): 3.70%
• Prysmian ($PRY (-3.55%)): 3.60%
• BE Semiconductor ($BESI (-8.27%)): 3.20%

Supplemented by the following stocks:

• VAT Group ($VACN (-4.22%)): 4.50%
• STMicroelectronics ($STM (+2.21%)): 2.50%
• Legrand ($LR (-2.18%)): 2.00%
• RWE ($RWE (-2.3%)): 1.95%
• Nokia ($NOKIA (-1.33%)): 1.90%
• E.ON ($EOAN (-2.1%)): 1.90%
• National Grid ($NG. (-1.03%)): 1.80%
• SSE plc ($SSE (-1.75%)): 1.70%
• EDP Renováveis ($EDPR (-2.47%)): 1.60%
• Red Eléctrica ($RDEIY (+0.32%)): 1.50%
• Nexans ($NEX (-1.06%)): 1.50%
• Hochtief ($HOT (-2.91%)): 1.50%
• Enagás ($ENG (+0.29%)): 1.40%
• United Utilities ($UU. (+0.41%)): 1.40%
• Spirax-Sarco ($SPX (-0.9%)): 1.30%
• Centrica ($CNA (-1.3%)): 1.30%
• Aixtron ($AIXA (-3.62%)): 1.30%
• Orsted ($ORSTED (-1.57%)): 1.15%
• Verbund AG ($VER (-1.31%)): 1.10%
• Soitec ($SOI (-4.2%)): 1.10%
• Safran ($SAF (+1.53%)): 1.00%
• Thales ($HO (+3.28%)): 1.00%
• Geberit ($GEBN (+0.78%)): 0.90%
• NKT A/S ($NKT (-1.72%)): 0.80%
• Andritz ($ANDR (-1.88%)): 0.70%

The figures $IG (+0.26%) , $SRG (-0.1%) , $TRN (-0.02%) , $ALFA (-1.99%) , $ATCO B (-1.32%) or $AEMMY can unfortunately only be traded via CFDs on Trading 212. Therefore, these securities could not be included.

_________________________

Trading 212 Pie

The Pie now accounts for about 10% of my portfolio, and I’ll be contributing 150 euros to it each month going forward.

I am convinced that Europe will succeed in becoming more independent. However, in my opinion, a self-sufficient Europe without any dependence whatsoever is simply not possible (keyword: globalization).

_________________________

Pie Composition

By country:

• Germany: 24.35%
• France: 15.4%
• Netherlands: 13.7%
• United Kingdom: 12.9%
• Switzerland: 10.4%
• Italy: 9%
• Spain: 7.8%
• Denmark: 1.95%
• Austria: 1.8%
• Portugal: 1.6%

By sector:

• Technology: 32.3%
• Industrial & Capital Goods: 31.5%
• Utilities & Energy Infrastructure: 36.2%

By industry:

• Semiconductors & Data Center Chips: 27.8%
• Energy Equipment & Grid Technology: 25.5%
• Electricity Generators: 16.1%
• Physical Networks & Storage: 10.1%
• Cable Infrastructure: 5.9%
• Vacuum Technology & Components: 6.5%
• Network Technology & Connectivity: 1.9%
• Data Centers & Industrial Construction: 3.1%
• Cyber and Perimeter Security: 3.1%

_________________________

I’m curious to see how the pie chart will develop.

P.S.: You can find the pie chart on Trading 212 under the name Euro AI Backbone GS to copy.

According to Ifo President Clemens Fuest, Europe faces an “existential threat”: Europe uses AI but has virtually no infrastructure. About 75 percent of the world’s high-performance computing capacity for modern AI is located in the U.S., with China accounting for about 15 percent and the EU for less than five percent.

He is therefore calling for an emergency program that includes more data centers, chip factories, energy infrastructure, faster approvals, and, if necessary, special economic zones. Energy is becoming a strategic issue, as AI data centers require enormous amounts of reliable electricity.

A study by the American investment bank Goldman Sachs titled “The Post-Modern Cycle” describes a new investment supercycle: AI, data centers, electricity, chips, defense, and infrastructure. The digital world suddenly needs concrete, cables, transformers, and power plants.

Goldman has created a corresponding portfolio called EU AI Capex.

It comprises 64 components. It is Europe’s publicly traded bet on AI infrastructure. Over the past five years, the index has gained 124 percent including dividends, which translates to an annualized return of 17.5 percent. The Stoxx Europe 600 has only managed 64 percent over the same period—an annualized rate of 10.3 percent.

The largest holdings show what this is all about: Infineon
$IFX (-2.72%) has a weighting of 7.1 percent, ASML
$ASML (-6.9%) stands at 6.8 percent, Siemens $SIE (+0.77%) accounts for 6 percent, Rolls-Royce $RR. (+0.18%) , Enel $ENEL (+0.92%) and Schneider Electric
$SU (+0.24%) at 5.4 percent. ABB $ABBN (+0.37%) has a weighting of five percent, Iberdrola
$IBE (-0.07%) at 4.9 percent, Siemens Energy
$ENR (-1.06%) at 4.7 percent, ASM International
$ASM (-5.07%) at 3.7 percent, Prysmian $PRY (-3.55%) at 3.6 percent, and BE Semiconductor
$BESI (-8.27%) at 3.2 percent.

This means the index is not purely a tech index, but rather reflects Europe’s physical AI value chain: semiconductors, machinery, electricity, networks, cables, energy, and automation. ASML is Europe’s strategic crown jewel. Fuest even says that ASML is so far Europe’s only truly strategic asset in this sector, because the U.S. also depends on it.

The risk: Europe talks, but doesn’t build. Energy remains expensive, permits take a long time, regulation slows down projects—and in the end, we remain customers of American models.

The opportunity: Europe is waking up. Then digital sovereignty will trigger a capex boom, and stocks will get a new boost. Anyone who wants European AI must definitely buy European infrastructure.

Source: “Welt” (excerpt), June 17, 2026