According to a WSJ report, Jeff Bezos is in the process of raising up to $100 billion for a new investment vehicle aimed at acquiring companies across major industrial sectors—such as defense, aerospace, and semiconductors—and modernizing them through the deployment of artificial intelligence. This initiative is said to be closely linked to Bezos’ AI venture,…
Satellite imaging specialist Planet Labs delivered a strong set of FY results last night, showing for the first time $15 million positive EBITDA and positive free cash flow, well ahead of market expectations. The company also surprised investors with its 2026/27 outlook, guiding for a continued positive EBITDA despite recent growth initiatives. Amid robust demand for…
OpenClaw, an AI agent builder, has surged in popularity in China thanks to its ability to autonomously perform tasks on behalf of users—organizing and responding to emails, drafting work reports, and preparing slide decks. Its versatility has prompted many Chinese tech companies to offer OpenClaw services on their cloud platforms, while local governments and enterprises…
For years, humanoid robots were largely confined to research labs and flashy demonstrations—such as Optimus serving drinks at a Tesla event in 2024. That is now rapidly changing, thanks to major advances in both artificial intelligence and hardware. In particular, one of the most difficult technical hurdles in robotics—dexterous manipulation and the ability of robotic hands to…
For decades, copper carried the internet on its back. It threaded through server racks, snapped into Ethernet ports, linked chips to switches, and did it all with quiet dependability. Electrons racing through metal powered backplanes, patch cords, and direct-attach cables. Copper was cheap, familiar, and fast enough. Then generative AI changed the definition of “fast…
We are launching our Powering AI strategy in EUR (with USD hedging). While the USD trajectory has been a source of concern, the outlook for the Powering AI theme has never been stronger. Data center capex continues to surprise on the upside: recent hyperscaler announcements point to roughly $700 billion of spending in 2026, up…
The AI boom has quietly turned electricity into the most valuable input in tech, and the cloud giants are discovering an uncomfortable truth: the grid is not infinite, patient, or cheap. For years, hyperscalers treated power as a background problem, something to hash out with utilities while the real innovation happened in chips and code.…
In a report published 18 months ago, we warned that “AI challenges were emerging and posing fundamental risks to entire segments of the software industry, suggesting that one would need to be very careful when investing in the sector.” Since then, we have remained underweight enterprise software—and that stance has paid off, with our AI…
SpaceX has just announced its blockbuster merger with xAI. While Elon Musk publicly frames the move as part of his long-standing ambition to take data centers to space, there is also a clear and pragmatic financial rationale. xAI has been cash-hungry since inception and is likely to remain so for the foreseeable future, whereas SpaceX is reportedly…
As we expected, the concerns that emerged in the final months of 2025 and weighed on the AI trade are rapidly fading. Early earnings reports this season have shifted the focus back to what matters most: impressive growth and expanding margins. And worth noting, the equity rally is broadening. While our core AI portfolio is…