Podcasts about asml

Impact sur l'emploi, utilisation malveillante, perte de contrôle... L'intelligence artificielle soulève toujours autant d'interrogations et d'inquiétudes. Des démissions jettent le trouble et alimentent les questionnements. Et aussi : l'actu de la semaine.

Nach der letzten Sendung mit Stefan Waldhauser kamen viele Aktienwünsche aus den Kommentaren – und bei einigen haben bei Tobias Kramer sofort die Alarmglocken geläutet: Vieles wirkt einfach überteuert? Gleichzeitig ist „teuer“ ein Begriff, der zwei Ebenen hat: Unternehmenswert (Marktkapitalisierung bzw. Enterprise Value) und Bewertung der Aktie (Multiples wie KGV). In dieser Folge wird deshalb nicht „gefühlt“, sondern systematisch gefiltert: Ausgehend von Unternehmen mit mehr als 200 Mrd. US-Dollar Marktkapitalisierung wird bewusst nach hohen Bewertungen gesucht – mit einem klaren Kriterium: KGV > 40 - auf zwei verschiedenen Zeitebenen. Ergebnis: zehn Aktien, die diese Hürden erfüllen – mit einer Tabelle, die die wichtigsten Kennzahlen auf einen Blick zusammenführt (u.a. Trendindikator über die 200-Tage-Linie, Debt/EBITDA, Price/Sales, erwartetes Umsatz- und Gewinnwachstum sowie eine 3-Jahres-Perspektive auf das KGV. Der wertvollste teure Aktie, Tesla, wird genutzt, um die Logik der Tabelle zu erklären – inklusive der Frage, wie stark bei manchen Unternehmen heute bereits Zukunftsversprechen im Kurs eingepreist sind (z.B. neue Märkte wie autonomes Fahren oder humanoide Roboter). Danach folgt der Überblick über alle zehn Werte, die so wohl noch nie zusammengestellt wurden. Mit dabei sind unter anderem auch ASML, Palantir, Intel, Lam Research, GE Vernova und GE Aerospace. Drei Unternehmen werden anschließend ausführlicher eingeordnet: - Hermès als Luxus-Ausnahme mit starker Marke und Preissetzungsmacht – bei gleichzeitig begrenzter „Luft“ für weitere Multiple-Expansion. - Costco als extrem beliebtes Mitgliedschaftsmodell mit hoher Kundentreue und der Spagat zwischen Qualität, Execution und Multiple. - Walmart als zwar größte Vertriebsmaschine der Welt, bei der sich aber und die Bewertungsfrage aufdrängt, denn wieso notiert ein Lebensmittelhändler mit einem derartig hohen KGV? Am Ende steht wie immer die Einladung: Welche Auswertungen wären als Nächstes spannend (z.B. andere Marktkapitalisierungs-Schwellen oder Filterkombinationen) – und welche Aktien sollen in künftigen Folgen genauer auf den Prüfstand? Aktienmarkt, Marktanalyse, Börsenüberblick: Die 10 teuersten Aktien der Welt per Filter (Marktkapitalisierung, KGV, Forward-KGV) – Bewertung, Risiko-Management, Sektortrends und Echtgeld-Depot-Einordnung.

Esta semana en #EnModoSmart: nos ponemos En Modo Hardware para entender por qué la neerlandesa ASML es el monopolio invisible detrás de los chips más avanzados del mundo. Con el 94% del mercado de litografía ultravioleta extrema, sus máquinas hacen posible la existencia de gigantes como Nvidia y el auge de la IA. ¿Qué riesgos implica que una sola empresa concentre esta infraestructura crítica? Y en En Modo Big Tech analizamos la ola de fraudes digitales rumbo al Mundial de fútbol: miles de dominios falsos que prometen boletos, viajes y streaming, poniendo en riesgo datos bancarios y redes corporativas. Acompaña a Fernando Guarneros, coordinador de tecnología, y a Eréndira Reyes, editora de tecnología, en este nuevo episodio de En Modo Smart.

Bouwen, bouwen, bouwen - bij Heijmans kunnen ze er wat van. Het bouwbedrijf verrast met een marge waar de meeste sectorgenoten alleen maar van kunnen dromen: 9,1 procent. Een prestatie - zeker als je bedenkt dat Heijmans minder woningen verkocht. Het aandeel kreeg er tot zo'n 15 procent bij. Hoe flikken ze dat? En kunnen ze de groei vasthouden? Dat gaan we voor je uitzoeken. Hoor je ook over een uitzonderlijke move van Alphabet. Het moederbedrijf van Google komt met een obligatie voor mensen met een wel heel lange levensverwachting: obligaties met een lengte van 100 jaar. Tuurlijk, die kun je gewoon verhandelen. Maar je moet wel heel ver in de toekomst kunnen kijken om daar nu op in te durven zetten. Want in 2126, ís Google er dan nog? En waarom hebben ze eigenlijk geld nodig, als ze meer dan honderd miljard op hun eigen rekening hebben staan? Alphabet brengt 'beleggen voor de lange termijn' in ieder geval naar een geheel nieuw niveau. Verder bespreken we nog: De niet al te teleurstellende cijfers van CM.com Beterschap bij Ubisoft, het gamebedrijf dat niet lang geleden nog 40% onderuit heeft overtrof de verwachtingen PostNL, dat een onderzoek van de ACM aan de broek krijgt vanwege de samenvoeging met Sandd En Anthropic, dat OpenAI wil aftroeven met een beursgang Te gast: Han Dieperink van Auréus. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

While Silicon Valley obsesses over AGI, Timothée Lacroix and the team at Mistral AI are quietly building the industrial and sovereign infrastructure of the future. In his first-ever appearance on a US podcast, the Mistral AI Co-Founder & CTO reveals how the company has evolved from an open-source research lab into a full-stack sovereign AI power—backed by ASML, running on their own massive supercomputing clusters, and deployed in nation-state defense clouds to break the dependency on US hyperscalers.Timothée offers a refreshing, engineer-first perspective on why the current AI hype cycle is misleading. He explains why "Sovereign AI" is not just a geopolitical buzzword but a necessity for any enterprise that wants to own its intelligence rather than rent it. He also provides a contrarian reality check on the industry's obsession with autonomous agents, arguing that "trust" matters more than autonomy and explaining why he prefers building robust "workflows" over unpredictable agents.We also dive deep into the technical reality of competing with the US giants. Timothée breaks down the architecture of the newly released Mistral 3, the "dense vs. MoE" debate, and the launch of Mistral Compute—their own infrastructure designed to handle the physics of modern AI scaling. This is a conversation about the plumbing, the 18,000-GPU clusters, and the hard engineering required to turn AI from a magic trick into a global industrial asset.Timothée LacroixLinkedIn - https://www.linkedin.com/in/timothee-lacroix-59517977/Google Scholar - https://scholar.google.com.do/citations?user=tZGS6dIAAAAJ&hl=en&oi=aoMistral AIWebsite - https://mistral.aiX/Twitter - https://x.com/MistralAIMatt Turck (Managing Director)Blog - https://mattturck.comLinkedIn - https://www.linkedin.com/in/turck/X/Twitter - https://twitter.com/mattturckFirstMarkWebsite - https://firstmark.comX/Twitter - https://twitter.com/FirstMarkCap(00:00) — Cold Open(01:27) — Mistral vs. The World: From Research Lab to Sovereign Power(03:48) — Inside Mistral Compute: Building an 18,000 GPU Cluster(08:42) — The Trillion-Dollar Question: Competing Without a Big Tech Parent(10:37) — The Reality of Enterprise AI: Escaping "POC Purgatory"(15:06) — Why Mistral Hires Forward Deployed Engineers (FDEs)(16:57) — The Contrarian Take: Why "Agents" are just "Workflows"(19:35) — Trust > Autonomy: The Truth About Agent Reliability(21:26) — The Missing Stack: Governance and Versioning for AI(26:24) — When Will AI Actually Work? (The 2026 Timeline)(30:33) — Beyond Chat: The "Banger" Sovereign Use Cases(35:46) — Mistral 3 Architecture: Mixture of Experts vs. Dense(43:12) — Synthetic Data & The Post-Training Bottleneck(45:12) — Reasoning Models: Why "Thinking" is Just Tool Use(46:22) — Launching DevStral 2 and the Vibe CLI(50:49) — Engineering Lessons: How to Build Frontier AI Efficiently(56:08) — Timothée's View on AGI & The Future of Intelligence

00:00 Introducción 00:15 Mercado Libre junta 4 plataformas de streaming y promete hasta 50% de ahorro Con Meli Mega, la compañía integra Netflix, Disney+, HBO Max y Apple TV+ desde 249 pesos al mes, junto con envíos gratis y beneficios financieros. 01:33 El 48% de los expertos en ciberseguridad navega a ciegas ante la IA La adopción acelerada de la IA detonó una carrera armamentista silenciosa en las empresas, con más riesgos y nuevas vulnerabilidades. 03:14 ASML, el monopolio invisible detrás del boom de Nvidia Esta es la única empresa capaz de fabricar las máquinas que producen los chips más avanzados del mundo. Su dominio en la litografía EUV la convierte en el eslabón crítico detrás del boom de Nvidia y la IA.

Zo erg als de vorige keer was het nog net niet, maar het was toch weer een horrordag voor Adyen en hun beleggers. Het aandeel verloor een vijfde van z'n waarde. En dat allemaal dankzij een paar tegenvallers. De omzet was totaal niet naar verwachting. Waar de CFO in november nog uitging van 20 tot 25 procent, kwam die uit op 17. Wanneer gaat Adyen écht leren hoe goed verwachtingsmanagement werkt? Of zijn het de beleggers die veel te veel fantaseren? Dat hoor je in deze aflevering. Verder hebben we het over het duo dat afscheid van elkaar nam, maar toch tegelijk met de cijfers komt. Unilever en Magnum. Die eerste sluit het jaar prima af, maar wel met de sidenote dat het verkopen van onderdelen vrij duur blijkt. En ook Magnum voelt daar de kosten van. Dat draait op de voor de kosten van de afsplitsing en dat is toch wel even slikken voor beleggers. Je hoort ook nog over Box 3. Schoorvoetend stemt de Tweede Kamer in met een vernieuwing van de belasting op jouw aandelen en obligaties. We vertellen je wat de veranderingen voor jou betekenen. En dan kom je ook nog te weten wie Apple achterna komt omdat het bedrijf 'te links' zou zijn. Wie zou dat toch zijn???? Te gast: Hans Oudshoorn van Saxo BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

Infrastructure was passé…uncool. Difficult to get dollars from Private Equity and Growth funds, and almost impossible to get a VC fund interested. Now?! Now, it's cool. Infrastructure seems to be having a Renaissance, a full on Rebirth, not just fueled by commercial interests (e.g. advent of AI), but also by industrial policy and geopolitical considerations. In this episode of Tech Deciphered, we explore what's cool in the infrastructure spaces, including mega trends in semiconductors, energy, networking & connectivity, manufacturing Navigation: Intro We're back to building things Why now: the 5 forces behind the renaissance Semiconductors: compute is the new oil Networking & connectivity: digital highways get rebuilt Energy: rebuilding the power stack (not just renewables) Manufacturing: the return of “atoms + bits” Wrap: what it means for startups, incumbents, and investors Conclusion Our co-hosts: Bertrand Schmitt, Entrepreneur in Residence at Red River West, co-founder of App Annie / Data.ai, business angel, advisor to startups and VC funds, @bschmitt Nuno Goncalves Pedro, Investor, Managing Partner, Founder at Chamaeleon, @ngpedro Our show: Tech DECIPHERED brings you the Entrepreneur and Investor views on Big Tech, VC and Start-up news, opinion pieces and research. We decipher their meaning, and add inside knowledge and context. Being nerds, we also discuss the latest gadgets and pop culture news Subscribe To Our Podcast Nuno Gonçalves Pedro Introduction Welcome to episode 73 of Tech Deciphered, Infrastructure, the Rebirth or Renaissance. Infrastructure was passé, it wasn’t cool, but all of a sudden now everyone’s talking about network, talking about compute and semiconductors, talking about logistics, talking about energy. What gives? What’s happened? It was impossible in the past to get any funds, venture capital, even, to be honest, some private equity funds or growth funds interested in some of these areas, but now all of a sudden everyone thinks it’s cool. The infrastructure seems to be having a renaissance, a full-on rebirth. In this episode, we will explore in which cool ways the infrastructure spaces are moving and what’s leading to it. We will deep dive into the forces that are leading us to this. We will deep dive into semiconductors, networking and connectivity, energy, manufacturing, and then we’ll wrap up. Bertrand, so infrastructure is cool now. Bertrand Schmitt We're back to building things Yes. I thought software was going to eat the world. I cannot believe it was then, maybe even 15 years ago, from Andreessen, that quote about software eating the world. I guess it’s an eternal balance. Sometimes you go ahead of yourself, you build a lot of software stack, and at some point, you need the hardware to run this software stack, and there is only so much the bits can do in a world of atoms. Nuno Gonçalves Pedro Obviously, we’ve gone through some of this before. I think what we’re going through right now is AI is eating the world, and because AI is eating the world, it’s driving a lot of this infrastructure building that we need. We don’t have enough energy to be consumed by all these big data centers and hyperscalers. We need to be innovative around network as well because of the consumption in terms of network bandwidth that is linked to that consumption as well. In some ways, it’s not software eating the world, AI is eating the world. Because AI is eating the world, we need to rethink everything around infrastructure and infrastructure becoming cool again. Bertrand Schmitt There is something deeper in this. It’s that the past 10, even 15 years were all about SaaS before AI. SaaS, interestingly enough, was very energy-efficient. When I say SaaS, I mean cloud computing at large. What I mean by energy-efficient is that actually cloud computing help make energy use more efficient because instead of companies having their own separate data centers in many locations, sometimes poorly run from an industrial perspective, replace their own privately run data center with data center run by the super scalers, the hyperscalers of the world. These data centers were run much better in terms of how you manage the coolings, the energy efficiency, the rack density, all of this stuff. Actually, the cloud revolution didn’t increase the use of electricity. The cloud revolution was actually a replacement from your private data center to the hyperscaler data center, which was energy efficient. That’s why we didn’t, even if we are always talking about that growth of cloud computing, we were never feeling the pinch in term of electricity. As you say, we say it all changed because with AI, it was not a simple “Replacement” of locally run infrastructure to a hyperscaler run infrastructure. It was truly adding on top of an existing infrastructure, a new computing infrastructure in a way out of nowhere. Not just any computing infrastructure, an energy infrastructure that was really, really voracious in term of energy use. Nuno Gonçalves Pedro There was one other effect. Obviously, we’ve discussed before, we are in a bubble. We won’t go too much into that today. But the previous big bubble in tech, which is in the late ’90s, there was a lot of infrastructure built. We thought the internet was going to take over back then. It didn’t take over immediately, but there was a lot of network connectivity, bandwidth built back in the day. Companies imploded because of that as well, or had to restructure and go in their chapter 11. A lot of the big telco companies had their own issues back then, etc., but a lot of infrastructure was built back then for this advent of the internet, which would then take a long time to come. In some ways, to your point, there was a lot of latent supply that was built that was around that for a while wasn’t used, but then it was. Now it’s been used, and now we need new stuff. That’s why I feel now we’re having the new moment of infrastructure, new moment of moving forward, aligned a little bit with what you just said around cloud computing and the advent of SaaS, but also around the fact that we had a lot of buildup back in the late ’90s, early ’90s, which we’re now still reaping the benefits on in today’s world. Bertrand Schmitt Yeah, that’s actually a great point because what was built in the late ’90s, there was a lot of fibre that was built. Laying out the fibre either across countries, inside countries. This fibre, interestingly enough, you could just change the computing on both sides of the fibre, the routing, the modems, and upgrade the capacity of the fibre. But the fibre was the same in between. The big investment, CapEx investment, was really lying down that fibre, but then you could really upgrade easily. Even if both ends of the fibre were either using very old infrastructure from the ’90s or were actually dark and not being put to use, step by step, it was being put to use, equipment was replaced, and step by step, you could keep using more and more of this fibre. It was a very interesting development, as you say, because it could be expanded over the years, where if we talk about GPUs, use for AI, GPUs, the interesting part is actually it’s totally the opposite. After a few years, it’s useless. Some like Google, will argue that they can depreciate over 5, 6 years, even some GPUs. But at the end of the day, the difference in perf and energy efficiency of the GPUs means that if you are energy constrained, you just want to replace the old one even as young as three-year-old. You have to look at Nvidia increasing spec, generation after generation. It’s pretty insane. It’s usually at least 3X year over year in term of performance. Nuno Gonçalves Pedro At this moment in time, it’s very clear that it’s happening. Why now: the 5 forces behind the renaissance Maybe let’s deep dive into why it’s happening now. What are the key forces around this? We’ve identified, I think, five forces that are particularly vital that lead to the world we’re in right now. One we’ve already talked about, which is AI, the demand shock and everything that’s happened because of AI. Data centers drive power demand, drive grid upgrades, drive innovative ways of getting energy, drive chips, drive networking, drive cooling, drive manufacturing, drive all the things that we’re going to talk in just a bit. One second element that we could probably highlight in terms of the forces that are behind this is obviously where we are in terms of cost curves around technology. Obviously, a lot of things are becoming much cheaper. The simulation of physical behaviours has become a lot more cheap, which in itself, this becomes almost a vicious cycle in of itself, then drives the adoption of more and more AI and stuff. But anyway, the simulation is becoming more and more accessible, so you can do a lot of simulation with digital twins and other things off the real world before you go into the real world. Robotics itself is becoming, obviously, cheaper. Hardware, a lot of the hardware is becoming cheaper. Computer has become cheaper as well. Obviously, there’s a lot of cost curves that have aligned that, and that’s maybe the second force that I would highlight. Obviously, funds are catching up. We’ll leave that a little bit to the end. We’ll do a wrap-up and talk a little bit about the implications to investors. But there’s a lot of capital out there, some capital related to industrial policy, other capital related to private initiative, private equity, growth funds, even venture capital, to be honest, and a few other elements on that. That would be a third force that I would highlight. Bertrand Schmitt Yes. Interestingly enough, in terms of capital use, and we’ll talk more about this, but some firms, if we are talking about energy investment, it was very difficult to invest if you are not investing in green energy. Now I think more and more firms and banks are willing to invest or support different type of energy infrastructure, not just, “Green energy.” That’s an interesting development because at some point it became near impossible to invest more in gas development, in oil development in the US or in most Western countries. At least in the US, this is dramatically changing the framework. Nuno Gonçalves Pedro Maybe to add the two last forces that I think we see behind the renaissance of what’s happening in infrastructure. They go hand in hand. One is the geopolitics of the world right now. Obviously, the world was global flat, and now it’s becoming increasingly siloed, so people are playing it to their own interests. There’s a lot of replication of infrastructure as well because people want to be autonomous, and they want to drive their own ability to serve end consumers, businesses, etc., in terms of data centers and everything else. That ability has led to things like, for example, chips shortage. The fact that there are semiconductors, there are shortages across the board, like memory shortages, where everything is packed up until 2027 of 2028. A lot of the memory that was being produced is already spoken for, which is shocking. There’s obviously generation of supply chain fragilities, obviously, some of it because of policies, for example, in the US with tariffs, etc, security of energy, etc. Then the last force directly linked to the geopolitics is the opposite of it, which is the policy as an accelerant, so to speak, as something that is accelerating development, where because of those silos, individual countries, as part their industrial policy, then want to put capital behind their local ecosystems, their local companies, so that their local companies and their local systems are for sure the winners, or at least, at the very least, serve their own local markets. I think that’s true of a lot of the things we’re seeing, for example, in the US with the Chips Act, for semiconductors, with IGA, IRA, and other elements of what we’ve seen in terms of practices, policies that have been implemented even in Europe, China, and other parts of the world. Bertrand Schmitt Talking about chips shortages, it’s pretty insane what has been happening with memory. Just the past few weeks, I have seen a close to 3X increase in price in memory prices in a matter of weeks. Apparently, it started with a huge order from OpenAI. Apparently, they have tried to corner the memory market. Interestingly enough, it has flat-footed the entire industry, and that includes Google, that includes Microsoft. There are rumours of their teams now having moved to South Korea, so they are closer to the action in terms of memory factories and memory decision-making. There are rumours of execs who got fired because they didn’t prepare for this type of eventuality or didn’t lock in some of the supply chain because that memory was initially for AI, but obviously, it impacts everything because factories making memories, you have to plan years in advance to build memories. You cannot open new lines of manufacturing like this. All factories that are going to open, we know when they are going to open because they’ve been built up for years. There is no extra capacity suddenly. At the very best, you can change a bit your line of production from one type of memory to another type. But that’s probably about it. Nuno Gonçalves Pedro Just to be clear, all these transformations we’re seeing isn’t to say just hardware is back, right? It’s not just hardware. There’s physicality. The buildings are coming back, right? It’s full stack. Software is here. That’s why everything is happening. Policy is here. Finance is here. It’s a little bit like the name of the movie, right? Everything everywhere all at once. Everything’s happening. It was in some ways driven by the upper stacks, by the app layers, by the platform layers. But now we need new infrastructure. We need more infrastructure. We need it very, very quickly. We need it today. We’re already lacking in it. Semiconductors: compute is the new oil Maybe that’s a good segue into the first piece of the whole infrastructure thing that’s driving now the most valuable company in the world, NVIDIA, which is semiconductors. Semiconductors are driving compute. Semis are the foundation of infrastructure as a compute. Everyone needs it for every thing, for every activity, not just for compute, but even for sensors, for actuators, everything else. That’s the beginning of it all. Semiconductor is one of the key pieces around the infrastructure stack that’s being built at scale at this moment in time. Bertrand Schmitt Yes. What’s interesting is that if we look at the market gap of Semis versus software as a service, cloud companies, there has been a widening gap the past year. I forgot the exact numbers, but we were talking about plus 20, 25% for Semis in term of market gap and minus 5, minus 10 for SaaS companies. That’s another trend that’s happening. Why is this happening? One, because semiconductors are core to the AI build-up, you cannot go around without them. But two, it’s also raising a lot of questions about the durability of the SaaS, a software-as-a-service business model. Because if suddenly we have better AI, and that’s all everyone is talking about to justify the investment in AI, that it keeps getting better, and it keeps improving, and it’s going to replace your engineers, your software engineers. Then maybe all of this moat that software companies built up over the years or decades, sometimes, might unravel under the pressure of newly coded, newly built, cheaper alternatives built from the ground up with AI support. It’s not just that, yes, semiconductors are doing great. It’s also as a result of that AI underlying trend that software is doing worse right now. Nuno Gonçalves Pedro At the end of the day, this foundational piece of infrastructure, semiconductor, is obviously getting manifest to many things, fabrication, manufacturing, packaging, materials, equipment. Everything’s being driven, ASML, etc. There are all these different players around the world that are having skyrocket valuations now, it’s because they’re all part of the value chain. Just to be very, very clear, there’s two elements of this that I think are very important for us to remember at this point in time. One, it’s the entire value chains are being shifted. It’s not just the chips that basically lead to computing in the strict sense of it. It’s like chips, for example, that drive, for example, network switching. We’re going to talk about networking a bit, but you need chips to drive better network switching. That’s getting revolutionised as well. For example, we have an investment in that space, a company called the eridu.ai, and they’re revolutionising one of the pieces around that stack. Second part of the puzzle, so obviously, besides the holistic view of the world that’s changing in terms of value change, the second piece of the puzzle is, as we discussed before, there’s industrial policy. We already mentioned the CHIPS Act, which is something, for example, that has been done in the US, which I think is 52 billion in incentives across a variety of things, grants, loans, and other mechanisms to incentivise players to scale capacity quick and to scale capacity locally in the US. One of the effects of that now is obviously we had the TSMC, US expansion with a factory here in the US. We have other levels of expansion going on with Intel, Samsung, and others that are happening as we speak. Again, it’s this two by two. It’s market forces that drive the need for fundamental shifts in the value chain. On the other industrial policy and actual money put forward by states, by governments, by entities that want to revolutionise their own local markets. Bertrand Schmitt Yes. When you talk about networking, it makes me think about what NVIDIA did more than six years ago when they acquired Mellanox. At the time, it was largest acquisition for NVIDIA in 2019, and it was networking for the data center. Not networking across data center, but inside the data center, and basically making sure that your GPUs, the different computers, can talk as fast as possible between each of them. I think that’s one piece of the puzzle that a lot of companies are missing, by the way, about NVIDIA is that they are truly providing full systems. They are not just providing a GPU. Some of their competitors are just providing GPUs. But NVIDIA can provide you the full rack. Now, they move to liquid-cool computing as well. They design their systems with liquid cooling in mind. They have a very different approach in the industry. It’s a systematic system-level approach to how do you optimize your data center. Quite frankly, that’s a bit hard to beat. Nuno Gonçalves Pedro For those listening, you’d be like, this is all very different. Semiconductors, networking, energy, manufacturing, this is all different. Then all of a sudden, as Bertrand is saying, well, there are some players that are acting across the stack. Then you see in the same sentence, you’re talking about nuclear power in Microsoft or nuclear power in Google, and you’re like, what happened? Why are these guys in the same sentence? It’s like they’re tech companies. Why are they talking about energy? It’s the nature of that. These ecosystems need to go hand in hand. The value chains are very deep. For you to actually reap the benefits of more and more, for example, semiconductor availability, you have to have better and better networking connectivity, and you have to have more and more energy at lower and lower costs, and all of that. All these things are intrinsically linked. That’s why you see all these big tech companies working across stack, NVIDIA being a great example of that in trying to create truly a systems approach to the world, as Bertrand was mentioning. Networking & connectivity: digital highways get rebuilt On the networking and connectivity side, as we said, we had a lot of fibre that was put down, etc, but there’s still more build-out needs to be done. 5G in terms of its densification is still happening. We’re now starting to talk, obviously, about 6G. I’m not sure most telcos are very happy about that because they just have been doing all this CapEx and all this deployment into 5G, and now people already started talking about 6G and what’s next. Obviously, data center interconnect is quite important, and all the hubbing that needs to happen around data centers is very, very important. We are seeing a lot movements around connectivity that are particularly important. Network gear and the emergence of players like Broadcom in terms of the semiconductor side of the fence, obviously, Cisco, Juniper, Arista, and others that are very much present in this space. As I said, we made an investment on the semiconductor side of networking as well, realizing that there’s still a lot of bottlenecks happening there. But obviously, the networking and connectivity stack still needs to be built at all levels within the data centers, outside of the data centers in terms of last mile, across the board in terms of fibre. We’re seeing a lot of movements still around the space. It’s what connects everything. At the end of the day, if there’s too much latency in these systems, if the bandwidths are not high enough, then we’re going to have huge bottlenecks that are going to be put at the table by a networking providers. Obviously, that doesn’t help anyone. If there’s a button like anywhere, it doesn’t work. All of this doesn’t work. Bertrand Schmitt Yes. Interestingly enough, I know we said for this episode, we not talk too much about space, but when you talk about 6G, it make me think about, of course, Starlink. That’s really your last mile delivery that’s being built as well. It’s a massive investment. We’re talking about thousands of satellites that are interconnected between each other through laser system. This is changing dramatically how companies can operate, how individuals can operate. For companies, you can have great connectivity from anywhere in the world. For military, it’s the same. For individuals, suddenly, you won’t have dead space, wide zones. This is also a part of changing how we could do things. It’s quite important even in the development of AI because, yes, you can have AI at the edge, but that interconnect to the rest of the system is quite critical. Having that availability of a network link, high-quality network link from anywhere is a great combo. Nuno Gonçalves Pedro Then you start seeing regions of the world that want to differentiate to attract digital nomads by saying, “We have submarine cables that come and hub through us, and therefore, our connectivity is amazing.” I was just in Madeira, and they were talking about that in Portugal. One of the islands of Portugal. We have some Marine cables. You have great connectivity. We’re getting into that discussion where people are like, I don’t care. I mean, I don’t know. I assume I have decent connectivity. People actually care about decent connectivity. This discussion is not just happening at corporate level, at enterprise level? Etc. Even consumers, even people that want to work remotely or be based somewhere else in the world. It’s like, This is important Where is there a great connectivity for me so that I can have access to the services I need? Etc. Everyone becomes aware of everything. We had a cloud flare mishap more recently that the CEO had to jump online and explain deeply, technically and deeply, what happened. Because we’re in their heads. If Cloudflare goes down, there’s a lot of websites that don’t work. All of this, I think, is now becoming du jour rather than just an afterthought. Maybe we’ll think about that in the future. Bertrand Schmitt Totally. I think your life is being changed for network connectivity, so life of individuals, companies. I mean, everything. Look at airlines and ships and cruise ships. Now is the advent of satellite connectivity. It’s dramatically changing our experience. Nuno Gonçalves Pedro Indeed. Energy: rebuilding the power stack (not just renewables) Moving maybe to energy. We’ve talked about energy quite a bit in the past. Maybe we start with the one that we didn’t talk as much, although we did mention it, which was, let’s call it the fossil infrastructure, what’s happening around there. Everyone was saying, it’s all going to be renewables and green. We’ve had a shift of power, geopolitics. Honestly, I the writing was on the wall that we needed a lot more energy creation. It wasn’t either or. We needed other sources to be as efficient as possible. Obviously, we see a lot of work happening around there that many would have thought, Well, all this infrastructure doesn’t matter anymore. Now we’re seeing LNG terminals, pipelines, petrochemical capacity being pushed up, a lot of stuff happening around markets in terms of export, and not only around export, but also around overall distribution and increases and improvements so that there’s less leakage, distribution of energy, etc. In some ways, people say, it’s controversial, but it’s like we don’t have enough energy to spare. We’re already behind, so we need as much as we can. We need to figure out the way to really extract as much as we can from even natural resources, which In many people’s mind, it’s almost like blasphemous to talk about, but it is where we are. Obviously, there’s a lot of renaissance also happening on the fossil infrastructure basis, so to speak. Bertrand Schmitt Personally, I’m ecstatic that there is a renaissance going regarding what is called fossil infrastructure. Oil and gas, it’s critical to humanity well-being. You never had growth of countries without energy growth and nothing else can come close. Nuclear could come close, but it takes decades to deploy. I think it’s great. It’s great for developed economies so that they do better, they can expand faster. It’s great for third-world countries who have no realistic other choice. I really don’t know what happened the past 10, 15 years and why this was suddenly blasphemous. But I’m glad that, strangely, thanks to AI, we are back to a more rational mindset about energy and making sure we get efficient energy where we can. Obviously, nuclear is getting a second act. Nuno Gonçalves Pedro I know you would be. We’ve been talking about for a long time, and you’ve been talking about it in particular for a very long time. Bertrand Schmitt Yes, definitely. It’s been one area of interest of mine for 25 years. I don’t know. I’ve been shocked about what happened in Europe, that willingness destruction of energy infrastructure, especially in Germany. Just a few months ago, they keep destroying on live TV some nuclear station in perfect working condition and replacing them with coal. I’m not sure there is a better definition of insanity at this stage. It looks like it’s only the Germans going that hardcore for some reason, but at least the French have stopped their program of decommissioning. America, it seems to be doing the same, so it’s great. On top of it, there are new generations that could be put to use. The Chinese are building up a very large nuclear reactor program, more than 100 reactors in construction for the next 10 years. I think everybody has to catch up because at some point, this is the most efficient energy solution. Especially if you don’t build crazy constraints around the construction of these nuclear reactors. If we are rational about permits, about energy, about safety, there are great things we could be doing with nuclear. That might be one of the only solution if we want to be competitive, because when energy prices go down like crazy, like in China, they will do once they have reach delivery of their significant build-up of nuclear reactors, we better be ready to have similar options from a cost perspective. Nuno Gonçalves Pedro From the outside, at the very least, nuclear seems to be probably in the energy one of the areas that’s more being innovated at this moment in time. You have startups in the space, you have a lot really money going into it, not just your classic industrial development. That’s very exciting. Moving maybe to the carbonization and what’s happening. The CCUS, and for those who don’t know what it is, carbon capture, utilization, and storage. There’s a lot of stuff happening around that space. That’s the area that deals with the ability to capture CO₂ emissions from industrial sources and/or the atmosphere and preventing their release. There’s a lot of things happening in that space. There’s also a lot of things happening around hydrogen and geothermal and really creating the ability to storage or to store, rather, energy that then can be put back into the grids at the right time. There’s a lot of interesting pieces happening around this. There’s some startup movement in the space. It’s been a long time coming, the reuse of a lot of these industrial sources. Not sure it’s as much on the news as nuclear, and oil and gas, but certainly there’s a lot of exciting things happening there. Bertrand Schmitt I’m a bit more dubious here, but I think geothermal makes sense if it’s available at reasonable price. I don’t think hydrogen technology has proven its value. Concerning carbon capture, I’m not sure how much it’s really going to provide in terms of energy needs, but why not? Nuno Gonçalves Pedro Fuels niche, again, from the outside, we’re not energy experts, but certainly, there are movements in the space. We’ll see what’s happening. One area where there’s definitely a lot of movement is this notion of grid and storage. On the one hand, that transmission needs to be built out. It needs to be better. We’ve had issues of blackouts in the US. We’ve had issues of blackouts all around the world, almost. Portugal as well, for a significant part of the time. The ability to work around transmission lines, transformers, substations, the modernization of some of this infrastructure, and the move forward of it is pretty critical. But at the other end, there’s the edge. Then, on the edge, you have the ability to store. We should have, better mechanisms to store energy that are less leaky in terms of energy storage. Obviously, there’s a lot of movement around that. Some of it driven just by commercial stuff, like Tesla a lot with their storage stuff, etc. Some of it really driven at scale by energy players that have the interest that, for example, some of the storage starts happening closer to the consumption as well. But there’s a lot of exciting things happening in that space, and that is a transformative space. In some ways, the bottleneck of energy is also around transmission and then ultimately the access to energy by homes, by businesses, by industries, etc. Bertrand Schmitt I would say some of the blackout are truly man-made. If I pick on California, for instance. That’s the logical conclusion of the regulatory system in place in California. On one side, you limit price that energy supplier can sell. The utility company can sell, too. On the other side, you force them to decommission the most energy-efficient and least expensive energy source. That means you cap the revenues, you make the cost increase. What is the result? The result is you cannot invest anymore to support a grid and to support transmission. That’s 100% obvious. That’s what happened, at least in many places. The solution is stop crazy regulations that makes no economic sense whatsoever. Then, strangely enough, you can invest again in transmission, in maintenance, and all I love this stuff. Maybe another piece, if we pick in California, if you authorize building construction in areas where fires are easy, that’s also a very costly to support from utility perspective, because then you are creating more risk. You are forced buy the state to connect these new constructions to the grid. You have more maintenance. If it fails, you can create fire. If you create fire, you have to pay billions of fees. I just want to highlight that some of this is not a technological issue, is not per se an investment issue, but it’s simply the result of very bad regulations. I hope that some will learn, and some change will be made so that utilities can do their job better. Nuno Gonçalves Pedro Then last, but not the least, on the energy side, energy is becoming more and more digitally defined in some ways. It’s like the analogy to networks that they’ve become more, and more software defined, where you have, at the edge is things like smart meters. There’s a lot of things you can do around the key elements of the business model, like dynamic pricing and other elements. Demand response, one of the areas that I invested in, I invest in a company called Omconnect that’s now merged with what used to be Google Nest. Where to deploy that ability to do demand response and also pass it to consumers so that consumers can reduce their consumption at times where is the least price effective or the less green or the less good for the energy companies to produce energy. We have other things that are happening, which are interesting. Obviously, we have a lot more electric vehicles in cars, etc. These are also elements of storage. They don’t look like elements of storage, but the car has electricity in it once you charge it. Once it’s charged, what do you do with it? Could you do something else? Like the whole reverse charging piece that we also see now today in mobile devices and other edge devices, so to speak. That also changes the architecture of what we’re seeing around the space. With AI, there’s a lot of elements that change around the value chain. The ability to do forecasting, the ability to have, for example, virtual power plans because of just designated storage out there, etc. Interesting times happening. Not sure all utilities around the world, all energy providers around the world are innovating at the same pace and in the same way. But certainly just looking at the industry and talking to a lot of players that are CEOs of some of these companies. That are leading innovation for some of these companies, there’s definitely a lot more happening now in the last few years than maybe over the last few decades. Very exciting times. Bertrand Schmitt I think there are two interesting points in what you say. Talking about EVs, for instance, a Cybertruck is able to send electricity back to your home if your home is able to receive electricity from that source. Usually, you have some changes to make to the meter system, to your panel. That’s one great way to potentially use your car battery. Another piece of the puzzle is that, strangely enough, most strangely enough, there has been a big push to EV, but at the same time, there has not been a push to provide more electricity. But if you replace cars that use gasoline by electric vehicles that use electricity, you need to deliver more electricity. It doesn’t require a PhD to get that. But, strangely enough, nothing was done. Nuno Gonçalves Pedro Apparently, it does. Bertrand Schmitt I remember that study in France where they say that, if people were all to switch to EV, we will need 10 more nuclear reactors just on the way from Paris to Nice to the Côte d’Azur, the French Rivière, in order to provide electricity to the cars going there during the summer vacation. But I mean, guess what? No nuclear plant is being built along the way. Good luck charging your vehicles. I think that’s another limit that has been happening to the grid is more electric vehicles that require charging when the related infrastructure has not been upgraded to support more. Actually, it has quite the opposite. In many cases, we had situation of nuclear reactors closing down, so other facilities closing down. Obviously, the end result is an increase in price of electricity, at least in some states and countries that have not sold that fully out. Nuno Gonçalves Pedro Manufacturing: the return of “atoms + bits” Moving to manufacturing and what’s happening around manufacturing, manufacturing technology. There’s maybe the case to be made that manufacturing is getting replatformed, right? It’s getting redefined. Some of it is very obvious, and it’s already been ongoing for a couple of decades, which is the advent of and more and more either robotic augmented factories or just fully roboticized factories, where there’s very little presence of human beings. There’s elements of that. There’s the element of software definition on top of it, like simulation. A lot of automation is going on. A lot of AI has been applied to some lines in terms of vision, safety. We have an investment in a company called Sauter Analytics that is very focused on that from the perspective of employees and when they’re still humans in the loop, so to speak, and the ability to really figure out when people are at risk and other elements of what’s happening occurring from that. But there’s more than that. There’s a little bit of a renaissance in and of itself. Factories are, initially, if we go back a couple of decades ago, factories were, and manufacturing was very much defined from the setup. Now it’s difficult to innovate, it’s difficult to shift the line, it’s difficult to change how things are done in the line. With the advent of new factories that have less legacy, that have more flexible systems, not only in terms of software, but also in terms of hardware and robotics, it allows us to, for example, change and shift lines much more easily to different functions, which will hopefully, over time, not only reduce dramatically the cost of production. But also increase dramatically the yield, it increases dramatically the production itself. A lot of cool stuff happening in that space. Bertrand Schmitt It’s exciting to see that. One thing this current administration in the US has been betting on is not just hoping for construction renaissance. Especially on the factory side, up of factories, but their mindset was two things. One, should I force more companies to build locally because it would be cheaper? Two, increase output and supply of energy so that running factories here in the US would be cheaper than anywhere else. Maybe not cheaper than China, but certainly we get is cheaper than Europe. But three, it’s also the belief that thanks to AI, we will be able to have more efficient factories. There is always that question, do Americans to still keep making clothes, for instance, in factories. That used to be the case maybe 50 years ago, but this move to China, this move to Bangladesh, this move to different places. That’s not the goal. But it can make sense that indeed there is ability, thanks to robots and AI, to have more automated factories, and these factories could be run more efficiently, and as a result, it would be priced-competitive, even if run in the US. When you want to think about it, that has been, for instance, the South Korean playbook. More automated factories, robotics, all of this, because that was the only way to compete against China, which has a near infinite or used to have a near infinite supply of cheaper labour. I think that all of this combined can make a lot of sense. In a way, it’s probably creating a perfect storm. Maybe another piece of the puzzle this administration has been working on pretty hard is simplifying all the permitting process. Because a big chunk of the problem is that if your permitting is very complex, very expensive, what take two years to build become four years, five years, 10 years. The investment mass is not the same in that situation. I think that’s a very important part of the puzzle. It’s use this opportunity to reduce regulatory state, make sure that things are more efficient. Also, things are less at risk of bribery and fraud because all these regulations, there might be ways around. I think it’s quite critical to really be careful about this. Maybe last piece of the puzzle is the way accounting works. There are new rules now in 2026 in the US where you can fully depreciate your CapEx much faster than before. That’s a big win for manufacturing in the US. Suddenly, you can depreciate much faster some of your CapEx investment in manufacturing. Nuno Gonçalves Pedro Just going back to a point you made and then moving it forward, even China, with being now probably the country in the world with the highest rate of innovation and take up of industrial robots. Because of demographic issues a little bit what led Japan the first place to be one of the real big innovators around robots in general. The fact that demographics, you’re having an aging population, less and less children. How are you going to replace all these people? Moving that into big winners, who becomes a big winner in a space where manufacturing is fundamentally changing? Obviously, there’s the big four of robots, which is ABB, FANUC, KUKA, and Yaskawa. Epson, I think, is now in there, although it’s not considered one of the big four. Kawasaki, Denso, Universal Robots. There’s a really big robotics, industrial robotic companies in the space from different origins, FANUC and Yaskawa, and Epson from Japan, KUKA from Germany, ABB from Switzerland, Sweden. A lot of now emerging companies from China, and what’s happening in that space is quite interesting. On the other hand, also, other winners will include players that will be integrators that will build some of the rest of the infrastructure that goes into manufacturing, the Siemens of the world, the Schneider’s, the Rockwell’s that will lead to fundamental industrial automation. Some big winners in there that whose names are well known, so probably not a huge amount of surprises there. There’s movements. As I said, we’re still going to see the big Chinese players emerging in the world. There are startups that are innovating around a lot of the edges that are significant in this space. We’ll see if this is a space that will just be continued to be dominated by the big foreign robotics and by a couple of others and by the big integrators or not. Bertrand Schmitt I think you are right to remind about China because China has been moving very fast in robotics. Some Chinese companies are world-class in their use of robotics. You have this strange mix of some older industries where robotics might not be so much put to use and typically state-owned, versus some private companies, typically some tech companies that are reconverting into hardware in some situation. That went all in terms of robotics use and their demonstrations, an example of what’s happening in China. Definitely, the Chinese are not resting. Everyone smart enough is playing that game from the Americans, the Chinese, Japanese, the South Koreans. Nuno Gonçalves Pedro Exciting things are manufacturing, and maybe to bring it all together, what does it mean for all the big players out there? If we talk with startups and talk about startups, we didn’t mention a ton of startups today, right? Maybe incumbent wind across the board. But on a more serious note, we did mention a few. For example, in nuclear energy, there’s a lot of startups that have been, some of them, incredibly well-funded at this moment in time. Wrap: what it means for startups, incumbents, and investors There might be some big disruptions that will come out of startups, for example, in that space. On the chipset side, we talked about the big gorillas, the NVIDIAs, AMDs, Intel, etc., of the world. But we didn’t quite talk about the fact that there’s a lot of innovation, again, happening on the edges with new players going after very large niches, be it in networking and switching. Be it in compute and other areas that will need different, more specialized solutions. Potentially in terms of compute or in terms of semiconductor deployments. I think there’s still some opportunities there, maybe not to be the winner takes all thing, but certainly around a lot of very significant niches that might grow very fast. Manufacturing, we mentioned the same. Some of the incumbents seem to be in the driving seat. We’ll see what happens if some startups will come in and take some of the momentum there, probably less likely. There are spaces where the value chains are very tightly built around the OEMs and then the suppliers overall, classically the tier one suppliers across value chains. Maybe there is some startup investment play. We certainly have played in the couple of the spaces. I mentioned already some of them today, but this is maybe where the incumbents have it all to lose. It’s more for them to lose rather than for the startups to win just because of the scale of what needs to be done and what needs to be deployed. Bertrand Schmitt I know. That’s interesting point. I think some players in energy production, for instance, are moving very fast and behaving not only like startups. Usually, it’s independent energy suppliers who are not kept by too much regulations that get moved faster. Utility companies, as we just discussed, have more constraints. I would like to say that if you take semiconductor space, there has been quite a lot of startup activities way more than usual, and there have been some incredible success. Just a few weeks ago, Rock got more or less acquired. Now, you have to play games. It’s not an outright acquisition, but $20 billion for an IP licensing agreement that’s close to an acquisition. That’s an incredible success for a company. Started maybe 10 years ago. You have another Cerebras, one of the competitor valued, I believe, quite a lot in similar range. I think there is definitely some activity. It’s definitely a different game compared to your software startup in terms of investment. But as we have seen with AI in general, the need for investment might be larger these days. Yes, it might be either traditional players if they can move fast enough, to be frank, because some of them, when you have decades of being run as a slow-moving company, it’s hard to change things. At the same time, it looks like VCs are getting bigger. Wall Street is getting more ready to finance some of these companies. I think there will be opportunities for startups, but definitely different types of startups in terms of profile. Nuno Gonçalves Pedro Exactly. From an investor standpoint, I think on the VC side, at least our core belief is that it’s more niche. It’s more around big niches that need to be fundamentally disrupted or solutions that require fundamental interoperability and integration where the incumbents have no motivation to do it. Things that are a little bit more either packaging on the semiconductor side or other elements of actual interoperability. Even at the software layer side that feeds into infrastructure. If you’re a growth investor, a private equity investor, there’s other plays that are available to you. A lot of these projects need to be funded and need to be scaled. Now we’re seeing projects being funded even for a very large, we mentioned it in one of the previous episodes, for a very large tech companies. When Meta, for example, is going to the market to get funding for data centers, etc. There’s projects to be funded there because just the quantum and scale of some of these projects, either because of financial interest for specifically the tech companies or for other reasons, but they need to be funded by the market. There’s other place right now, certainly if you’re a larger private equity growth investor, and you want to come into the market and do projects. Even public-private financing is now available for a lot of things. Definitely, there’s a lot of things emanating that require a lot of funding, even for large-scale projects. Which means the advent of some of these projects and where realization is hopefully more of a given than in other circumstances, because there’s actual commercial capital behind it and private capital behind it to fuel it as well, not just industrial policy and money from governments. Bertrand Schmitt There was this quite incredible stat. I guess everyone heard about that incredible growth in GDP in Q3 in the US at 4.4%. Apparently, half of that growth, so around 2.2% point, has been coming from AI and related infrastructure investment. That’s pretty massive. Half of your GDP growth coming from something that was not there three years ago or there, but not at this intensity of investment. That’s the numbers we are talking about. I’m hearing that there is a good chance that in 2026, we’re talking about five, even potentially 6% GDP growth. Again, half of it potentially coming from AI and all the related infrastructure growth that’s coming with AI. As a conclusion for this episode on infrastructure, as we just said, it’s not just AI, it’s a whole stack, and it’s manufacturing in general as well. Definitely in the US, in China, there is a lot going on. As we have seen, computing needs connectivity, networks, need power, energy and grid, and all of this needs production capacity and manufacturing. Manufacturing can benefit from AI as well. That way the loop is fully going back on itself. Infrastructure is the next big thing. It’s an opportunity, probably more for incumbents, but certainly, as usual, with such big growth opportunities for startups as well. Thank you, Nuno. Nuno Gonçalves Pedro Thank you, Bertrand.

Hollandser dan dit wordt het niet. We hebben het over de kwartaalcijfers van ABN Amro, Ahold Delhaize, Heineken én Randstad. AEX-bedrijven die het wisselend hebben gedaan.Je hoort deze aflevering over het leed dat beleggen in Randstad heet. De uitzender werd wéér afgestraft na wéér een kwartaal waarin de omzet afnam. Voor de twaalfde keer op rij (!) alweer. Vertellen we je ook over ABN Amro, dat heeft een 'rommelig kwartaal' achter de rug.Praten we je ook bij over Ahold Delhaize. Dat wordt beloond door beleggers. De vraag is waar het enthousiasme vandaan komt. Zijn het de goede resultaten of het feit dat de topman op overnamepad wil? Over topmannen gesproken. Die van Heineken zwaait af, maar doet dat niet alleen. Hij neemt duizenden collega's met zich mee. Een massaontslag als afscheid.Verder deze aflevering ook nog aandacht voor de cijfers van Mattel, Amerikaanse banencijfers én de macht van de Japanse premier op de beurshandel. Te gast: Robbert Manders BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

It's the 6th largest economy in the EU with its largest port and some of its most important companies including ASML and Unilever. It's also the 5th biggest trading partner for Ireland and now as a brand-new centrist coalition government.But what can we expect in economic terms from the new Rob Jetten minority government in a time of trade anxiety and pressure from the US? All to discuss with Titia Ketelaar Commentator for the Dutch national broadcaster NRC.

Oppermachtig, president en partijleider voor het leven - de eerste sinds Mao. Xi Jinping wist zelfs Donald Trump te imponeren, ‘straight from Central Casting in Hollywood’. Dramatische gebeurtenissen in Beijing - zuivering van de militaire top, aanklachten wegens corruptie en atoomspionage, geruchten over een couppoging - duiden op grote troebelen en een onverwacht machtsvacuüm. Wat weten we, wat betekent dit en welke consequenties heeft dit voor China, voor Xi’s positie en de geopolitieke verhoudingen? *** Deze aflevering is mede mogelijk gemaakt met donaties van luisteraars die we hiervoor hartelijk danken. Word ook vriend van de show! Deze aflevering bevat een advertentie van Oogwereld Heb je belangstelling om in onze podcast te adverteren of ons te sponsoren? Zend ons een mailtje en wij zoeken contact. *** Jaap Jansen en PG Kroeger pluizen de berichten uit. Officiële verklaringen en commentaren in Beijing, maar ook de tsunami aan geruchten over de ongekende ingreep in de Centrale Militaire Commissie. Naast voorzitter Xi Jinping is nog maar één lid in functie. Vicevoorzitter generaal Zhang Youxia en chefstaf generaal Liu Zhenli zijn opgepakt. Ze worden beschuldigd van insubordinatie en 'verraad aan het vertrouwen van de Communistische Partij en haar Centraal Comité'. Vervolgens zijn bijna al hun collega's uit hun functie verwijderd en is in heel China in de topstructuur van de militaire districten en krijgsmachtonderdelen een massale zuivering en ontslaggolf gaande. Die formele beschuldiging wijst erop, dat hier geen sprake is van een verschil van inzicht over militaire kwesties alleen. De ingreep van Xi gaat veel dieper. Dit raakt aan de essentie van het vertrouwen tussen de partij, de politieke leiding en de leiding van het Volksbevrijdingsleger als geheel. En juist die balans van de twee machtscentra van de staat is cruciaal voor de ongebreidelde macht van Xi en die van zijn voorgangers als opperste leider en roerganger. Het conflict gaat dan ook over de continuïteit en fundamenten van die politieke macht, zoals in elke dictatoriale staat. Dit evenwicht is door het onthoofden van de CMC nu in één klap verwoest. De vraag naar die continuïteit van de macht is een vraag naar de betekenis en effecten van het feit dat Xi Jinping leider voor het leven is geworden. Dat roept hoe dan ook de vraag op: en wat dan? De militaire top wil zekerheid over wie hun opperbevelhebber zal zijn, terwijl van een breed gedragen regeling voor de opvolging - zoals Deng Xiaoping die ooit doorvoerde - geen sprake meer is. Wie daar hoe en wanneer over zal gaan is onhelder gehouden. In 2027 zal het volgende partijcongres daar wellicht over beslissen en ook in het Centraal Comité, in de machtige regio's was al enig rumoer merkbaar. De legertop was blijkbaar betrokken bij die onderhuidse signalen en eerdere zuiveringen indiceerden al spanningen en twijfels aan de koers van Xi. Bovendien was sprake van scherp toegenomen spanning over de voorziene aanpak van Taiwan. Het jaar 2027 staat daarin centraal. Dan wil Xi klaar zijn voor een definitieve aanpak van het weerspannige eiland en de hereniging tot één China realiseren. Daar komt nog iets bij dat van grote symbolische betekenis is. Dit najaar herdenkt China de dood van Mao Zedong in1976 en volgend jaar viert het 'honderd jaar Volksbevrijdingsleger'. Dat generaal Zhang insuborinatie pleegde, duidt erop dat hij de koers van Xi ten aanzien van Taiwan wel erg riskant vond en de voorbereidingen voor de invasie niet zonder meer wilde implementeren. Dat zou ertoe leiden dat Xi die grote regime-jubilea zou moeten laten passeren zonder het verwachte succes bij de nationale hereniging. Hij zou dan de al vele jaren bestaande strategie dat China in 2035 op gelijke voet met Amerika moet staan als enige wapenfeit over houden. Zijn gezag als partijleider komt zo in het geding. De vraagt rijst dan of de 74-jarige Xi niet door iemand uit een jongere generatie vervangen moet worden. Zie hier de verbinding tussen de strategische, geopolitieke dilemma's en de onopgeloste opvolgingsvraag. Ook de zeer sombere, soms dystopische speech van Xi bij het recente '75 Jaar Rood China' feest wordt hierdoor ineens veel beter te begrijpen. Heeft in China een dergelijk drama zich al eerder voltrokken? Al tijdens de jonge democratische republiek in de jaren twintig van de vorige eeuw was 'warlordism' een groot probleem. De zwakke democratische instituties werden permanent ondermijnd door regionale militaire bazen die met elkaar burgeroorlogen begonnen en soms ook met Japan samenwerkten tegen de republiek. Mao kon hen met zijn Volksbevrijdingsleger tegen elkaar, Japan en de Kuomintang uitspelen en won zo de overhand. In crisisfasen van Mao's regime - zoals de Grote Sprong Voorwaarts en de Culturele Revolutie - doken onmiddellijk zulke regionale conflicten en warlords weer op. Het leger drukte dit telkens hardhandig te kop in, met een sleutelrol voor maarschalk Ye Jianying. Die was ook cruciaal in de meest opmerkelijke couppoging. In 1971 deed Mao's kroonprins, defensieminister Lin Biao, een greep naar de macht. Dit 'Project 571' mislukte en op de vlucht naar Moskou werd boven Mongolië Lins vliegtuig neergehaald. Na Mao's dood grepen Ye en het leger weer in, namen zijn weduwe Jiang Qing en haar aanhang gevangen en zorgden dat Deng Xiaoping de nieuwe leider werd. Er was weer eenheid in commando over staat en krijgsmacht. Precies die incoherentie is het grote risico dat Xi nu loopt. De onzekerheid over de politieke ontwikkelingen en stabiliteit van China verhoogt de toch al labiele situatie wereldwijd. Dat bijvoorbeeld zeer recent India en de EU, maar ook de EU en Vietnam nadrukkelijk elkaar als strategische partners hebben gevonden heeft hier alles mee te maken. Dat Nederland als het land van ASML in deze troebelen rond Taiwan, China, Japan en Amerika een belangrijke rol speelt, had Den Haag zich kortgeleden nog niet kunnen indenken. De agenda van Rob Jetten en het strategisch inzicht van zijn ministers Tom Berendsen en Sjoerd Sjoerdsma worden al bij aantreden danig op de proef gesteld. *** Verder kijken Volksbevrijdingsleger - Lange Mars Musical (1976) *** Verder luisteren Xi Jinping 453 – 75 jaar Volksrepubliek China, waar is het feestje? 306 - De gevoelige geopolitieke relatie met China24 - Ties Dams over China's nieuwe keizer Xi Jinping China en zijn leiders250 - Nixon in China: de week die de wereld veranderde 225 - Nixon in China: Henry Kissinger's geheime (en hilarische) trip naar Beijing 245 - Oompje neemt de trein – de reis die China naar de 21e eeuw bracht 220 - China's nieuwe culturele revolutie 58 - 70 jaar China, de Volksrepubliek van Mao, Deng en Xi Geopolitieke troebelen 549 - China en Japan op ramkoers 458 - De gedroomde nieuwe wereldorde van Poetin en Xi Lessen voor Jetten, Berendsen en Sjoerdsma 551 – Klem tussen Amerika en China: de koude oorlog rond ASML 558 – Poetins rampjaar, Jettens kans *** Tijdlijn 00:00:00 – Deel 1 00:22:55 – Deel 2 00:45:49 – Deel 3 01:27:10 – EindeSee omnystudio.com/listener for privacy information.

¿Es Europa un gigante económico pero un "chihuahua tecnológico"?. En este vídeo nuestro fundador José Manuel Alarcón analiza junto al experto en geopolítica y economía Óscar Vara la situación crítica de la tecnología en el viejo continente. Los datos son alarmantes: el 66% de las aplicaciones públicas europeas corren en nubes americanas (AWS, Google, Microsoft) y el 90% del software de nuestros servicios públicos pertenece a una única empresa estadounidense. Hablamos sin filtros sobre qué pasaría si mañana hubiera un conflicto comercial y nos "apagaran" el acceso a la tecnología, como ya hemos visto con Starlink en la guerra de Ucrania. Debatimos por qué Europa no es capaz de crear sus propios gigantes tech (Google, SpaceX), el fracaso de iniciativas como Gaia-X o el buscador europeo, y cómo la regulación excesiva y la falta de un mercado único de capitales están frenando la innovación y expulsando a nuestro mejor talento a Estados Unidos.Si eres programador, trabajas en el sector IT o simplemente te interesa conocer el estado del mundo actual (la geopolítica), necesitas entender por qué nos estamos quedando atrás frente a Estados Unidos y el resurgir de China en Inteligencia Artificial. ¿Hay esperanza para una soberanía tecnológica real o estamos condenados a ser una colonia digital (entre otras cosas)?00:00:00 Intro: Europa, ¿un "chihuahua" tecnológico?00:00:50 Presentación de Óscar Vara00:01:28 El fin del sueño europeo: dependencia y geopolítica00:03:12 Regulación vs. innovación: ¿es el RGPD una defensa real?00:07:12 El "efecto Bruselas" y la visión de EE. UU.00:08:48 La falta de unidad política y de mercado en Europa00:14:19 El aviso de Mario Draghi: competitividad o irrelevancia00:17:12 Datos alarmantes: la dependencia de la nube americana00:17:52 Riesgos de soberanía: el caso Starlink en Ucrania y la ley FISA00:21:08 Trump, Putin y la ruptura de la confianza trasatlántica00:22:45 El dilema del gasto: estado del bienestar vs. defensa y tecnología00:27:45 Fracasos europeos: de Gaia-X al "buscador europeo"00:29:40 Lecciones del modelo chino y la iniciativa privada00:34:03 PLD Space vs. SpaceX: el problema de la financiación en Europa00:37:20 ASML: un gigante europeo con tecnología estadounidense00:39:44 La carrera de la inteligencia artificial: el resurgir chino00:43:00 Soluciones y "actos de realismo": reformas necesarias00:47:25 El peso del envejecimiento y las pensiones en el presupuesto00:49:30 Energía y tierras raras: ideología vs. necesidad estratégica00:54:10 Industria y NIMBY: el conflicto social por las fábricas00:59:26 Fuga de cerebros y la desconexión universidad-empresa01:03:50 Conclusión: la necesidad de unos Estados Unidos de Europa

Ze moesten er vijf jaar op wachten, maar dan heb je ook wat. Philips maakte vorig jaar een winst van bijna 900 miljoen euro. De reden achter die winst is wel een opvallende. Het zijn niet de medische apparaten die Philips aan die winst helpen, maar vooral tandenborstels en scheerapparaten. Verkocht in het vierde kwartaal.Deze aflevering hebben we het over de verrassing van Philips. Hoe Sinterklaas en de Kerstman het bedrijf hielpen. En over het positivisme van de topman. Hij denkt namelijk dat de winstmarge dit jaar verder stijgt. Is Philips er weer bovenop? We onderzoeken het deze uitzending.Hebben we het ook over BP. Dat pauzeert de inkoop van eigen aandelen. Tot grote teleurstelling van aandeelhouders. Concurrent Total Energies ging ze al voor. Wie dan weer niet ingrijpt bij het uitdelen van cadeautjes is Shell. Zorgt dat ervoor dat Shell nu hét Europese olie- en gasaandeel is dat je moet hebben?Hoor je verder over de kwartaalcijfers van Spotify (erg goed!) en Coca-Cola. En vertellen we je waarom Alphabet ineens wel heel erg makkelijk geld kan lenen bij investeerders. Ze wilden 20 miljard, maar konden wel meer dan 100 miljard dollar ophalen...Te gast: Martine Hafkamp van Fintessa Vermogensbeheer BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

Las acciones del sector de global chips, como STX, son las que mejor desempeño han tenido desde que empezó 2026. Otra empresa del sector que llama la atención es ASML. En este rally de los semiconductores impulsado por los grandes fabricantes también son protagonistas las surcoreanas SK Hynix y Samsung Electronics. ¿A qué se debe este positivo comportamiento de la industria? Aquí te lo contamos para que tomes decisiones de inversión bien informadas.

Soms zou je het bijna vergeten: bedrijven zijn beursgenoteerd omdat ze geld op hebben gehaald. De aandelen mogen beleggers onderling verhandelen. Soms levert dat niks op. Ja, wel voor het bedrijf, maar niet voor beleggers. Alleen Advent, de private-equity-boer die InPost nu weer van de beurs helpt halen, drukte er geld mee. Wat ze ermee moeten, bespreken we deze aflevering. We hebben het ook over DSM-Firmenich, dat nu ein-de-lijk de tak voor diervoeding en vitaminen de deur uit heeft gekregen. Beleggers gooien DSM meteen maar weer van de trap af, want na maanden onderhandelen valt de prijs flink tegen. Het bedrijf moet 1,9 miljard euro afschrijven in een deal waar (opnieuw...) enkel private equity blij van wordt. Maar misschien kan de waardering van DSM binnenkort wel wat hoger, als de cijfers minder schommelen vanwege de volatiele vitaminenprijs. Verder deze aflevering: Hoe een ex-metaldrummer de beurs in Japan naar recordstanden hielp Het nieuwe Suske & Wiske-verhaal: Novo Nordisk en de Creatieve Copycats Waarom Sam Altman van OpenAI de gordijnen in klom vanwege een advertentie bij de Superbowl Te gast: Jim Tehupuring van 1 Vermogensbeheer. BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: Met BNR Beurs ga je altijd voorbereid de nieuwe beursdag in. We praten je in een kleine 25 minuten bij over alle laatste ontwikkelingen op de handelsvloer. We blijven niet alleen bij de AEX of Wall Street, maar vertellen je ook waar nog meer kansen liggen. En we houden het niet bij de cijfers, maar zoeken ook iedere dag voor je naar duiding van scherpe gasten en experts. Of je nu een ervaren belegger bent of net begint met je eerste stappen op de beurs, de podcast biedt waardevolle inzichten voor je beleggingsstrategie. Door de focus op zowel de korte termijn als de lange termijn, helpt BNR Beurs luisteraars om de ruis van de markt te scheiden van de essentie. Van Musk tot Microsoft en van Ahold tot ASML. Wij vertellen je wat beleggers bezighoudt, wie de markten in beweging zet en wat dat betekent voor jouw beleggingsportefeuille.See omnystudio.com/listener for privacy information.

In this episode we discuss easyJet, Sage Group, Lloyds, Filtronic, ASML & PayPal$ezj $sge $lloy $ftc $asml $pypl#ezj #sge #lloy #ftc #asml #pypl

Kwartaalcijfers van Ahold, Randstad, Adyen, NN Group, Heineken, ABN Amro, Philips, Unilever én Magnum: allemaal leuk en aardig, maar het overschaduwd volgens Jean-Paul van Oudheusden een Duits bedrijf om op te letten. Die kijkt uit naar de resultaten van Siemens Energy. Dat is niet het deel van Siemens dat die telefoontjes maakte. Dit onderdeel focust zich op wind- en gasturbines. Met een enorme nood aan energie zitten de orderboeken al propvol. Te gast: Jean-Paul van Oudheusden, van eToro en Markets are Everywhere BNR Beurs is een journalistiek onafhankelijke productie, mede mogelijk gemaakt door Saxo. Over de makers: Jelle Maasbach is presentator van BNR Beurs en freelance financieel journalist. Zijn favoriete aandeel om over te praten is Disney, maar daar lijkt hij de enige in te zijn. Sinds de eerste uitzending van BNR Beurs is 'ie er bij. Maxim van Mil is presentator van BNR Beurs en journalist bij BNR, waar hij zich focust op de financiële markten en ontwikkelingen in de tech-wereld. Je krijgt hem het meest enthousiast als hij kan praten over ASML, of oer-Hollandse bedrijven zoals Ahold of ABN Amro. Jorik Simonides is presentator van BNR Beurs, economieredacteur en verslaggever bij BNR. Hij wordt er vooral blij van als het een keer níet over AI gaat. Milou Brand is presentator van BNR Beurs, freelance podcastmaker en columnist bij het Financieele Dagblad. Jochem Visser is presentator van BNR Beurs, maakt Beursnerd XL en is redacteur bij BNR Zakendoen en de podcast Onder Curatoren. Vraag hem naar obscure zaken op financiële markten en hij vertelt je waarom het eigenlijk nóg leuker is dan je al dacht. Over de podcast: In Beurs in Zicht stomen we je klaar voor de beursweek die je tegemoet gaat. Want soms zie je door de beursbomen het beursbos niet meer. Dat is verleden tijd! Iedere week vertelt een vriend van de show waar jouw focus moet liggen.See omnystudio.com/listener for privacy information.

Three Chinese manufacturers ranked among world's top 20 by sales for 1st time三家企业首度跻身全球销售额前二十In a milestone for China's semiconductor industry, three Chinese equipment manufacturers have ranked among the world's top 20 by sales for the first time in 2025, according to data from Japanese research firm Global Net.日本研究机构Global Net最新数据显示，中国半导体产业在2025年迎来里程碑式突破：首次有三家中国设备制造商凭借销售额跻身全球前二十强。This marks an increase from just one company in the pre-stricter United States-government-restriction era of 2022, underscoring China's accelerated progress in bolstering the domestic supply chain.这标志着自2022年美国实施更严格出口管制前仅有一家企业上榜以来，中国在强化本土供应链方面正加速取得进展。The progress is an outcome of Chinese companies' hard work and big investment in beefing up technological prowess, but a gap still exists in core equipment such as lithography machines, and more efforts are needed to achieve breakthroughs, experts said.业内专家指出，这一进步源于中国企业持续投入研发、努力提升技术实力，但在光刻机等核心设备领域仍存在差距，需持续发力以实现关键突破。The sales ranking reveals a climb for Naura Technology Group, which jumped from eighth place in 2022 to fifth in 2025. It now only trails global giants ASML, Applied Materials, Lam Research and Tokyo Electron.排名显示，北方华创科技集团股份有限公司从2022年的第八位跃升至2025年的第五位，目前仅次于全球巨头阿斯麦、应用材料、泛林集团和东京电子。Founded in 2001, Naura has not yet disclosed its annual revenue for 2025, and Global Net based the ranking partially on estimated data. Financial services provider Suntime compiled forecasts from multiple securities companies to estimate Naura's revenue to stand between 46.8 and 52 billion yuan ($6.74 billion-$7.49 billion) in 2025.北方华创成立于2001年，尚未披露2025年全年营收，Global Net的排名部分依据预估数据。金融服务商赛美特综合多家券商预测，估计其2025年营收将在468亿至520亿元人民币（约合67.4亿至74.9亿美元）之间。New to the list at 13th place is Advanced Micro-Fabrication Equipment Inc China, or AMEC, whose etching equipment comes close to the cutting edge.中微半导体设备股份有限公司（简称“中微公司”）首次上榜即位列第十三位，其刻蚀设备已接近行业先进水平。In chipmaking, etching is the key process of selectively removing unwanted material layers from a silicon wafer to engrave precise 3D patterns, circuits and transistor structures.在芯片制造中，刻蚀是通过选择性去除硅晶圆上不需要的材料层，以精确雕刻三维图案、电路和晶体管结构的关键工艺。Shanghai Micro Electronics Equipment, which specializes in lithography machines that "print" circuit patterns onto silicon wafers, secured the 20th position. While acknowledging generational gaps with market leader ASML, the Shanghai-based company's presence highlights China's domestic capability in this most critical and challenging segment.专门从事将电路图案"印制"到硅晶圆上的光刻机业务的上海微电子装备股份有限公司位列第二十位。尽管承认与市场领导者阿斯麦存在代际差距，但这家上海企业的上榜凸显了中国在这一最关键且最具挑战性环节的本土化能力。Expanding the list to the top 30 would include two more Chinese firms — ACM Research and Hwatsing Technology.若将榜单扩大至前三十名，还将包括盛美半导体和华海清科两家中国公司。This collective ascent is widely viewed as a direct response to US-led export controls on advanced semiconductor technologies, which catalyzed China's drive for greater self-sufficiency in chipmaking tools.这一集体跃升被广泛视为对以美国为首的先进半导体技术出口管制的直接回应，这些限制推动了中国在芯片制造工具领域追求更高的自给率。Roger Sheng, vice-president of research at US market research company Gartner, said: "It's fair to say that Chinese companies' technological gap with international industry leaders is continuously narrowing. This progress has provided strong support for domestic chip manufacturers in their technological upgrades and production expansion efforts, even amid restrictions on access to US technology and equipment."美国市场研究公司高德纳副总裁盛陵海表示："可以公平地说，中国企业与国际行业领导者的技术差距正在不断缩小。即使在美国技术和设备获取受限的情况下，这一进展也为国内芯片制造商的技术升级和产能扩张提供了有力支撑。"The manufacturing of advanced chips involves over 1,000 process steps, each requiring specialized equipment. Chinese suppliers can now cover equipment for almost every stage, including deposition, etching and cleaning. This burgeoning ecosystem includes a wave of emerging startups, experts said.先进芯片制造涉及超千道工艺步骤，每一步都需要专用设备。专家称，中国供应商现已能提供包括沉积、刻蚀、清洗等几乎各环节的设备，蓬勃发展的产业生态中还包括一批新兴初创企业。Yin Zhiyao, chairman and general manager of AMEC, said at a meeting in May 2025 that the company's product portfolios include 30 percent of all the integrated circuit equipment categories, and it aims to collaborate with partners to offer 60 percent of all high-end IC equipment categories over the next five to 10 years.中微公司董事长兼总经理尹志尧在2025年5月的一次会议上表示，公司的产品组合已覆盖集成电路设备类别的30%，目标是在未来五到十年内与合作伙伴共同提供60%的高端集成电路设备类别。Yin said that AMEC would soon complete the development of more than 20 types of thin-film equipment that are subject to international export restrictions to China, and the company aims to finish the development of nearly 40 thin film equipment by 2029.他透露，中微即将完成20余种受国际对华出口限制的薄膜设备开发，并计划在2029年前完成近40种薄膜设备开发。Thin film equipment in chipmaking refers to specialized machinery used to deposit atomic-level layers of conductive, insulating or semiconducting materials onto silicon wafers.在芯片制造中，薄膜设备指用于在硅晶圆上沉积原子级导电、绝缘或半导体材料层的专用机械。China's massive domestic market, now the world's largest for chipmaking equipment, also provides a powerful launchpad. The global semiconductor industry association SEMI, which has more than 3,000 member companies, estimated that worldwide sales of semiconductor manufacturing equipment would reach $133 billion in 2025, surpassing the previous record of $104.3 billion in 2024 and setting an all-time high.中国庞大的本土市场——现已成为全球最大的芯片制造设备市场——也为产业发展提供了强劲动力。拥有超过3000家会员企业的全球半导体行业协会SEMI估计，2025年全球半导体制造设备销售额将达到1330亿美元，超越2024年创下的1043亿美元纪录，再创历史新高。lithography machines /lɪˈθɒɡrəfi məˈʃiːnz/光刻机etching equipment /ˈetʃɪŋ ɪˈkwɪpmənt/刻蚀设备cutting edge /ˈkʌtɪŋ edʒ/尖端/前沿silicon wafer /ˈsɪlɪkən ˈweɪfə/硅晶圆integrated circuit /ˈɪntɪɡreɪtɪd ˈsɜːkɪt/集成电路thin-film equipment /θɪn fɪlm ɪˈkwɪpmənt/薄膜设备conductive /kənˈdʌktɪv/导电的insulating /ˈɪnsəleɪtɪŋ/绝缘的

Welcome back to another episode of Upside where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax Ward of Outsized Ventures go behind the headlines shaping European tech, capital, and power.This week's episode opens, as always, with light deal banter, closing jokes, and a reminder that fourth-time founders are still the most bankable asset in venture. From Saudi Arabia's surprisingly coherent Vision 2030 to Europe's chronic inability to articulate a shared mission, this is a wide-ranging conversation about strategy, scale, and what actually forces societies to act.Along the way, the panel digs into autonomous AI agents that can negotiate car purchases and manage your inbox, the $100B arms race between OpenAI and Anthropic, ASML's signal on the durability of the AI buildout, and why defence spending is becoming Europe's most structurally important tech opportunity.The episode also tackles the uncomfortable questions: whether Europe only moves under pressure, whether the United States of Europe is real or pure projection, and whether social media bans and AI retraining schemes are genuine policy or just optics.This is Upside, where optimism is earned, not assumed.

As Donald Trump hits the EU with tariffs and threatens to colonize Greenland (an autonomous territory of NATO member Denmark), European leaders are improving relations with China and seeking new trade partners. Is this the end of the political West and the transatlantic alliance? Ben Norton explains. VIDEO: https://www.youtube.com/watch?v=UpngJ3tC7Xw Topics 0:00 Western alliance & US empire 0:59 NATO 2:04 Cold War One 2:42 Rise of China 4:20 Cold War Two 5:11 Europe's trade with China 5:33 Trump strategy: exploit Europe 6:55 Why Trump wants Greenland 8:18 Critical minerals & rare earths 9:37 End of NATO? 10:28 UK PM Keir Starmer visits China 11:07 Europe improves China relations 11:39 Trump threatens Europe over China 12:26 Splits with European Union 13:10 German industry 14:44 Would a Democrat repair EU ties? 15:46 EU trade deal with India 16:25 EU agreement with Mercosur 17:06 EU trade dependence on USA 17:50 UK trade dependence on USA 18:13 Canada trade dependence on USA 19:04 Canada PM Mark Carney visits China 19:33 US military presence in Europe 21:02 EU energy dependency 21:38 US oil exports to EU 22:06 US LNG exports to EU 23:41 EU dependence on US technology 25:52 Artificial intelligence (AI) 26:35 US Big Tech companies 27:05 EU card: ASML machines 28:09 Will EU dump US financial assets? 28:54 European holdings of US assets 29:56 US bond market vulnerability 30:58 Trump threatens "big retaliation" 32:30 INSTEX & US sanctions 34:12 Merkel & Macron promised EU army 35:02 Strategic autonomy? 35:37 Vassals of US empire 36:40 Change will be slow 37:33 Independence would be good 38:26 Outro

Earnings season is in full swing, and this week on Dividend Talk it's all about what recent earnings and dividend announcements really mean for long-term dividend investing. The conversation covers major earnings from companies likeMicrosoft, SAP, LVMH, Apple, Texas Instruments, Visa, Starbucks, UnitedHealth, and Altria, alongside a wave of European dividend increases from ASML, Deutsche Bank, Sanofi, ABB, KPN, and others. We break down what's driving big price drops, where valuation expectations may have run ahead of reality, and how dividend growth investors should think about volatility during earnings season.

Rob Jetten takes a big step towards becoming the Netherlands' youngest ever prime minister as D66, VVD and CDA agree to form a minority cabinet. The chips are down for managers at ASML as the company announces 1,700 layoffs despite posting record profits. New commemorative panels at Margraten war cemetery only partly dispel the anger over the erasure of the Black Liberators, just as Donald Trump's crass outburst raises the hackles of Dutch Nato soldiers. The Netherlands is told to do more to protect Bonaire from climate change. And Dutch clubs round off a calamitous Champions League season with a pair of home defeats.

The Investing Power Hour is live-streamed every Thursday on the Chit Chat Stocks Podcast YouTube channel at 5:00 PM EST. This week we discussed:(00:00) Introduction(01:37) Microsoft's Earnings Breakdown(04:18) CapEx and Cloud Commitments(10:08) Meta's Earnings(12:38) Tesla's Earnings(28:18) Investments in AI (33:59) The State of the Automotive Market(36:04) Tesla's Valuation and Future Prospects(40:33) The Musk Empire and Its Financial Maneuvering(43:23) ASML's Growth and Market Position(46:14) GameStop and Michael Burry's Investment Philosophy(50:50) Small Cap Insights: Vital Farms(55:03) The Surge of Silver and Gold Prices(01:03:58) Meme Stocks and Market Speculation*****************************************************Subscribe to Emerging Moats Research: emergingmoats.com *********************************************************************Chit Chat Stocks is presented by Interactive Brokers. Get professional pricing, global access, and premier technology with the best brokerage for investors today: https://www.interactivebrokers.com/ Interactive Brokers is a member of SIPC. *********************************************************************Fiscal.ai is building the future of financial data.With custom charts, AI-generated research reports, and endless analytical tools, you can get up to speed on any stock around the globe. All for a reasonable price. Use our LINK and get 15% off any premium plan: ⁠https://fiscal.ai/chitchat *********************************************************************Disclosure: Chit Chat Stocks hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation.

We weten natuurlijk nog niet wat de standpunten zijn Kevin Warsh, de door president Trump voorgedragen opvolger van Jerome Powell als voorzitter van de Fed. Toch lijkt het erop dat Trump heeft geluisterd naar de markt en geen jaknikker heeft gekozen. Overigens moet Warsh nog goedgekeurd worden door het Congres. "Trump weet dat als hij een te extreme kandidaat had voorgedragen, de nominatie er waarschijnlijk niet door zou krijgen", zegt Koen Bender van Mercurius Vermogensbeheer. "De wisseling van de wacht bij de Fed leidt altijd tot een periode van ruis tussen de Fed en de financiële markten en de Fed. Markten hebben de tijd nodig om de woorden van de Fed-voorzitter juist te interpreteren." Novo Nordisk komt binnen afzienbare tijd met een Wegovy-afslankpil, waardoor de gebruikers zich niet meer hoeven te injecteren. "Dit zou zomaar het jaar van Novo Nordisk kunnen worden", denkt Wilbert Aarts van Bond Capital Partners. De nieuwe ceo heeft de ingeslapen farmaceut weer nieuw leven ingeblazen. Ze gaan zich nu helemaal concentreren op de afslankmarkt" Verder in de podcast aandacht voor de goudprijs, de impact van AI op softwarebedrijven en de cijfers van onder anderen ASML, KPN, LVMH en Apple. Natuurlijk komen ook de luisteraarsvragen aan bod en geven de experts hun tips. Koen gaat voor een Amerikaanse fintech, Wilbert geeft maar liefst twee tips, een Amerikaanse techgigant en een Nederlands databedrijf. Geniet van de podcast! Let op: alleen het eerste deel is vrij te beluisteren. Wil je de hele podcast (luisteraarsvragen en tips) horen, wordt dan Premium lid van BeursTalk. Dat kost slechts 9,95 per maand, 99 euro voor een heel jaar. Abonneren kan hier!See omnystudio.com/listener for privacy information.

In this jam-packed news & earnings episode, Simon and Dan break down the Bank of Canada holding rates, the massive uncertainty around U.S. trade policy, and why macro headlines are driving markets more than usual. We also dig into silver’s parabolic run (and why Simon trimmed exposure), plus earnings and updates from ASML, RTX, and UnitedHealth—a perfect example of how political risk can overwhelm fundamentals. We also tease an extra earnings + news episode next week, and we’re planning to do it live on YouTube for the first time—subscribe so you don’t miss it. Tickers of Stocks Discussed: ASML, RTX, UNH, INTC, LMT, SLV, ZSL, PSLV Watch the full video on Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

This is a recap of the top 10 posts on Hacker News on January 28, 2026. This podcast was generated by wondercraft.ai (00:30): Microsoft forced me to switch to LinuxOriginal post: https://news.ycombinator.com/item?id=46795864&utm_source=wondercraft_ai(01:58): Amazon cuts 16k jobsOriginal post: https://news.ycombinator.com/item?id=46796745&utm_source=wondercraft_ai(03:26): Please don't say mean things about the AI I just invested a billion dollars inOriginal post: https://news.ycombinator.com/item?id=46803356&utm_source=wondercraft_ai(04:54): Somebody used spoofed ADSB signals to raster the meme of JD VanceOriginal post: https://news.ycombinator.com/item?id=46802067&utm_source=wondercraft_ai(06:22): ICE and Palantir: US agents using health data to hunt illegal immigrantsOriginal post: https://news.ycombinator.com/item?id=46794365&utm_source=wondercraft_ai(07:50): Airfoil (2024)Original post: https://news.ycombinator.com/item?id=46795908&utm_source=wondercraft_ai(09:18): ASML staffing changes could result in a net reduction of around 1700 positionsOriginal post: https://news.ycombinator.com/item?id=46792370&utm_source=wondercraft_ai(10:46): Show HN: The HN ArcadeOriginal post: https://news.ycombinator.com/item?id=46793693&utm_source=wondercraft_ai(12:14): UK Government's ‘AI Skills Hub' was delivered by PwC for £4.1MOriginal post: https://news.ycombinator.com/item?id=46803119&utm_source=wondercraft_ai(13:42): Super Monkey Ball ported to a websiteOriginal post: https://news.ycombinator.com/item?id=46789961&utm_source=wondercraft_aiThis is a third-party project, independent from HN and YC. Text and audio generated using AI, by wondercraft.ai. Create your own studio quality podcast with text as the only input in seconds at app.wondercraft.ai. Issues or feedback? We'd love to hear from you: team@wondercraft.ai

Unser Partner Scalable Capital ist der einzige Broker, den deine Familie zum Traden braucht. Bei Scalable Capital gibt's nämlich auch Kinderdepots. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Starbucks-Turnaround geht voran. ASML-Boom auch. Jakarta hat Probleme mit MSCI. Carvana hat Probleme mit Shortseller. Amphenol hat Probleme mit hohen Erwartungen. Außerdem geht's um Gold, Leitzins & S&P 500 über 7.000. Microsoft, Meta, Tesla - alle hatten Zahlen. Selbst die Kryptowelt setzt mittlerweile auf Gold. Zumindest Tether. Außerdem hat FIFA Krypto-Probleme und Ledger will an die Börse. Diesen Podcast vom 29.01.2026, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung.

We bespreken de sterke resultaten van chipmachine-bouwer ASML met analist Tom Simonts. Trends is een podcastkanaal van de redactie van Trends. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The 5 things to know before the stock market opens today: the Federal Reserve will announce its latest interest rate decision today, Elevance Health stock fell after a Trump administration proposal on Medicare, shares of South Korean chipmaker SK Hynix are moving higher after reporting a record yearlong profit, and shares of both Dutch chipmaker ASML and Texas Instruments are higher, boosting the entire chip sector.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carl Quintanilla, Jim Cramer and David Faber discussed what to make of the S&P 500 hitting the 7,000 level for the first time. The broader market index was propelled past that milestone by the AI trade, as results from ASML helped to spark a jump in semiconductor stocks and tech overall.  The rally sets the stage for after-the-bell earnings from three of mega-tech's "Magnificent 7" — Microsoft, Meta and Tesla. The anchors also explored what to expect from Wednesday's Fed decision on rates and the path ahead for monetary policy. Also in focus: Amazon to cut 16,000 additional jobs, Starbucks among the earnings winners, sources tell David that SoftBank is close to investing an additional $30 billion in OpenAI, President Donald Trump's weaker dollar message, First Lady Melania Trump rings the opening bell at the NYSE.   Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Chuck Zodda and Marc Fandetti discuss Amazon and UPS announcing massive layoffs and what this might point to in the broader economy. ASML soars to record high after blowout bookings and job cuts. China approves purchases of Nvidia's H200 chips. Todd Lutsky joins the show for his weekly segment, Ask Todd. This week, Todd explains long term care insurance.

SUMMARY DEL SHOW Wall Street sube antes de la decisión de la Fed: el Nasdaq lidera mientras el mercado asume tasas sin cambios y espera el mensaje de Powell. China aprueba la primera tanda de importaciones del H200 de $NVDA para $BDNCE, $BABA y $TCEHY, reactivando el tema de demanda global de chips de IA. $ASML sorprende con órdenes récord por IA y $AMZN ajusta su estrategia de supermercados para enfocarse en Whole Foods.

En este episodio de VG Daily, Juan Manuel de los Reyes y Andre Dos Santos analizan una jornada de violentos contrastes en Wall Street, donde el S&P 500 toca nuevos máximos históricos impulsados por la tecnología, mientras la confianza del consumidor se desploma a niveles de 2014. Los anfitriones desglosan el histórico derrumbe de UnitedHealth, que perdió casi un 20% de su valor por presiones regulatorias.El análisis profundiza en el reciente reporte de ASML, que presentó pedidos récord gracias al boom de la inteligencia artificial pero anunció recortes de personal, una paradoja de "crecimiento con despidos" que se replica en Amazon y UPS. El episodio conecta estos puntos para ilustrar una economía en forma de "K" cada vez más marcada: un escenario donde la eficiencia y la IA disparan los márgenes de las grandes corporaciones tecnológicas, mientras la deuda y la inflación asfixian a la economía real y al mercado laboral tradicional.

Ce mercredi 28 janvier, François Sorel a reçu Yves Maitre, operating partner chez Jolt Capital, Cédric Ingrand, directeur général de Heavyweight Studio, et Tristan Nitot, directeur associé Communs Numériques et Anthropocène chez OCTO Technology. Ils se sont penchés sur le néerlandais ASML récoltant les fruits de l'IA avec des commandes records, l'autorisation pour ByteDance, Alibaba et Tecent d'acheter des puces NVidia, dans l'émission Tech & Co, la quotidienne, sur BFM Business. Retrouvez l'émission du lundi au jeudi et réécoutez-la en podcast.

Market update for Wednesday January 28, 2026Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today's episode:US Dollar continues to slideASML delivers record orders, signaling that AI infrastructure spending is still acceleratingChina approves sales of Nvidia's H200 chips to major tech firmsAmazon announces 16,000 corporate layoffsStarbucks shares jump after traffic grows for the first time in two yearsCorning slips on guidance despite landing a massive $6B AI fiber deal with MetaFun fact: Zoom's early investment in Anthropic could now be worth up to $4 billion

Store amerikanske techregnskaber er på vej, den amerikanske centralbank holder rentemøde, og så har en særlig del af det amerikanske marked givet de store aktier baghjul. Der sker meget på den anden side af Atlanten, og derfor sætter Millionærklubben i dag fokus på USA, og alt det man som investor bør have for øje. Med i studiet er Natalia Setlak, chefanalytiker i AL Sydbank, og Michael Friis Jørgensen, aktiechef i HC Andersen Capital. Panelet vender også det dugfriske regnskab fra den europæiske kronjuvel ASML, der er landet fra morgenstunden. Vært: Laura Bitte RossauSee omnystudio.com/listener for privacy information.

The U.S. dollar whipsaws and falls to a four-year low against a basket of currencies following comments from President Trump that he remained sanguine about the greenback's recent slide. All eyes are on today's Fed rate decision as investors ponder who will replace outgoing Chairman Jerome Powell. Chip maker ASML beats on Q4 booking and ups its forecast ahead of expectations on the back of encouraging A.I. demand. And in luxury news, LVMH defies expectations to post a 1 per cent rise in sales. This was offset by FY operating profit which fell by almost10 per cent. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

APAC stocks traded mixed with an early positive bias seen following the mostly constructive handover from Wall Street, although some cautiousness began to seep through ahead of looming key risk events.China is said to have approved the first batch of NVIDIA's (NVDA) H200 AI chips for import, with sources noting that China has granted approval for the import of several hundred thousand H200 AI chips, later reported to be over 400,000.ANZ shifted its RBA call, in which it now sees a 25bps hike at next week's RBA meeting following the mostly hotter Australian CPI report overnight. European equity futures indicate a firmer cash market open with Euro Stoxx 50 +0.6% following earnings from ASML. Euro Stoxx 50 cash finished with gains of 0.6% on Tuesday.Looking ahead, highlights include New Zealand Trade (Dec), Fed Policy Announcement, BoC Policy Announcement, BCB Policy Announcement. Speakers include ECB's Elderson & Schnabel, BoC's Macklem, Fed Chair Powell. Supply from Germany & US. Earnings from Microsoft, Meta, Tesla, Lam, ServiceNow, IBM, GE Vernova, AT&T, Starbucks, VF Corp, Danaher & AS.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

European bourses are broadly lower; LVMH (-8%) sinks post-earnings, whilst ASML (+4.9%) gains after the company beat across its headline metrics, provided a rosy outlook, and announced a EUR 12bln share buyback.NQ boosted by ASML & SK Hynix earnings, as well as reports that China is said to have approved the first batch of NVIDIA's (+1.7%) H200 AI chips for import.DXY attempts a recovery to the detriment of G10s; AUD among the better performers post-CPI.USTs slightly softer pre-Fed, Bunds little moved on a robust auction, JGBs bid overnight.Crude benchmarks reverse earlier gains; Spot XAU extends above USD 5,300/oz; Copper regains USD 13k/t.Looking ahead, highlights include Fed Policy Announcement, BoC Policy Announcement, BCB Policy Announcement. Speakers include ECB's Schnabel, BoC's Macklem, Fed Chair Powell. Supply from the US. Earnings from Microsoft, Meta, Tesla, Lam, ServiceNow, IBM, Starbucks & AS.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Los inversores mantienen la atención puesta en la publicación de resultados de Meta, Microsoft y Tesla. Antes de que estas compañías presenten sus cifras y se evalúe su impacto bursátil, el mercado ya ha digerido las cuentas de ASML, el mayor referente tecnológico europeo. La empresa neerlandesa ha logrado un beneficio neto de 9.600 millones de euros, una mejora muy notable frente a los 7.500 millones obtenidos en el mismo periodo del año anterior, confirmando un ejercicio claramente positivo. Este desempeño se apoya especialmente en la fortaleza comercial del cuarto trimestre, cuando las ventas netas alcanzaron los 9.700 millones de euros y el beneficio neto llegó a 2.800 millones. Estas cifras han sido celebradas por los mercados, impulsando subidas superiores al 6% tanto en la acción de ASML como en el conjunto del sector tecnológico europeo, que se ha visto arrastrado por el optimismo generado. Además, la compañía informó de un volumen récord de reservas en el último trimestre, con pedidos por valor de 13.200 millones de euros, más del doble de lo previsto por los analistas. Este liderazgo se explica por su monopolio en la litografía ultravioleta extrema, una tecnología clave para fabricar los chips más avanzados que demandan gigantes como Nvidia, TSMC o Intel, reforzando así su papel estratégico a escala global. Gracias a ello, ASML consolida su condición de empresa más valiosa de Europa, con una capitalización que supera los 500.000 millones de euros, y mantiene previsiones optimistas para 2026. Para el primer trimestre espera ventas netas de entre 8.200 y 8.900 millones y ha anunciado una recompra de acciones de hasta 12.000 millones. Pese a estos datos, recortará 1.700 empleos, el 4% del área tecnológica, centrados en puestos directivos para simplificar procesos. Esta medida afecta sobre todo a Países Bajos y supone el mayor ajuste desde la crisis financiera de 2009, según explicó el director financiero Roger Dassen.

En Capital Intereconomía ponemos el foco en el radar empresarial en ASML, que se dispara en bolsa tras presentar una cartera de pedidos récord, reforzando el optimismo en el sector de los semiconductores y de la inteligencia artificial. Analizamos además el fuerte movimiento en el mercado de divisas con Alberto Roldán, profesor de Finanzas de la Universidad Europea, que explica las claves detrás de la debilidad del dólar y sus implicaciones para los mercados financieros. En el Foro de la Inversión, hablamos con Gonzalo Ruíz Verdasco, Investor Relations en Crescenta, sobre el lanzamiento de su primer Fondo de Inversión Libre, diseñado para facilitar el acceso a las tres grandes estrategias de private equity. El programa se completa con el consultorio de fondos de inversión, de la mano de Gabriel López, CEO de Inverdif, resolviendo las dudas de los oyentes sobre cómo posicionar sus carteras en el actual entorno de mercado.

En Capital Intereconomía seguimos en directo la apertura del Ibex 35 y del resto de bolsas europeas en una sesión marcada por la debilidad del dólar y la fortaleza del euro, que alcanza los 1,20 dólares, niveles no vistos desde 2021. El franco suizo también se sitúa en máximos de la última década, reflejando la búsqueda de refugio por parte de los inversores tras los últimos movimientos de Donald Trump. En el análisis de mercados, David Cortina, responsable de Renta Variable de Santander Private Banking, pone el foco en el impacto de la política estadounidense sobre las divisas, el buen momento del sector de semiconductores tras los pedidos récord de ASML y sus optimistas previsiones para 2026, así como en la previa de resultados de las grandes tecnológicas y el comportamiento de gigantes del lujo como LVMH, en un contexto de auge continuado de la inteligencia artificial. La jornada se completa con el consultorio de bolsa de Miguel Méndez, que advierte sobre la posibilidad de que el oro y la plata se acerquen a una zona de techo, analiza valores destacados como Palantir, Motorola, Walmart y AutoZone, y recuerda que, pese a la pausa actual, los sectores de IA y robótica siguen siendo una tendencia estructural de fondo para el medio y largo plazo.

Wat kan Europa doen nu de Verenigde Staten zich steeds vijandiger opstellen? Hoogleraar Catherine de Vries buigt zich over de stroever wordende verhoudingen tussen Europa en Amerika. In Historische Woorden luisteren we naar Dawda Jallow, de minister van Justitie van Gambia. Zijn land diende bij het Internationaal Gerechtshof een zaak in tegen Myanmar. En Groene-medewerker en correspondent Diederik Baazil biedt een inkijkje in de ‘belangrijkste machine ter wereld’, gemaakt door de Nederlandse chipmachinefabrikant ASML. Diederik waarschuwt voor het telefoontje uit Washington waarin wordt gezegd dat deze geopolitiek voor Amerikaans belang moet worden ingezet. Productie: Gizelle Mijnlieff.See omnystudio.com/listener for privacy information.

In der heutigen Folge sprechen die Finanzjournalisten Nando Sommerfeldt und Holger Zschäpitz über Ekstase bei den Edelmetallen, schwächelnde Geburtstagskinder und die Nordsee-Pakt-Profiteure. Außerdem geht es um Newmont, USA Rare Earth, Nvidia, Coreweave, Cloudflare, Orsted, Vestas, Intel, United Health, Friedrich Vorwerk, Opendoor, Rocketlab, Intuitive Machines, GameStop, Microsoft, Meta, Tesla, Apple, ASML, SAP, ServiceNow, OHB, Airbus und hier geht's zum wöchentlichen AAA-Newsletter: https://www.businessinsider.de/informationen/newsletter/alles-auf-aktien/ Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Der Börsen-Podcast Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Aquiles Larrea, Jr. sees plenty of opportunity for investors to scoop up stocks trading at what he calls "cheap" prices. One of them is a Big 3 pick in Constellation Energy (CEG), which Aquiles calls a high quality company tied to the AI trade. SanDisk (SNDK) and ASML Holding (ASML) are other names he sees adding muscle as the tech trade grows. Kevin Green gives investors insight into the key levels to watch in today's Big 3.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

In der heutigen Folge sprechen die Finanzjournalisten Lea Oetjen und Holger Zschäpitz über Shutdown-Alarm in den USA, neue Zolldrohungen gegen Kanada und was sonst noch wichtig wird in dieser Woche. Außerdem geht es um Intel, Amazon, Volkswagen, ASML, SAP, Apple, Microsoft, Meta, Tesla, Ryanair, Stabilus, Steel Dynamics, Nucor, Ferrovial, Thales, Vinci, Eiffage, Fraport, Accenture, Wipro, Tata Consultancy, C3.ai, Palantir, Standard Chartered, Fujitsu, Cloudflare, CrowdStrike, Dell, Pinterest, Cognizant, Uber, Nasdaq, Qualcomm, Snowflake, Bank of America, Citi, IBM, Cisco, Krka, Ignitis, Shell, BP, HSBC, Diageo, Reckitt Benckiser, Rio Tinto, Imperial Brands, Sage Group, Unilever, Aviva, Phoenix Group, Legal & General, Vale, OPAP, National Bank of Greece, DBS Group, Oversea Chinese Banking Corporation, Singapore Exchange, Jardine Matheson, Invesco, Tokio Marine, CK Infrastructure, EUWAX Gold II (WKN: EWG2LD), VanEck Defense ETF (WKN: A3D9M1), iShares MSCI Canada ETF (WKN: A0YEDS), Xtrackers Euro Stoxx 50 ETF (WKN: DBX1ET), Amundi Stoxx Europe 600 ETF (WKN: LYX0Q0), Global X European Infrastructure Development ETF (WKN: A40E7B), SPDR MSCI Europe Industrials ETF (WKN: A1191T), iShares MSCI Saudi Arabia Capped ETF (WKN: A14ZV2) und Xtrackers MSCI EM Europe, Middle East & Africa ETF (WKN: DBX1EA). https://www.businessinsider.de/informationen/newsletter/alles-auf-aktien/ Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Der Börsen-Podcast Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

As Donald Trump threatens a takeover of Greenland, Europe responds with military deployments, sending the markets into a low-key swivet. Today on the show, Rob Armstrong and Alphaville reporter Toby Nangle discuss what financial weapons the EU has to defend against an increasingly warlike US president. Also they go long Dutch tech company ASML and long a return to live television. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.