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 (+3,28 %) , ASML Holding $ASML (+2,86 %) , Siemens $SIE (+2,3 %) , Enel $ENEL (+1,19 %) , Rolls-Royce $RR. (-0,51 %) , Schneider Electric $SU (+1,77 %) , Iberdrola $IBE (+1,21 %) , ABB $ABBN (+0,41 %) , VAT Group $VACN (+0,28 %) , Siemens Energy $ENR (+2,85 %) , Prysmian $PRY (+0,23 %) , ASM International $ASM (+1,81 %) , BE Semiconductor Industries $BESI (+2,48 %) , STMicroelectronics $STM (+1,06 %) , RWE $RWE (+1,29 %) , E.ON $EOAN (+0,57 %) , Legrand $LR (-0,09 %) , National Grid $NG. (-0,49 %) , Nokia $NOKIA (+3,04 %) , SSE $SSE (+0,17 %) , EDP Renovaveis $EDPR (+0,74 %) , Hochtief $HOT (+0,69 %) , Red Eléctrica de España $RED (+0,17 %) , Nexans $NEX (+1,33 %) , United Utilities $UUGRY (+0,6 %) , Enagas $ENG (+0 %) , Centric $CENTR , Spirax-Sarco Engineering $SPX (+2,38 %) , Soitex $SOI (+8,92 %) , Geberit $GEBN (+1,05 %) , Aixtron $AIXA (+3,86 %) , Orsted $ORSTED (+1,18 %) , Verbund $VER (+0,5 %) , SAFRAN $SAF (+1,68 %) , Thales $THALES (+0,79 %) , NKT $NKT (+0,44 %) , Andritz $ANDR (-0,55 %)

_________________________

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

About an hour ago, I read a great article on my broker’s website here in Denmark (Saxo Bank), which I don’t want to keep from you, since I think it addresses an issue that many people may not be aware of.

Key Takeaways

• Europe’s heat wave is driving up demand for cooling and putting power grids to the test.
• The winners could include appliance manufacturers, grid equipment suppliers, and select utility companies.
• The risks lie in electricity prices, insurance claims, and the financial strain on households.

In late June 2026, Western Europe faced record-breaking heat, with countries such as France, Spain, Italy, and the United Kingdom under strain. Schools closed, traffic slowed, power systems were overloaded, and consumers rushed out to buy fans and air conditioners. Out on the streets, it’s simply unbearable. In the markets, this creates a simple chain of events: heat increases the need for cooling, cooling increases electricity consumption, electricity demand strains the grids, and grid strain alters earnings expectations.

For investors, it’s not about trading the thermometer. That’s a very small desk with a very hot seat. The point is to understand how extreme weather can translate from the weather map into revenue, costs, margins, and insurance losses.

The first winner is the power outlet The most obvious heat wave trade starts with cooling. Daikin $6367 (+1,71 %) , Samsung Electronics $005930 and LG Electronics $066570 are clear examples. Daikin is a Japanese specialist in heating, ventilation, and air conditioning (HVAC). Samsung and LG are South Korean electronics conglomerates with large divisions dedicated to home appliances. When European households realize that a south-facing apartment can turn into a small oven, demand for cooling products rises rapidly.

That doesn’t mean every summer heat wave will lead to a sustained profit boom. Portable air conditioners are often low-margin products. Supply chains can become overburdened. End-consumer demand may wane when the weather changes. But the overall trend is hard to ignore. In the past, Europe has had a lower penetration rate of air conditioning compared to many warmer regions. As hot summers become more frequent, cooling could shift from a luxury purchase to a basic comfort product.

This also explains the building perspective. Legrand $LR (-0,09 %) manufactures electrical and digital building infrastructure. Assa Abloy $ASSA B (+2,71 %) manufactures locks, doors, and access systems. Kingspan produces insulation and building materials.

These companies are not purely “heat wave plays.” They are tied to the deeper question: How can buildings become more livable, efficient, and resilient?

A good building needs more than just a larger air conditioning system. It needs better insulation, smarter wiring, efficient controls, shading, doors, ventilation, and energy management. Otherwise, Europe risks solving the heat problem by creating an electricity bill problem. Very elegant—much like fixing a leaky roof by simply buying more buckets.

The grid is becoming a bottleneck

The second part of the story is electricity. Schneider Electric $SU (+1,77 %) and Siemens Energy $ENR (+2,85 %) are right at the center of this pressure point. Schneider Electric sells equipment for energy management, automation, and energy efficiency. Siemens Energy supplies grid technology, turbines, and energy infrastructure. When power grids are confronted with higher peak loads, more renewable energy, increasing electrification, and higher cooling demand, the value of grid investments is easier to justify.

For utilities, the picture is more mixed. E.ON $EOAN (+0,57 %) and National Grid $NG. (-0,49 %) are primarily grid operators. They earn their revenue mainly through the ownership and operation of regulated electricity and gas infrastructure. Heat waves can increase investment needs, as the grids must cope with higher peak loads, localized strains, and more complex power flows. For regulated utilities, the long-term opportunity lies in the fact that investments in resilient grids can support future asset growth. Those boring power lines suddenly take center stage.

RWE $RWE (+1,29 %) , Enel $ENEL (+1,19 %) and Iberdrola $IBE (+1,21 %) have greater exposure to power generation. They own power plants and renewable energy facilities. High electricity prices can bolster the revenues of some generators, especially when supply is tight.

But heat can also be harmful. Nuclear power plants may have to curtail their output if river water becomes too warm for cooling. Low wind speeds can reduce renewable production. Droughts can impact hydropower. Gas-fired power plants can become the marginal source, meaning they dictate the price when demand is high and cheaper supply is insufficient.

So heat waves don’t simply mean “utilities win.” The details are crucial. Grid operators could benefit from the investment cycle. Generators could benefit from higher prices during certain hours, but face operational risks during others. Retail utilities could run into trouble if customers are hit with high bills and political pressure mounts. The weather may be hot, but the analysis must remain cool.

Insurance Companies Will Foot the Bill Later

The third level involves insurance companies. Munich Re $MUV2 (+0,46 %) and Swiss Re $SREN (+1,18 %) are reinsurers. Reinsurers insure insurers—which sounds like financial plumbing, because that’s exactly what it is. They help spread major risks (storms, wildfires, floods) across the system.

Heat waves can affect insurers in various ways. They can increase risks in the areas of health, agriculture, and business interruption. They can heighten the risk of wildfires. They can also expose weaknesses in infrastructure. For reinsurers, this can mean higher claims payouts in some years, but in the long run, it also leads to higher prices as risks become more visible and insurance buyers accept higher premiums.

That’s the strange logic of insurance: Bad weather hurts in the short term, but it supports better pricing later on. The umbrella industry doesn’t like storms, but storms remind everyone why umbrellas cost money.

Risks to Keep an Eye On

• Investors might overreact to a hot summer.
• Political risks: High electricity prices can trigger government intervention (excess profit taxes).
• Cost risks: Grid expansions, cooling equipment, insulation, and insurance all cost money. Customers might push back if household budgets are already stretched thin.

The Bottom Line Under the Sun

The “heat wave trade” isn’t about guessing next week’s temperature. It’s about recognizing where resilience translates into revenue, where strain leads to costs, and where the old European assumption of mild summers is no longer a reliable forecast. In the markets, just as in homes in July, heat is rarely dispelled simply by ignoring it.

Source: Saxo Bank / Saxo Trader – Ruben Dalfovo, Investment Strategist

@Dividendenopi

@Aktienhauptmeister

@Multibagger

@Tenbagger2024

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, everyone else :)

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 ($IFX (+3,28 %)): 7.10%
• ASML ($ASML (+2,86 %)): 6.80%
• Siemens ($SIE (+2,3 %)): 6.00%
• Rolls-Royce ($RR. (-0,51 %)): 5.40%
• Enel ($ENEL (+1,19 %)): 5.40%
• Schneider Electric ($SU (+1,77 %)): 5.40%
• ABB ($ABBN (+0,41 %)): 5.00%
• Iberdrola ($IBE (+1,21 %)): 4.90%
• Siemens Energy ($ENR (+2,85 %)): 4.70%
• ASM International ($ASM (+1,81 %)): 3.70%
• Prysmian ($PRY (+0,23 %)): 3.60%
• BE Semiconductor ($BESI (+2,48 %)): 3.20%

Supplemented by the following stocks:

• VAT Group ($VACN (+0,28 %)): 4.50%
• STMicroelectronics ($STM (+1,06 %)): 2.50%
• Legrand ($LR (-0,09 %)): 2.00%
• RWE ($RWE (+1,29 %)): 1.95%
• Nokia ($NOKIA (+3,04 %)): 1.90%
• E.ON ($EOAN (+0,57 %)): 1.90%
• National Grid ($NG. (-0,49 %)): 1.80%
• SSE plc ($SSE (+0,17 %)): 1.70%
• EDP Renováveis ($EDPR (+0,74 %)): 1.60%
• Red Eléctrica ($RDEIY (+0 %)): 1.50%
• Nexans ($NEX (+1,33 %)): 1.50%
• Hochtief ($HOT (+0,69 %)): 1.50%
• Enagás ($ENG (+0 %)): 1.40%
• United Utilities ($UU. (+1,45 %)): 1.40%
• Spirax-Sarco ($SPX (+2,38 %)): 1.30%
• Centrica ($CNA (+0,86 %)): 1.30%
• Aixtron ($AIXA (+3,86 %)): 1.30%
• Orsted ($ORSTED (+1,18 %)): 1.15%
• Verbund AG ($VER (+0,5 %)): 1.10%
• Soitec ($SOI (+8,92 %)): 1.10%
• Safran ($SAF (+1,68 %)): 1.00%
• Thales ($HO (+0,44 %)): 1.00%
• Geberit ($GEBN (+1,05 %)): 0.90%
• NKT A/S ($NKT (+0,44 %)): 0.80%
• Andritz ($ANDR (-0,55 %)): 0.70%

The figures $IG (-0,02 %) , $SRG (+0,02 %) , $TRN (-0,64 %) , $ALFA (+2,64 %) , $ATCO B (+1,81 %) 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.

During my tour of the DC World Frankfurt today

https://www.techshowfrankfurt.de/data-centre-world

I noticed a few companies that may be of interest to some or where some are already invested.

First of all, I noticed $JCI (+1,47 %) because they simply drove a big truck into the trade fair, right in front of the corner where everyone could eat. Top visibility and the stand was also very conspicuous. And if you research the company, which is a classic blade manufacturer for data centers, the first thing that comes up is of course the new business figures from today. EPS raised from USD 4.70 to USD 4.85. Organic sales growth of 6% and operating leverage of 50%. The 5th beat in a row. Nevertheless, P/E ratio of 27.5 and thus below the industry average. YTD "only" 15.6% and thus also below some peers. Sounds like an interesting value to me. Share price currently € 120.40.

https://goldesel.de/aktien/news/johnson-controls-hebt-fy26-eps-prognose-auf-485-an-q2-auftragsschub-starkt-ausblick

An even higher level had $LR (-0,09 %) . Also a great shovel manufacturer, albeit with a slightly higher P/E ratio of 31.9, but with a much better dividend performance. YTD also already up 25.2%. The figures are due today. You can keep an eye on them. I suspect this will also be a beat. Share price currently €160

https://www.ad-hoc-news.de/boerse/news/ueberblick/legrand-aktie-fr0010307819-earnings-event-am-6-mai-2026-im-fokus/69282678

Then I noticed another company that is less on the technical side, namely $SNOW (+0,9 %) . They had a mini stand that you could quickly walk past. I've seen them in the community from time to time. The share price YTD was thrashed by just under -36%, like software in general. Analysts see price targets above €200, current price €118.70. So that would be a decent uplift. However, there are probably open legal disputes regarding misstatements of consumer revenues and a few personnel changes. I would definitely not recommend buying in here and wait for the quarterly figures on May 20. But from what the company offers, it is still exciting and certainly not a bad investment in the long term.

https://www.tikr.com/blog/snowflake-stock-is-down-35-in-2026-heres-whats-driving-the-pressure

Stock recommendations for the year 2026 from $JEF (+0,33 %)

$AVGO (+1,01 %)
$SNOW (+0,9 %)
$NU (+1,38 %)
$CAT (+0,39 %)
$VNET (-0,92 %)
$TCEHY (+2,98 %)
$300750
$7013 (+0,93 %)
$GMG (+3,38 %)
$LR (-0,09 %)

Podcast episode 72 "Buy High. Sell Low."

Subscribe to the podcast to get nuclear power plants back on the grid in Germany. Inshallah.

00:00:00 20 power stocks for AI: Constellation Energy, Rolls-Royce, Schneider Electric, Siemens Energy, Cameco, Fluor Corporation, Vistra Corp, RWE, GDF Suez, Enel, Flowserve, Uniper, Crane Co, Quanta Services, MasTec, Legrand, Emerson Electric, Eaton Corporation, Uranium Energy, VanEck Uranium and Nuclear Technologies ETF A3D47K

39:30 Watchlist Max: Fluor Corporation, Schneider Electric, Quanta Services, MasTec, Legrand, Eaton Corporation

00:41:00 AMD

01:10:00 Apple

Spotify

https://open.spotify.com/episode/08XzNKA3nuiMlpcz9BYixB?si=qhG3ie7ETXm8O20VPEsp_w

YouTube

https://youtu.be/6olb6fp5AbQ

Apple Podcast

https://podcasts.apple.com/us/podcast/folge-72-20-stromaktien-f%C3%BCr-ki-amd-apple/id1695869891?i=1000684571374

#podcast
#spotify
$SPOT (+1,97 %)
$UEC (+0,27 %)
$CCO (+0,03 %)
$SIEMENS
$ENR (+2,85 %)
$RWE (+1,29 %)
$UN0 (-0,22 %)
$EOAN (+0,57 %)
$AAPL (-2,03 %)
$AMD (-0,08 %)
$INTC (+0,2 %)
$NVDA (+0,41 %)
$VST (+2,89 %)
$FLR (+0,14 %)
$SU (+1,77 %)
$QNTA
$MTZ (+1,14 %)
$F1LS34
$CR (+0 %)
$LR (-0,09 %)
$STZ (+0,92 %)
$EMR (+0,65 %)
$ETN (+0,22 %)