Brief Review: August 2026:

Through mid-August, the Euro AI Backbone saw a recovery. In mid-August, the wikifolio’s price came under pressure. Price drivers from the semiconductor and tech hardware sectors declined, in some cases significantly.

As of August 1, the certificate’s price stood at €91.81; on August 31, it closed at €90.71, representing a loss of 1.2%.

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At the start of the new month, the regular portfolio rebalancing will take place as follows.

• The weighting of the VAT Group
  $VACN (-4.2%) is reduced from 2.1% to 1.4%.
• The weighting of Enel
  $ENEL (+0.44%) will be reduced from 5.6% to 5.0%.
• The weighting of Geberit
  $GEBN (+0.52%) is being reduced from 1.3% to 0.7%.
• New addition Huber+Suhner
  $HUBN (-4.21%) at 2.1%.

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Background

VAT Group reduction / Fine-tuning in the semiconductor sector:

The position of the VAT Group will be reduced as part of the optimization of the semiconductor specialists (taking into account the existing position in Atlas Copco $ATCO B (-2.21%) ) in order to reduce concentration risk in vacuum technology.

Reduction in Enel:

For the major utilities, the reduction is intended to lock in profits and free up capital for highly specialized technology niches, while coverage of the core power grid holding remains stable.

Reduction in Geberit:

The weighting of Geberit is being adjusted to reflect its actual AI leverage (cooling water circuits/piping systems in data centers), ensuring that the physical data center infrastructure segment remains represented without tying up unnecessary capital.

Addition of Huber+Suhner:

In the Optical Interconnects and Passive Infrastructure segment, Huber+Suhner is a specialist in high-precision fiber-optic and connection technology within data centers. Huber+Suhner bridges the gap in optical signal transmission between AI servers, thereby complementing network equipment providers such as Nokia
$NOKIA (-2.54%) as well as cable giants such as Prysmian
$PRY (-2.92%) and NKT $NKT (-4.29%) .

P.S.: The Wikifolio will likely be granted "Investable" status later this month, and you'll be able to start investing in it at that time!

Hier geht es zum Euro AI Backbone-wikifolio

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 (-4.2%) will be reduced from 4.5% to 2.3%.
• The weighting of Nexans $NEX (-7.1%) will be reduced from 1.6% to 0.3%.
• New addition Alfa Laval $ALFA (-0.7%) at 1.7%.
• New addition: Atlas Copco $ATCO B (-2.21%) 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 (-2.92%) and NKT $NKT (-4.29%) 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 (-3.4%) , Schneider Electric’s $SU (-3.37%) and ABB $ABBN (-3.32%) , as well as RWE $RWE (-2.06%) , Iberdrola $IBE (+0.93%) and Enel $ENEL (+0.44%) .

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.

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.

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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.

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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)

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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.

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Initial Holdings

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

Infineon $IFX (-4.37%) , ASML Holding $ASML (-4.98%) , Siemens $SIE (-3.4%) , Enel $ENEL (+0.44%) , Rolls-Royce $RR. (-3.55%) , Schneider Electric $SU (-3.37%) , Iberdrola $IBE (+0.93%) , ABB $ABBN (-3.32%) , VAT Group $VACN (-4.2%) , Siemens Energy $ENR (-6.07%) , Prysmian $PRY (-2.92%) , ASM International $ASM (-6.45%) , BE Semiconductor Industries $BESI (-4.04%) , STMicroelectronics $STM (-4.56%) , RWE $RWE (-2.06%) , E.ON $EOAN (-0.26%) , Legrand $LR (-3.09%) , National Grid $NG. (+0.42%) , Nokia $NOKIA (-2.54%) , SSE $SSE (-1.09%) , EDP Renovaveis $EDPR (-0.79%) , Hochtief $HOT (-3.14%) , Red Eléctrica de España $RED (+1.21%) , Nexans $NEX (-7.1%) , United Utilities $UUGRY (+0.54%) , Enagas $ENG (+0.37%) , Centric $CENTR (-0.78%) , Spirax-Sarco Engineering $SPX (-0.55%) , Soitex $SOI (-8.11%) , Geberit $GEBN (+0.52%) , Aixtron $AIXA (-4.06%) , Orsted $ORSTED (-2.19%) , Verbund $VER (+0.68%) , SAFRAN $SAF (-1.61%) , Thales $THALES (+0.69%) , NKT $NKT (-4.29%) , Andritz $ANDR (-0.37%)

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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.

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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.

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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

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.

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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.

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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.

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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.

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About the Stocks

From EU AI Cortex Basket taken over by Goldman Sachs:

• Infineon ($IFX (-4.37%)): 7.10%
• ASML ($ASML (-4.98%)): 6.80%
• Siemens ($SIE (-3.4%)): 6.00%
• Rolls-Royce ($RR. (-3.55%)): 5.40%
• Enel ($ENEL (+0.44%)): 5.40%
• Schneider Electric ($SU (-3.37%)): 5.40%
• ABB ($ABBN (-3.32%)): 5.00%
• Iberdrola ($IBE (+0.93%)): 4.90%
• Siemens Energy ($ENR (-6.07%)): 4.70%
• ASM International ($ASM (-6.45%)): 3.70%
• Prysmian ($PRY (-2.92%)): 3.60%
• BE Semiconductor ($BESI (-4.04%)): 3.20%

Supplemented by the following stocks:

• VAT Group ($VACN (-4.2%)): 4.50%
• STMicroelectronics ($STM (-4.56%)): 2.50%
• Legrand ($LR (-3.09%)): 2.00%
• RWE ($RWE (-2.06%)): 1.95%
• Nokia ($NOKIA (-2.54%)): 1.90%
• E.ON ($EOAN (-0.26%)): 1.90%
• National Grid ($NG. (+0.42%)): 1.80%
• SSE plc ($SSE (-1.09%)): 1.70%
• EDP Renováveis ($EDPR (-0.79%)): 1.60%
• Red Eléctrica ($RDEIY (+0.34%)): 1.50%
• Nexans ($NEX (-7.1%)): 1.50%
• Hochtief ($HOT (-3.14%)): 1.50%
• Enagás ($ENG (+0.37%)): 1.40%
• United Utilities ($UU. (+0.57%)): 1.40%
• Spirax-Sarco ($SPX (-0.55%)): 1.30%
• Centrica ($CNA (-1.86%)): 1.30%
• Aixtron ($AIXA (-4.06%)): 1.30%
• Orsted ($ORSTED (-2.19%)): 1.15%
• Verbund AG ($VER (+0.68%)): 1.10%
• Soitec ($SOI (-8.11%)): 1.10%
• Safran ($SAF (-1.61%)): 1.00%
• Thales ($HO (-1.28%)): 1.00%
• Geberit ($GEBN (+0.52%)): 0.90%
• NKT A/S ($NKT (-4.29%)): 0.80%
• Andritz ($ANDR (-0.37%)): 0.70%

The figures $IG (+1.22%) , $SRG (+0.8%) , $TRN (+0.9%) , $ALFA (-0.7%) , $ATCO B (-2.21%) or $AEMMY can unfortunately only be traded via CFDs on Trading 212. Therefore, these securities could not be included.

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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).

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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%

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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.

When people talk about future technologies or next-gen technologies, the first thing that comes to mind is startups. In my research, however, I keep coming across companies that have been around for more than 100 years!

A few examples from my portfolio:

• Prysmian (1879)
$PRY (-2.92%)

Electric highways, high-voltage cables, and grid infrastructure for electrification.

• Furukawa Electric (1884)
$5801 (-10.6%)

Fiber optics, optical networks, and data transmission.

• Sumitomo Electric (1897)
$5802 (-5.64%)

Photonics, specialty materials, and components for modern communication networks.

• Carpenter Technology (1910) $CRS (-5.97%)

Specialty alloys for aerospace, semiconductor manufacturing, and high-performance systems.

• Hammond Power Solutions (1917)
$HPS.A (-6.35%)

Transformers for data centers, industry, and power grids.

• Comfort Systems USA (1917)
$FIX (-2.72%)

Cooling, building services, and infrastructure for modern data centers.

The more I delve into AI, energy, photonics, or data centers, the more often I come across companies like these.

New technologies can emerge within just a few years. The industrial infrastructure behind them often takes decades to develop.

That is precisely why it’s not just the companies making headlines that benefit from technological upheavals. Often, those who have been laying the groundwork for generations also benefit.

Another example is Caterpillar $CAT (-2.99%). The company was founded as early as 1925 and today supplies, among other things, the emergency power systems that play a key role in many data center projects.

#dibs
#scalelimits
#wikifolio