After my first article on humanoid robots received a lot of positive feedback, I went into more detail.

Extended analysis of the value chain including shovel manufacturers and potential hidden champions

New categorySecondary key sectors (distribution, marketing, financing)

AdditionallyTop 25 companies worldwide, as well as Top 10 Europe and Top 10 Asia

I have also added a video link for beginners. This will give you an idea of how far the development of humanoid robotics has already progressed.

https://www.stern.de/panorama/wissen/humanoider-roboter---wie-reagiert-er-auf-beleidigungen--35996156.html

Thank you for your attention and your support 🙏

🌐 1. value chain of humanoid robots (with hidden champions)

1. research & chip design

$ARM (+2,7 %) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (+1,24 %) Synopsys (US) - EDA software, chip design

$CDNS (-0,98 %) Cadence (US) - EDA & Simulation

$PTC PTC (US) - Engineering Software, CAD/PLM

$DSY (+0,61 %) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (+1,55 %) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (+1,88 %) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

Altair (US) - CAE, simulation, digital twin - acquisition by Siemens

$HXGBY (+2,13 %)
Hexagon (SE) - Metrology & Simulation

$AWE (+1,73 %) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

2. manufacturing technology & equipment

$ASML (+1,56 %) ASML (NL) - Lithography (EUV)

$AMAT (+0,8 %) Applied Materials (US) - Semiconductor equipment

$8035 (-0,46 %) Tokyo Electron (JP) - wafer fabrication

$KEYS (+2,9 %) (US) - Metrology

$6857 (+0,68 %) Advantest (JP) - Chip test systems

$TER (+4,94 %) Teradyne (US) - Test systems + cobots

$6954 (+0,65 %) Fanuc (JP) - Industrial robots, CNC

$CAT (+3,33 %) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

Comau (IT) - automation - not listed on the stock exchange

$ROK (+2,41 %) Rockwell Automation (US) - industrial automation

$JBL (+1,32 %) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (-0,97 %) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (+2,42 %) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+0,94 %)
Lam Research (US) - Etch/deposition systems

$MKSI (+4,95 %)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (+1,6 %)
ASM International (NL) - Deposition systems

3. chip production (foundries)

$TSM (+1,48 %) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+4,66 %) GlobalFoundries (US) - specialty chips

$INTC (+3,61 %)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC
UMC (TW) - Power/RF/embedded chips

4th computing & control unit ("brain")

$NVDA (+0,78 %) Nvidia (US) - GPUs, AI chips

$INTC (+3,61 %) Intel (US) - CPUs, FPGAs

$AMD (+1,57 %) AMD (US) - CPUs, GPUs

$MRVL (+1,97 %) Marvell (US) - network chips

$MU (+0,51 %) Micron (US) - Memory

$DELL (+1,13 %) Dell Technologies (US) - Edge & Infrastructure

Graphcore (UK) - AI chips (IPU) - not a listed company

Cerebras (US) - Wafer-scale engine - not a listed company

SiPearl (FR) - European HPC chip - not a listed company

5. sensor technology ("senses")

$6758 (+2,84 %) Sony (JP) - image sensors

$6861 (-0,55 %) Keyence (JP) - industrial sensors

$STM (+5,38 %) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+3,55 %) Cognex (US) - Machine Vision

$HON (+1,32 %) Honeywell (US) - sensor technology, security

ANYbotics (CH) - autonomous sensor fusion - not a listed company

$OUST
Velodyne Lidar (US) - Lidar sensors - takeover by Ouster

$AMS (+5,72 %)
-OSRAM (AT/DE) - Optical sensors

6. actuators & power electronics ("muscles")

$IFX (+1,62 %) Infineon (DE) - power electronics

$ON (+5,51 %) onsemi (US) - Power & Sensors

$TXN (+1,46 %) (US) - Mixed-signal chips

$ADI (+0,92 %) Analog Devices (US) - Signal Processing

$PH Parker-Hannifin (US) - Hydraulics/Pneumatics

$MP (-2,2 %) MP Materials (US) - Magnets

$APH (-0,34 %) Amphenol (US) - Connectors

$6481 (-1,29 %) THK (JP) - Linear guides & actuators

$6594 (-0,18 %)
Nidec (JP) - Electric motors

$6506 (+1,49 %)
Yaskawa (JP) - Drives & Robotics

$SU (-0,43 %)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (-0,65 %)
ElringKlinger (DE) - Battery & fuel cell technology, lightweight construction

7. communication & networking ("nerves")

$QCOM (+1,28 %) Qualcomm (US) - Mobile communications, Edge AI

$ANET (-0,04 %) Arista Networks (US) - Networks

$CSCO (-0,36 %) Cisco (US) - Networks, Security

$EQIX (+1,44 %) Equinix (US) - Data centers

NTT Docomo (JP) - 5G/6G carrier - not a listed company

$VZ Verizon (US) - Telecommunications

$SFTBY SoftBank (JP) - Carrier + Robotics

$ERIC B (+1,71 %)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+1,95 %)
Nokia (FI) - 5G/6G for industry

$HPE (+2,13 %)
Juniper Networks (US) - Network technology - acquisition by HP

8. energy supply

$300750 CATL (CN) - Batteries

$6752 (+2,13 %) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (+2,35 %) Albemarle (US) - Lithium

$LYC (-1,08 %) Lynas (AU) - Rare earths

$UMICY (+2,47 %) Umicore (BE) - recycling

WiTricity (US) - inductive charging - not a listed company

$ABBN (+1,37 %) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - Fuel cells

9. cloud & infrastructure

$AMZN (+2,06 %) Amazon AWS (US) - Cloud, AI

$MSFT (-0,35 %) Microsoft Azure (US) - Cloud, AI

$GOOG (+2,17 %) Alphabet Google Cloud (US) - Cloud, ML

$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (+0,5 %)
Oracle Cloud (US) - ERP + Cloud

$IBM (+0,15 %)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (-0,2 %)
OVHcloud (FR) - European cloud

10. software & data platforms

$PLTR (+1,15 %) Palantir (US) - data integration

$DDOG (+0,12 %) Datadog (US) - Monitoring

$SNOW (+0,21 %) Snowflake (US) - Data Cloud

$ORCL (+0,5 %) Oracle (US) - Databases, ERP

$SAP (-0,17 %) SAP (DE) - ERP systems

$SPGI S&P Global (US) - financial/market data

ROS2 Foundation - robotics middleware - not listed on the stock exchange

$NVDA (+0,78 %) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (+1,08 %) Innodata (US) - data annotation & AI training data

$PATH (+1,5 %)
UiPath (RO/US) - Robotic process automation

$AI (+2,89 %)
C3.ai (US) - AI platform

$ESTC (+1,76 %)
(NL/US) - Search & data analysis

11. end applications / robots

$ABB ABB (CH/SE) - Industrial robots

$6954 (+0,65 %) Fanuc (JP) - Industrial robots

$TSLA (+5,25 %) Tesla Optimus (US) - humanoid robot

$9618 (+1,18 %) JD.com (CN) - logistics robot

$AAPL (+0,28 %) Apple (US) - Platform & UX

$700 (+1,02 %) Tencent (CN) - Platform & AI

$9988 (+2,95 %) Alibaba (CN) - logistics & platform

PAL Robotics (ES) - humanoid robots - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

$TER (+4,94 %) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

Engineered Arts (UK) - humanoid robots - not a listed company

$ISRG (+0,19 %) Intuitive Surgical (US) - surgical robotics

$7012 (+1,25 %) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (+0,84 %) Coupang (KR) - logistics end user

$IRBT (+1,41 %)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

🛠 2. lateral enabler (shovel manufacturer) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+0,28 %)
Iluka Resources (AU) - Rare earths

$ARR (-4,01 %)
American Rare Earths (US/AU) - New supply chains

production technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+0,94 %)
Lam Research (US) - Plasma/etching processes

$ASM (+1,6 %)
ASM International (NL) - ALD equipment

$MKSI (+4,95 %)
MKS Instruments (US) - Plasma/vacuum technology

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+1,81 %)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+3,32 %)
FormFactor (US) - Wafer probing

Motion & Drive

Parker-Hannifin

Festo (DE) - Pneumatics, Soft Robotics - not a listed company

Bosch Rexroth (DE) - Drives, Controls - not a listed company

$6481 (-1,29 %)
THK (JP) - Linear guides

Sensors/Imaging

$TDY Teledyne

$BSL (-2,05 %) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

Magnets & Materials

MP Materials

$6501 (+2,71 %)
Hitachi Metals (JP) - Magnetic materials

VacuumSchmelze (DE) - Magnetic materials - not a listed company

$4063 (-1,25 %)
Shin-Etsu Chemical (JP) - Specialty Materials

Chip design & simulation

Synopsys - Cadence - ARM

$SIE (+1,55 %)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

Imagination Tech (UK) - GPU-IP - not a listed company

$CEVA (+4,96 %)
CEVA (IL) - Signal Processor IP

Engineering & Lifecycle

PTC - Dassault - Siemens

Altair (US) - Simulation - no longer a listed company

$HXGBY (+2,13 %)
Hexagon (SE) - Metrology

$SNPS (+1,24 %)
ANSYS (US) - Simulation - acquisition by Synopsys

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (+2,13 %)
Juniper (US) - Networks - Acquisition of HPE

$DTE (-0,38 %)
T-Systems (DE) - Industry cloud

$OVH (-0,2 %)
OVHcloud (FR) - European cloud

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (+0,5 %)
Oracle Cloud (US) - ERP & databases

$IBM (+0,15 %)
IBM Cloud (US) - Hybrid Cloud

$9988 (+2,95 %)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

Finance/Information Infra

S&P Global

$MCO (+0,28 %)
Moody's (US) - Ratings

$MSCI (+0,34 %)
MSCI (US) - Indices

$MORN (+0,9 %)
Morningstar (US) - Investment research

Creative/Experience Infra

Adobe

$ADSK (+0,67 %)
Autodesk (US) - CAD & Design

$U
Unity (US) - 3D/AR simulation

Epic Games (US) - Unreal Engine - not a listed company

Platform & ecosystem

Apple - Tencent - Alibaba

$META (+1,22 %)
Meta (US) - AR/VR, Social Robotics

ByteDance (CN) - AI & platforms - not a listed company

$9888 (+1,68 %)
Baidu (CN) - AI & Cloud

Infrastructure/Edge

Dell

$HPE (+2,13 %)
HPE (US) - Edge Computing

$SMCI (+2,72 %)
Supermicro (US) - AI servers

$6702 (+1,74 %)
Fujitsu (JP) - Edge & HPC

Storage solutions

Micron

$000660
SK Hynix (KR) - Memory

$285A (+4,46 %)
Kioxia (JP) - NAND

$WDC
Western Digital (US) - Storage solutions

🏛 3. secondary key sectors with hidden champions

Financing & Capital

$GS (+2,5 %) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

$MS (+1,61 %) Morgan Stanley (US) - investment bank; tech banking, capital markets

$BLK (+1,85 %) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+4,12 %) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

Lux Capital (US) - VC for DeepTech - Uptake (US) - AI-based predictive maintenance

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

Maintenance & Service

$SIE (+1,55 %) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (+1,37 %) ABB (CH/SE) - Robotics service, spare parts, field support

$GEHC (+1,49 %) GE Healthcare (US) - Medtech service incl. robotic systems

Uptake (US) - AI-based predictive maintenance - not a listed company

Augury (US/IL) - condition monitoring, condition diagnostics - not a listed company

$KU2 KUKA Service (DE) - Robotics maintenance

$6954 (+0,65 %) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

Marketing & Advertising

$WPP (+1,54 %) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (+1,95 %) Publicis (FR) - communications/advertising group

$META (+1,22 %) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (+2,17 %) Google Ads (US) - search & display advertising

TikTok / ByteDance (CN) - social ads & distribution - not a listed company

$AAPL (+0,28 %) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (+1,54 %)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

Legal, regulation & ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

EU AI Act (EU) - legal framework for AI & robotics

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (+0,78 %) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

$2330 TSMC (TW) - world's most important foundry, produces the AI chips

$ASML (+1,56 %) ASML (NL) - EUV lithography, indispensable for chip production

$005930 Samsung Electronics (KR) - memory, logic, foundry

$000660 SK Hynix (KR) - DRAM & NAND memory for AI

$MU (+0,51 %) Micron (US) - Memory solutions for AI workloads

Sensors & perception (senses of robots)

$SONY Sony (JP) - Image sensors, market leader

$6861 (-0,55 %) (JP) - Industrial sensors & vision systems

$CGNX (+3,55 %) Cognex (US) - Machine vision, precise image processing

Actuators & motion (muscles of robots)

$IFX (+1,62 %) Infineon (DE) - Power electronics, motor control

$6594 (-0,18 %) Nidec (JP) - World market leader for electric motors

$PH Parker-Hannifin (US) - hydraulics/pneumatics, motion technology

$6481 (-1,29 %) THK (JP) - Linear guides & actuators

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (+1,28 %) Qualcomm (US) - Mobile & Edge Chips

$AMZN (+2,06 %) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (-0,35 %) Microsoft Azure (US) - Cloud, AI services

$CSCO (-0,36 %) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

End Applications & Platforms (robots themselves)

$TSLA (+5,25 %) Tesla (US) - humanoid robot Optimus

$ABBN (+1,37 %) ABB (CH/SE) - Robotics & Automation

$6954 (+0,65 %) Fanuc (JP) - industrial robots & CNC systems

$7012 (+1,25 %) Kawasaki Heavy Industries (JP) - industrial robots

PAL Robotics (ES) - humanoid robots (TALOS, ARI, TIAGo) - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

Universal Robots (DK) - cobots

🇪🇺 Top 10 European key companies for humanoid robotics

$ASML (+1,56 %)
ASML (NL)

World market leader in EUV lithography - no modern chips for AI & robotics without ASML.

$IFX (+1,62 %) Infineon (DE)

Leading in power electronics & motor control - crucial for actuators of humanoid robots.

$STM (+5,38 %)
STMicroelectronics (FR/IT)

Sensors, microcontrollers & power chips - the basis for control & perception.

$SAP (-0,17 %)
SAP (DE)

ERP & data platforms, important for integrating humanoid robots into industrial processes.

$SIE (+1,55 %)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

Specialist for humanoid robots (TALOS, ARI, TIAGo), internationally used in research & service.

Neura Robotics (DE) - Not a listed company

Young high-tech company, develops cognitive humanoid robots with advanced AI (4NE-1).

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$000660
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

Market leader in CMOS image sensors, essential for robotic vision & perception.

$6861 (-0,55 %)
Keyence (Japan)

Sensor technology & machine vision for industrial automation, widely used in robotics.

$6954 (+0,65 %)
Fanuc (Japan)

Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.

$6506 (+1,49 %)
Yaskawa Electric (Japan)

Drives, motion control & robot arms - relevant for humanoid motion control.

$6594 (-0,18 %)
Nidec (Japan)

World market leader for electric motors (from mini motors to high-performance drives).

$7012 (+1,25 %)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (+1,18 %)
JD.com (China)

Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications

The hype is all about humanoid robots, but the constant winners are in the background.

I have divided the analysis into two perspectives. 1. the complete value chain of humanoid robots, which shows all the players from the chip to the finished robot, and 2. the blade manufacturers in the background, who always earn money as enablers, regardless of which manufacturer wins the race.

ASML, Applied Materials and Tokyo Electron dominate in manufacturing technology. Quality assurance comes from Keysight, Advantest and Teradyne. Chip design is supported by Synopsys, Cadence and ARM. Data streams are secured by Arista Networks, Cisco and Equinix. The computing basis is created in the cloud by Amazon, Microsoft and Alphabet. Albemarle, Lynas and Umicore play a central role in raw materials and battery materials. These companies monetize their customers' investment waves, have high barriers to entry, service revenues and pricing power, but remain cyclical with risks from export rules, capex cuts and currency movements.

🌐 Value chain of humanoid robots Sector overview

1. research & chip design (IP / EDA)

$ARM (+2,7 %)
ARM Holdings (ARM, UK/USA) - CPU architectures

$SNPS (+1,24 %)
Synopsys (SNPS, USA) - Chip design software

$CDNS (-0,98 %)
Cadence Design Systems (CDNS, USA) - EDA & Simulation

2. manufacturing technology & equipment

$ASML (+1,56 %)
ASML (ASML, NL) - EUV lithography, key monopoly

$AMAT (+0,8 %)
Applied Materials (AMAT, USA) - Process equipment

$8035 (-0,46 %)
Tokyo Electron (8035.T, JP) - Wafer equipment

$KEYS (+2,9 %)
Keysight Technologies (KEYS, USA) - Test & RF measurement technology

$6857 (+0,68 %)
Advantest (6857.T, JP) - Semiconductor test systems

$TER (+4,94 %)
Teradyne (TER, USA) - Test systems + robotics (Universal Robots)

3. chip production (Foundries)

$TSM (+1,48 %)
TSMC (TSM, TW) - Largest contract manufacturer

$005930
Samsung Electronics (005930.KQ, KR) - Memory + Foundry

$GFS (+4,66 %)
GlobalFoundries (GFS, USA) - Specialized production

4. computing & control unit ("brain")

$NVDA (+0,78 %)
Nvidia (NVDA, USA) - GPUs, AI accelerators

$INTC (+3,61 %)
Intel (INTC, USA) - CPUs, FPGAs

$AMD (+1,57 %)
AMD (AMD, USA) - CPUs/GPUs

$MRVL (+1,97 %)
Marvell Technology (MRVL, USA) - Network/data center chips

5. sensors ("senses")

$6758 (+2,84 %)
Sony (6758.T, JP) - CMOS image sensors

$6861 (-0,55 %)
Keyence (6861.T, JP) - Vision systems, sensors

$STM (+5,38 %)
STMicroelectronics (STM, CH/FR) - MEMS sensors

6. actuators & power electronics ("muscles")

$IFX (+1,62 %)
Infineon (IFX, DE) - Power semiconductors, SiC

$ON (+5,51 %)
N Semiconductor (ON, USA) - SiC/Power Chips

$STM (+5,38 %)
STMicroelectronics (STM, CH/FR) - Motor control & power

$TXN (+1,46 %)
Texas Instruments (TXN, USA) - Motor control, power ICs

$ADI (+0,92 %)
Analog Devices (ADI, USA) - Energy & BMS chips

7. communication & networking ("nerves")

$QCOM (+1,28 %)
Qualcomm (QCOM, USA) - 5G/SoCs

$AVGO (+0,59 %)
Broadcom (AVGO, USA) - Network & radio chips

$SWKS (+2,69 %)
Skyworks Solutions (SWKS, USA) - RF components

8. energy supply

$300750
CATL (300750.SZ, CN) - Batteries

$6752 (+2,13 %)
Panasonic (6752.T, JP) - Batteries for automotive/robotics

$373220
LG Energy Solution (373220.KQ, KR) - Batteries

9. cloud & infrastructure

$AMZN (+2,06 %)
Amazon (AMZN, USA) - AWS

$MSFT (-0,35 %)
Microsoft (MSFT, USA) - Azure

$GOOG (+2,17 %)
Alphabet (GOOGL, USA) - Google Cloud

$EQIX (+1,44 %)
Equinix (EQIX, USA) - Data center operator

$ANET (-0,04 %)
Arista Networks (ANET, USA) - Network infrastructure

$CSCO (-0,36 %)
Cisco Systems (CSCO, USA) - Edge & Data Center Networks

10. software & data platforms

$PLTR (+1,15 %)
Palantir (PLTR, USA) - Data integration, decision software

$DDOG (+0,12 %)
Datadog (DDOG, USA) - Cloud monitoring / observability

$SNOW (+0,21 %)
Snowflake (SNOW, USA) - Cloud-native data platform

$ORCL (+0,5 %)
Oracle (ORCL, USA) - Databases, ERP

$SAP (-0,17 %)
SAP (SAP, DE) - ERP/cloud systems

$PATH (+1,5 %)
UiPath (PATH, USA) - Automation software (RPA)

$AI (+2,89 %)
C3.ai (AI, USA) - Enterprise AI platform

11. end applications / robots

$ABB
ABB (ABB, CH) - Industrial robots

$6954 (+0,65 %)
Fanuc (6954.T, JP) - Industrial robots, CNC

$TSLA (+5,25 %)
Tesla (TSLA, USA) - Optimus" humanoid robot

$9618 (+1,18 %)
JD.com (JD, CN) - E-commerce & automated logistics

🛠️ Shovel manufacturer for humanoid robots

🔹 Hardtech (physical "shovels")

These companies provide the material basis: manufacturing machines, raw materials, semiconductor base.

Semiconductor Equipment & Manufacturing

$ASML (+1,56 %)
ASML (ASML, NL) - EUV lithography (monopoly).

$AMAT (+0,8 %)
Applied Materials (AMAT, USA) - Wafer equipment.

$8035 (-0,46 %)
Tokyo Electron (8035.T, JP) - Process equipment.

Test systems (hardware-side)

$6857 (+0,68 %)
Advantest (6857.T, JP) - Semiconductor test.

$TER (+4,94 %)
Teradyne (TER, USA) - Test systems + industrial robots.

Materials & raw materials

$ALB (+2,35 %)
Albemarle (ALB, USA) - Lithium (batteries).

$LYC (-1,08 %)
Lynas Rare Earths (LYC.AX, AUS) - Rare earths for magnets.

$UMICY (+2,47 %)
Umicore (UMI.BR, BE) - Cathode materials, recycling.

🔹 Soft/infra (digital "shovels")

These companies supply the infrastructure & toolswithout which development, training and operation would be impossible.

Design Software & IP

$SNPS (+1,24 %)
Synopsys (SNPS, USA) - EDA software.

$CDNS (-0,98 %)
Cadence Design Systems (CDNS, USA) - Chip design & simulation.

$ARM (+2,7 %)
ARM Holdings (ARM, UK/USA) - CPU architectures (license model).

Test & Measurement (software/signal level)

$KEYS (+2,9 %)
Keysight Technologies (KEYS, USA) - Electronics & RF test systems.

Network & data center backbone

$ANET (-0,04 %)
Arista Networks (ANET, USA) - High-speed networks.

$CSCO (-0,36 %)
Cisco Systems (CSCO, USA) - Data center/edge networks.

$EQIX (+1,44 %)
Equinix (EQIX, USA) - Data centers (colocation).

Cloud infrastructure

$AMZN (+2,06 %)
Amazon (AMZN, USA) - AWS (cloud, AI training).

$MSFT (-0,35 %)
Microsoft (MSFT, USA) - Azure.

$GOOG (+2,17 %)
Alphabet (GOOGL, USA) - Google Cloud.

Takeaway: Investing in the infrastructure stack allows you to participate in the robotics trend regardless of the subsequent product winner and reduces the individual product risk, but you have to live with cycles. In your opinion, which stage of the chain offers the best risk/return combination and fits into a disciplined portfolio?

Source: Own analysis based on publicly available company information and IR materials of the companies mentioned.

Image material: Techa Tungateja/iStockphoto

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Hello my dears,

How do you classify the DZ-Bank report?

And is Aixtron with a P/E ratio of 19 and a PEG of +0.80 even a hidden AI pearl?

Profit growth of almost 30% at such a P/E ratio is rare.

In addition, there is a dividend yield which will rise to 2.65% by 2027.

(Dear all, I remain invested, so this is only my personal opinion and not investment advice)

Aixtron, a leading supplier of deposition equipment for semiconductors, is positioning itself as a key beneficiary of the rising demand for gallium nitride (GaN) chips. These energy-efficient semiconductors are on the verge of a breakthrough in data centers and will drive the GaN market significantly in the coming years. In particular, the strategic cooperation between Infineon and NVIDIA in the development of new power supply solutions for AI data centers should provide Aixtron with strong impetus in the medium term and establish the company as an indispensable partner in the digital transformation.

Technology leader in GaN production systems

Aixtron is the global leader in epitaxy systems. These are machines that are used to apply ultra-thin crystal layers to semiconductor substrates. A market share of around 90 % for epitaxy tools for GaN on silicon speaks for itself. Aixtron sets the pace in this specialty segment. The core products in the portfolio are the MOCVD systems ("Metal Organic Chemical Vapor Deposition"), including systems such as the G10-GaN or the AIX G5+ C, which were developed specifically for the production of GaN-based power semiconductors. These systems make it possible to apply particularly uniform and high-performance GaN layers to wafers, which is a decisive step towards the mass production of efficient chips. The G10 GaN system is characterized in particular by its scalability, high productivity and reproducibility. According to Aixtron, the G10 GaN systems also enable higher production volumes at a lower cost per wafer, improve the energy efficiency of the components and allow a more uniform layer quality. These advantages are crucial to meet the high demands placed on components in modern AI data centers and power supply solutions.

The GaN market: explosive growth through energy efficiency

The global GaN market is poised for a period of explosive growth as GaN chips replace traditional silicon-based semiconductors in an increasing number of applications. This growth is fueled by several factors, including the increasing adoption of 5G technology, electric vehicles, renewable energy and, last but not least, the rapid expansion of data centers. The AI boom, with models requiring trillions of computing operations per second, is causing power consumption in data centers to explode. In data centers, where energy consumption is a key cost and environmental factor, GaN chips are on the verge of a breakthrough in board and rack-level architecture. Their properties, such as higher switching frequencies, lower energy losses during power conversion and significantly lower waste heat, make them the ideal choice for high-performance yet energy-efficient power supply solutions. These advantages not only lead to significant power savings in cooling, but also to more compact designs, which makes optimal use of the limited space in data centers. The transition to GaN-based power supplies in data centers is seen as a megatrend that will significantly shape the GaN market in the coming years and will directly benefit Aixtron as a supplier.

Infineon-NVIDIA cooperation makes Aixtron a future AI beneficiary

The recent collaboration between Infineon and NVIDIA in the area of next-generation power solutions for AI data centers represents a strategic milestone from which Aixtron should benefit significantly in the medium term. This partnership aims to dramatically improve energy efficiency in AI data centers. At the heart of this development is the expected use of GaN power semiconductors as the standard for high-voltage DC-DC converters. The transition to 800 V HVDC architecture, which Infineon and NVIDIA are planning, is a key enabler of this development. This new power supply is to be introduced on a larger scale from 2027, with the partners explicitly emphasizing the need for energy-efficient power distribution. This is where the advantages of GaN chips over conventional silicon semiconductors come into their own. GaN enables significantly higher switching frequencies and therefore less energy loss during current conversion. This leads to less waste heat, which in turn means massive power savings in data center cooling. As Aixtron supplies the necessary deposition equipment for the production of these high-performance GaN chips, the company is directly involved in the value chain of this pioneering technology. Any expansion of GaN production by Infineon or other semiconductor manufacturers inspired by this cooperation will generate direct demand for Aixtron equipment and secure the company a central role in the evolution of AI infrastructure.

2025 is a transition year. The next growth phase should start in 2026!

Aixtron is currently experiencing a cyclical weakness because, among other things, SiC chip manufacturers are investing less due to the slower transition to electric cars. Nevertheless, the company managed to increase incoming orders by 10% to EUR 132.2 million in the first quarter. The order backlog of EUR 307.9 million represents a solid basis for the annual targets, which include sales of EUR 530 to 600 million with an EBIT margin of 18 to 22%. "With the ability to now process 300mm GaN wafers ourselves in the innovation center, we can support our customers even better in the future transition to the next wafer size," says Aixtron. As a result, the company believes it is well positioned for the next growth phase, which should start in 2026. The P/E ratio26e of 14.4 is favorable for the start of a new upswing.

http://www.dzbank-wertpapiere.de/Magazin/aktien_trading/aixtron-ein-kuenftiger-stern-am-ki-himmel-was-dafuer-spricht-newse052fe5a3f1bda2c885e9a468d5172fff8c0a12d

Freenet earns less + Bitcoin with a new ATH + AT&T continues to expand its fiber optic business + Alphabet strong due to praise for AI statements + Infineon and Nvidia cooperate

Freenet $FNTN (+0,74 %)earns less

• Despite somewhat weaker business in the first quarter, mobile communications and TV provider Freenet believes it is on course to achieve its targets for the year.
• Thanks to additional subscribers, sales rose by just under two percent year-on-year to a good 604 million euros according to adjusted figures, as the MDax-listed company announced in Büdelsdorf on Wednesday evening.
• Profits actually fell - due to a tax credit in the previous year, but also due to higher advertising expenditure for the company's own mobile brands.
• As a result, the bottom line for Freenet shareholders was a profit of a good 57 million euros this time, compared to almost 70 million euros a year earlier according to adjusted figures.
• Operating earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) fell by just under 1 percent to a good 126 million euros.
• Analysts had expected higher sales and operating earnings.
• However, the Freenet Management Board is confident for the current year.
• Adjusted operating profit is expected to rise to between 520 and 540 million euros as planned.
• The news was initially rather poorly received on the financial market.
• In after-hours trading on the Tradegate platform in the evening, the Freenet share lost almost two percent compared to the Xetra closing price.

Bitcoin $BTC (-0,03 %)with a new ATH

• Bitcoin reached almost USD 112,000 in early trading on Bitstamp as hopes for an easing of crypto regulation in the US increased.
• Since the election of Donald Trump as US president, Bitcoin has gained around 60 percent and currently has a total valuation of 2.2 trillion dollars.

AT&T $T (-3,11 %)continues to expand its fiber optic business

• AT&T has reached an agreement to acquire the consumer fiber optics business of Lumen Technologies for USD 5.75 billion in cash, the companies announced on Wednesday.
• The deal further expands the wireless carrier's national fiber infrastructure.
• By purchasing the business, AT&T gains 1 million fiber customers and significantly expands its fiber network in Denver, Las Vegas, Minneapolis-St. Paul, Orlando, Phoenix, Portland, Salt Lake City and Seattle, according to an AT&T statement.
• The sale of the consumer fiber assets, first reported by Reuters, will allow Lumen to focus on growing the company's enterprise fiber business, Chris Stansbury, Lumen's chief financial officer, told Reuters in an interview.
• The cash proceeds from the sale will help Lumen reduce its debt by $4.8 billion and improve cash flow by reducing interest expense by more than $300 million a year, according to Stansbury.

Alphabet $GOOGL (+2,32 %)strong, due to praise for AI claims

• At Alphabet, a positive interpretation of the company's latest statements on artificial intelligence (AI) prevailed in the middle of the week.
• This was matched by a series of favorable analyst comments.
• On the second and final day of the company's annual developer conference, shares in Google's parent company rose by almost four percent to around 170 US dollars on Wednesday.
• The stock market heavyweight thus led the list of winners in the Nasdaq 100.
• At times, the shares reached their highest level in two and a half months at 173.14 dollars.
• The day before, the company's initial statements on the AI mega-trend had met with a negative response.
• Since the beginning of the year, however, the share price has still fallen by ten percent, placing it in the lower midfield of the technology-heavy selection index.
• The latter has risen by one percent in the same period.
• Alphabet CEO Sundar Pichai had already announced on Tuesday that the company would bring its own products to market more quickly in order to keep pace with the new competition in the age of AI.
• After decades of dominance, the tech giant's important search engine business is coming under increasing pressure.
• However, it still maintains a market share of around 90 percent here - and is upgrading its search engine with AI functions.
• This should help the Group to strengthen its continued leading role in the search engine market, commented analyst Ingo Wermann from DZ Bank.
• His colleague Doug Anmuth from the US bank JPMorgan added that the developer conference had confirmed his assessment that Google is taking a leading role in many AI areas with its xxx Gemini.
• Jefferies expert Brent Thill titled his commentary on the developer conference "Year of Gemini".
• According to Justin Post from Bank of America, the topic of AI is not yet adequately priced in at Alphabet.

Infineon $IFX (+1,62 %)and Nvidia $NVDA (+0,78 %)cooperate

• Infineon and Nvidia are working together to develop the next generation of power supply systems for AI data centers.
• These systems are based on a new architecture with centralized power generation using 800V high-voltage DC, according to Infineon.
• The new high-voltage DC distribution ensures a safe and even more efficient power supply.
• According to Infineon, the company has set itself the goal of creating new standards in power supply for AI data centers.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Porsche AG € 2.31
• Puma SE € 0.61
• CTS Eventim AG & Co. KGaA € 1.66
• Takkt AG € 0.60
• ZEAL Network SE € 2.40
• Imperial Brands PLC £ 0.40

• Quarterly figures / company dates USA / Asia
• 05:00 Lenovo annual results
• 15:00 Home Depot AGM
• 19:00 DuPont AGM
• Untimed: Autodesk quarterly figures

• Quarterly figures / Company dates Europe
• 07:30 CTS Eventim | Assicurazioni Generali quarterly figures
• 08:00 Easyjet | BT Group quarterly figures
• 11:00 Amadeus Fire | SFC Energy AGM
• 13:45 Evonik Industries Capital Markets Day

• Economic data

08:45 FR: Business Climate Index May PROGNOSE: 99 previous: 99

09:15 FR: Purchasing Managers' Index/PMI non-manufacturing | 09:15 FR: Purchasing Managers' Index/PMI manufacturing (1st release) May FORECAST: 48.9 PREVIOUS: 48.7

09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) May PROGNOSE: 49.2 previous: 49.0 Total Purchasing Managers' Index (1st release) FORECAST: 50.3 previous: 50.1

09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) May FORECAST: 48.8 PREVIOUS: 48.4

10:00 DE: Ifo Business Climate Index May PROGNOSE: 87.5 PREVIOUS: 86.9 Situation assessment PROGNOSE: 86.9 PREVIOUS: 86.4 Business expectations PROGNOSE: 87.9 PREVIOUS: 87.4

10:00 EU: Purchasing Managers' Index/PMI non-manufacturing | Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) May FORECAST: 49.3 PREVIOUS: 49.0 Total Purchasing Managers' Index (1st release) FORECAST: 50.8 PREVIOUS: 50.4

10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) May PROGNOSE: 50.7 previous: 49, | Purchasing Managers' Index/PMI Manufacturing (1st release) May PROGNOSE: 46.7 previous: 45.4

14:30 US: Initial Jobless Claims (week) Forecast: 230,000 Previous: 229,000

15:00 BE: Business Climate Index May FORECAST: n/a previous: -14.7

15:45 US: Purchasing Managers' Index/PMI Services (1st release) May FORECAST: 50.6 PREV: 50.8

15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) May FORECAST: 49.8 PREVIOUS: 50.2

16:00 US: NAR, Existing Home Sales April FORECAST: +2.7% yoy previous: -5.9% yoy

Slump in the DAX: investors are seeing red

There is a great deal of uncertainty on the stock markets at the moment, and this is being further fueled by US President Trump's aggressive tariff policy. On the last trading day of the week, investors have to accept massive losses in the Dax. Of the 40 companies listed in the leading German index, only two shares were able to record a positive closing price. The remaining 38 stocks experienced double-digit declines in some cases. Deutsche Bank was particularly affected $DBK (+0,19 %)which fell by 9.77 percent, and MTU Aero Engines $MTX (+0,18 %)whose shares fell by 8.11 percent. Deutsche Börse, Infineon $IFX (+1,62 %) and Siemens Energy $SIE (+1,55 %) also suffered losses of more than 7 percent. The Dax itself closed 4.95 percent lower at 20,641.72 points.

Trade war continues to weigh on the markets

Pressure on the markets remains high as uncertainty over trade relations between the USA and China persists. China's announcement that it would impose counter-tariffs on US goods has heightened fears of a full-scale trade war. At times on Friday, the Dax fell by up to 5.6 percent to 20,579 points. The MDax and EuroStoxx50 also suffered significant losses. There were significant declines in the banking sector in particular, which is heavily dependent on economic developments. Deutsche Bank and Commerzbank $CBK recorded losses of up to 12.1 and 9.3 percent respectively. Volatility on the markets is likely to remain high as long as the uncertainty surrounding customs policy persists.

Slight stability at Adidas and Beiersdorf

Despite the general downward trend, there were also some bright spots in the Dax. The shares of Adidas $ADS (+2,13 %) were able to maintain their position as the lone frontrunner with a plus of 0.54 percent. Symrise $SY1 (+1,01 %) and Beiersdorf $BEI (-0,9 %) also remained relatively stable, with Symrise recording a minimal gain of 0.01%, while Beiersdorf fell by 0.37%. Investors are hoping that the negative spiral of tariffs and counter-tariffs can be halted through negotiations, but the uncertainties remain and could continue to weigh on the markets.

Sources:

https://www.n-tv.de/wirtschaft/Das-sind-die-groessten-Verlierer-im-Dax-article25682125.html

https://www.n-tv.de/wirtschaft/Dax-schmiert-ab-US-Zoelle-China-Zoelle-und-jetzt-article25681044.html

Total of 104% tariffs for China + Infineon buys + Stada postpones IPO + Redcare wants to issue new convertible bonds + Continental wants to become a pure tire manufacturer again

Total tariffs announced for China now amount to 104 percent

• In addition to the particularly high general special tariffs for China, US President Donald Trump has also ordered tariffs of 90 percent on low-value goods from the country - a tripling of the previously planned duties for these items.
• This is the result of a decree that the Republican signed on Tuesday evening (local time).
• Originally, Trump wanted to impose a 30 percent tariff on goods with a value of less than 800 dollars (around 724 euros) from May 2.
• Until now, such goods were exempt from tariffs.
• Thanks to this rule, Chinese online retailers such as Temu and Shein delivered their products to the USA on a large scale.
• In the decree, the President also enshrined the previously announced particularly high US special tariffs for China.
• He thus replaced the initially planned additional 34% with tariffs of 84%.
• This was Trump's response to the counter-tariffs of 34% announced by Beijing.
• The USA had initially imposed additional tariffs of 20 percent on goods from China since January.
• The total tariffs announced for China now amount to 104 percent.

Infineon $IFX (+1,62 %)buys more

• Following the 2.5 billion dollar takeover of Marvell Technology's automotive Ethernet business, Infineon shares rose by 0.8 percent.
• The takeover offers Infineon the opportunity to expand its technology platform, wrote ING analyst Jan Frederik Slijkerman.
• In addition, the acquisition enables the semiconductor company to enter the automotive segment, offering higher value-added products while strengthening its platform.
• However, the transaction comes with a high price tag, he added.

Stada postpones IPO

• Stada
  is postponing its planned IPO on the Frankfurt Stock Exchange.
• The pharmaceutical manufacturer cited the current market volatility, US tariffs and geopolitical uncertainties as reasons for the postponement.
• A new date for an IPO is currently being examined.

Online pharmacy Redcare $RDC (+0,48 %)wants to issue new convertible bonds

• The online pharmacy Redcare wants to issue new convertible bonds and buy back old securities.
• The new bonds are to be sold in the amount of 300 million for a term of 7 years, as the company announced on Tuesday after the close of trading in Sevenum, the Netherlands.
• They will carry a coupon interest rate of 1.75 to 2.25 percent and the conversion premium is expected to be between 40 and 45 percent.
• The results of the allocation are expected to be announced on the same day.
• At the same time, Redcare (Shop Apotheke Europe) intends to buy back outstanding convertible bonds for 225 million euros, which mature in 2028 and have a coupon of 0 percent.
• The proceeds of the new issue are to be used for this and for "general corporate purposes".
• The news was not well received on the stock exchange.

Continental $CON (+1,36 %)wants to become a pure tire manufacturer again

• The automotive supplier and tire manufacturer Continental, which is about to be split up, now also wants to separate from its plastics technology division Contitech.
• In a fundamental decision, the Executive Board has decided to make the Contitech division independent, the company announced.
• The exact details will be decided at a later date.
• As things stand, Continental considers the sale of Contitech to be the most likely option.
• Continental is already planning the spin-off of its automotive supplier division, which is to be listed on the stock exchange as an independent company.
• If the shareholders give their approval at the end of April, the IPO of the division will take place under a new name in September.
• A possible sale of Conntitech should only take place afterwards, it was said.
• Only the traditional tire business is to remain with Conti after the sale.
• The supplier will thus once again become a "focused global tire company", according to the press release.

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Vestas Wind Systems DKK 0.55
• Gap USD 0.17

• Quarterly figures / company dates USA / Asia
• 16:00 Spotify AGM

• Quarterly figures / company dates Europe
• 08:00 Leifheit Annual Report
• 10:00 Deutsche Telekom AGM
• 10:30 BNP Paribas Extraordinary General Meeting
• 11:00 Volkswagen 1Q sales figures | Telefonica AGM
• 14:15 Zurich Insurance AGM
• 18:30 Porsche AG Pre-Close Call 1Q

• Economic data

08:00 DE: Truck Toll Performance Index March

14:30 NL: ECB Director Cipollone, participation in panel on "Macro-financial stability policy in a fragmented world"

15:00 EU: ECB, APP/PEPP monthly report

16:00 US: US Trade Representative Greer, Congressional Hearing on "The Trump Administration's 2025 Trade Policy Agenda"

16:30 US: Crude oil inventory data (previous week) from the government Energy Information Administration (EIA)

17:00 US: Richmond Fed President Barkin, speech at Economic Club of Washington event

20:00 US: Minutes of FOMC meeting on 3/18/19 and economic forecast

No time given: US: "Reciprocal" US import tariffs come into force

$IFX (+1,62 %)
$MRVL (+1,97 %)

Infineon acquires Marvell's Automotive Ethernet business for 2.5 billion dollars to further strengthen its number one position in the automotive microcontroller market.

The new segment is expected to generate approx. 250 million in sales (approx. 1.5% of group sales) with a gross margin of 60%.

Infineon's main aim is to expand its position in software-driven vehicles and also to play a role in IoT and humanoid robots.

Infineon has further expanded its market position and now has 13.5% market share in the automotive semiconductors market (remains market leader and has risen in many countries) and 32% in the automotive microcontroller market (+3.6%, increasing the gap to 2nd place by 2.7%)

"We are the global number one in automotive semiconductors for the fifth consecutive year and we are equally successful across the world. For the first time in our history, Infineon is among the top two automotive semiconductor companies in every region," said Peter Schaefer, Executive Vice President and Chief Sales Officer Automotive at Infineon. "This global success is a token of our strong product portfolio, outstanding customer support and our dedication to the specific needs of our customers."

You rarely see buying prices like this 🤑

PS: On Sunday there will be another article on cyclical, anti-cyclical and crisis-proof stocks...

You can look forward to it 🤭

- 14 positive surprises

- Three negative surprises

- Dividend increases

- Dividend decreases

- Overview of all DAX stocks

Link:

https://shorturl.at/Tdnfw

$ALV (-0,28 %)
$MUV2 (-0,91 %)
$RHM (+1,12 %)
$MBG (+1,75 %)
$SAP (-0,17 %)
$BMW (+0,96 %)
$AIR (-0,17 %)
$VOW (+1,11 %)
$DBK (+0,19 %)
$CBK (-3,4 %)
$SIE (+1,55 %)
$P911 (+0,26 %)
$DTE (-0,38 %)
$IFX (+1,62 %)