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Last week, the European Commission presented its legislative proposal for the Chips Act 2.0. The aim is to establish Europe’s semiconductor strategy on a sovereign footing in the long term. However, our Head of Portfolio Management, Jörg Held, points out that processes, regulations and bureaucracy must be overcome before the draft becomes law. For investors, this means that European chip champions remain attractive, but the political timetable is dampening the euphoria.

The planned SpaceX IPO is more than just a mega-IPO. It could become a stress test for passive investors, and with OpenAI and Anthropic, the next mega-IPO candidates are already in the starting blocks. Our Head of Portfolio Management, Jörg Held, explains why index providers are already rolling out the red carpet and what this means for ETFs and active investors.

The Fed is facing its most significant change in leadership in decades. With Warsh comes not just a different person, but a different understanding of what a central bank should do.

According to modern portfolio theory, diversification is the only risk-free strategy in the stock market.

Kevin Warsh is set to become the next Fed chairman. Now that the political battle is over, the real challenges begin.