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$7012 (+0,47%)

I'm staying invested in Kawasaki through the 2036 portfolio.

Hello, everyone,

When it comes to gas turbines, most people immediately think of $ENR (+3,27%) Siemens Energy or $GEV (+1,64%) GE Vernova.

But very few people here have the Japanese companies on their radar. Many have already declared hydrogen dead. But the Japanese certainly haven’t. This seems to be catching on here in Germany as well, and hydrogen is absolutely not dead.

In Lingen, a hydrogen gas turbine began test operations on Friday—according to RWE, one of the largest of its kind. Representatives from Japan also traveled to the event.

Many prominent figures attended the symbolic launch of the new hydrogen turbine: Even the Japanese ambassador was in attendance, since the turbine was built by Kawasaki in Japan. The turbine itself isn’t directly visible. It operates in a facility on RWE’s grounds and is hidden behind walls and sheet metal.

Electricity initially from natural gas and later from hydrogen

The electricity produced here still comes from natural gas, but will gradually be blended with hydrogen. “We are the number one energy region. We are the number one hydrogen region. We can generate and store energy,” said Minister President Olaf Lies (SPD). Until now, the problem has been: “Can we also convert it back to electricity? Will there be gas-fired power plants in the future that, during times when I don’t have enough direct renewable energy, ensure that I have climate-neutral electricity?” said Lies.

Hydrogen Turbine Aims to Bridge Energy Gaps

Once the 34-megawatt turbine eventually enters full-scale operation, it could supply electricity to around 40,000 households simultaneously and step in during so-called “dark lulls”—that is, when there is too little wind and the sun isn’t shining. But until then, it still needs to be tested. According to RWE, there is still a lack of empirical data for the new green hydrogen-powered system. A hydrogen-powered turbine could supply electricity very quickly if other sources, such as wind or solar energy, were to fail, the operator says. Hydrogen is still up to five times more expensive than natural gas. In the medium term, the operators believe prices will converge.

Lingen: Teststart von Wasserstoff-Gasturbine mit Besuch aus Japan | ndr.de

My personal assessment:

Hydrogen turbines are an interesting topic for the future, especially when considered in conjunction with two major developments: the energy transition and the enormous increase in electricity demand driven by AI data centers.

This is creating a market for flexible power plants that can reliably supply electricity regardless of wind and sun. Hydrogen could play an important role here in the long term.

There are several well-known companies already working intensively on this technology.

1. The key players in hydrogen turbines

Siemens Energy $ENR (+3,27%)

• Hydrogen-capable large gas turbines (Germany)

GE Vernova $GEV (+1,64%)

• Large-scale H2 turbines, up to 100% H2 (U.S.)

Mitsubishi Heavy Industries $7011 (+3,33%)

• Large turbines, hydrogen and ammonia (Japan)

Kawasaki Heavy Industries $7012 (+0,47%)

• Hydrogen turbines and hydrogen infrastructure (Japan)

Baker Hughes $BKR (+4,77%)

• Industrial gas turbines and hydrogen compression (U.S.)

Doosan Enerbility $034020

• Hydrogen and ammonia turbines (South Korea)

2. Companies of Particular Interest

I would take a closer look at five companies.

1. Siemens Energy – the German technology conglomerate

• Develops hydrogen-capable gas turbines.
• Working on the combustion of up to 100% hydrogen.
• Already has concrete hydrogen projects in Germany.
• Also benefits from the expansion of power grids and rising electricity demand.

Of particular interest: Siemens Energy covers several areas of the future energy infrastructure.

Siemens Energy – Wasserstoffkraftwerke

2. GE Vernova – American technology leader

• Over 120 gas turbines with hydrogen operation experience.
• Combustion technology for hydrogen blends of up to 100%.
• Significant business in gas turbines for power generation.
• Of interest due to the enormous U.S. energy demand.

GE Vernova – Hydrogen Turbines

3. Mitsubishi Heavy Industries – Japanese technology conglomerate

• Develops hydrogen and ammonia turbines.
• Large-scale power plant technology.
• Invests in the further development of hydrogen combustion.
• Potentially set to benefit from the expansion of Asia’s energy infrastructure.

An exciting Japanese technology stock.

4. Kawasaki Heavy Industries – particularly exciting!

There’s a particularly interesting development here:

On November 6, 2026, RWE and Kawasaki began trial operations in Lingen of a 34-MW gas turbine designed to run on up to 100% hydrogen.

This is an important step toward industrial hydrogen-based power generation. RWE

Kawasaki is thus not only a developer but is now also involved in specific European demonstration projects.

5. Baker Hughes – the infrastructure player

Baker Hughes is interesting because the company does more than just develop turbines.

Other business areas:

• Hydrogen compression
• Compressors
• Pumps
• Hydrogen infrastructure
• Industrial gas turbines

This means Baker Hughes has a broader presence across the hydrogen value chain. bakerhughes.com

3. My assessment: Where does the greatest future potential lie?

I see three interconnected waves of investment:

1. AI requires electricity

Data centers require a reliable power supply around the clock. Gas turbines can serve as an important complement to renewable energy and battery storage systems in this context.

2. Hydrogen as energy storage

Excess renewable electricity can be used to produce hydrogen. This hydrogen can later be converted back into electricity in power plants.

3. Existing power plants are being retrofitted

The ability to gradually convert existing gas turbines to run on higher proportions of hydrogen opens up additional business opportunities in modernization and service.

However, hydrogen is still expensive at present, and the necessary infrastructure must first be built.

An interesting investment thesis would be:

The second wave of AI requires more than just chips, storage, and data centers. Above all, it requires energy. Hydrogen-capable gas turbines could become a key component of the future power supply.

You should take a closer look at Kawasaki and Mitsubishi in particular, because in addition to traditional power generation, they are also developing technologically interesting hydrogen solutions.

$CORT (+2,25%)
$ENR (+3,27%)

Hello, everyone,

Yesterday, at Depot 2036 .

With Corcept, there are just too many disruptive factors for me right now. A big thank you also goes to @Dividendenopi for quickly gathering the information.

As for Siemens Energy, the reason was that there will be a strategic realignment in the sector.

I’ll of course keep you updated on my new positions as soon as possible.

Competitor Genmab published positive Phase 3 results for its cancer drug Rina-S.

The study achieved statistically significant improvements in both progression-free survival and overall survival.

This is problematic for Corcept because:

- Corcept also has an approved drug for platinum-resistant ovarian cancer, Lifyorli, set to launch in March 2026.

- Lifyorli is considered one of the most important future growth drivers.

- Rina-S represents a potentially strong competitor in the same market.

- Investors now fear lower future market shares and revenues for Lifyorli.

Two Additional Fundamental Risks

FDA Risk Related to Cushing’s Syndrome

In late December 2025, the FDA initially rejected the approval of Relacorilant for Cushing’s syndrome. The stock lost nearly 50% at that time.

Corcept resubmitted the application in June 2026. The next FDA decision is scheduled for December 17, 2026.

This remains a significant binary risk: Approval could significantly improve growth prospects, while another rejection could weigh on them.

Competition from Generics

The established drug Korlym remains a key revenue driver. Due to generic competition and patent disputes, there is a risk that this business’s margins and revenues will come under pressure in the long term.

Corcept must therefore successfully navigate the transition to new drugs.

Corcept Therapeutics Aktie: Führungsriege verkauft

Am 1. und 2. Oktober haben drei Top-Manager von Corcept Therapeutics Aktien im Wert von rund fünf Millionen Dollar verkauft. Der Zeitpunkt fällt auf ein Kursniveau nahe dem Jahreshoch. Die Hintergründe sind weniger alarmierend, als es zunächst klingt. Sean Maduck, President von Corcept Endocrinology, trennte sich von 25.000 Aktien zu Kursen zwischen 115,54 und 116,55 Dollar. Das brachte rund 2,9 Millionen Dollar. Im Gegenzug übte er Optionen zum Preis von 8,27 Dollar je Aktie aus.

Tuesday:

Germany is growing even faster than initially expected. Instead of +0.2% in the second quarter, growth actually reached +0.3%. Exports rose by 2%, and construction investment also increased slightly by 0.1%. The BVR therefore expects GDP growth of 1% for the full year.

https://www.handelsblatt.com/politik/konjunktur/konjunktur-deutsche-wirtschaft-im-fruehjahr-kraeftiger-gewachsen/100249472.html

$ENR (+3,27%) Siemens Energy is reportedly exploring the sale of its steam turbine and hydrogen businesses. Several potential investors are reportedly in the running, including EQT, Bain Capital, and CVC Capital Partners. A total of 15,000 people work in these businesses, which generated revenue of approximately 5.7 billion euros.

https://www.handelsblatt.com/unternehmen/industrie/milliardendeal-siemens-energy-bereitet-moeglichen-verkauf-von-dampfturbinen-geschaeft-vor/100249453.html

Wednesday:

$META (+3,1%) Meta must pay a $16.7 billion fine. In addition, use in the U.S. will be limited to 2 hours per day for users under 18 and completely blocked from midnight to 6 a.m. Thirty percent of the fine will be waived if Alphabet subsidiaries YouTube and TikTok also adjust their algorithms in the same way.

https://www.faz.net/aktuell/wirtschaft/unternehmen/meta-zahlt-17-milliarden-dollar-in-social-media-prozess-201161465.html

Thursday:

$NVDA (+3,8%) Nvidia once again exceeds high expectations. The chipmaker more than doubled its profits compared to the same quarter last year. Nvidia is likely to remain one of the major beneficiaries of AI. The company is considered a classic “shovel seller” in this sector. However, competitors like AMD are trying to get a piece of the pie.

https://www.finanzen.net/nachricht/aktien/zahlen-vorgelegt-nvidia-aktie-dreht-ins-plus-gewinn-und-umsatz-uebertreffen-die-hohen-erwartungen-15898977

Today’s newsletter from “WELT | Alles auf Aktien” presents a bold thesis $SIE (-2,83%) that I’d like to share and quote here.

The authors put forward the bold thesis that Siemens is capable of joining the “trillion-Club” in the foreseeable future. That would be nearly five times its current value. While there’s still a long way to go, Siemens is already Germany’s most valuable publicly traded company. And in a few weeks, a decision could be made that will help determine whether this long-established industrial conglomerate will indeed one day become a global tech champion of this magnitude.

On October 1, Siemens plans to officially present itself as “One Tech Company.” From that moment on, CEO Roland Busch will massively ramp up his big bet on AI. Is now the right time to get on board?

Siemens underwent a radical transformation under Joe Kaeser. Siemens Energy
$ENR (+3,27%) and Siemens Healthineers
$SHL (-0,68%) were spun off. This met with fierce resistance at the time. Today, one can at least say that the remaining group is performing exceptionally well. Siemens posted a record profit of more than ten billion euros and margins exceeding 17 percent.

Siemens CEO Roland Busch now aims to build on this success. His program is called “One Tech Company.” The three major divisions—Digital Industries, Smart Infrastructure, and Mobility—will remain in place. Under this structure, Siemens aims to become leaner: less hierarchy, larger units, and clearer responsibilities.

The real stock market story is artificial intelligence (AI). Siemens aims to make industrial AI the connecting element of the group. Siemens operates where AI meets the real world: in factories, power grids, buildings, and infrastructure. It’s about machines that produce more efficiently, grids that are controlled more intelligently, and factories that operate with greater automation.

Our bullish thesis is therefore this: Siemens could increasingly evolve from a traditional industrial conglomerate into a technology and software company. That would also be decisive for its valuation. Industrial companies typically receive lower multiples on the stock market than tech conglomerates.

If Siemens proves that software, data, and AI can be monetized at scale, the market could eventually grant the company a higher valuation. This represents a potential path to a trillion. The catch: there is no such proof yet.

That is the central weakness of the narrative. Siemens still talks a lot about industrial AI, but does not report separately how much revenue and order intake it actually generates from it. So investors do not yet know exactly through what mechanism AI increases profits.

That is precisely why October 1 is so important. On that day, Busch must explain whether “One Tech Company” is more than just a new corporate slide and how it will specifically lead to more growth, higher margins, and stronger customer loyalty.

Even if the AI strategy pays off, there’s still a risk that Siemens has become more dependent on the AI cycle than one might assume at first glance. Data centers, semiconductors, electrification, and automation are all driven by the same investment boom. Should the AI euphoria fizzle out, it could hit several of Siemens’ businesses at once.

With medical technology and energy, Siemens has divested two stabilizing pillars. Siemens Energy, in particular, has since become a star on the German stock market. The works council openly states that Siemens would be even more valuable today if it still owned Siemens Energy and Siemens Healthineers. On the other hand, the record margins might not have been possible at all without this focus.

For investors, it’s the future that counts. Siemens must maintain high growth and margins; the restructuring must actually make everything more efficient; and the company must demonstrate that AI works not only technologically but also financially. To that end, concrete results must be evident by October 1.

If it succeeds, Siemens could become a European industrial conglomerate with an increasingly technology-driven valuation.

Source: WELT | Alles auf Aktien, August 19, 2026

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$ENR (+3,27%)

(and 300 million more per year)

I have a hard time with this, but I can understand the decision.