Invest: „Es steht noch sehr viel Geld an der Seitenlinie“

In the world of investing, most investors focus primarily on semiconductors and memory chips, which are essential for advancing artificial intelligence (AI) models. However, Johannes Mayr, Chief Economist at investment firm Eyb & Wallwitz, believes there are multiple scarcities at play, not just the one surrounding semiconductors and memory chips.

In his podcast Handelsblatt Invest, Mayr explains that the global economy has been in a phase of shortages since the pandemic began. He notes that cheap money, global supply chains, and continuous technological progress have kept prices low and growth high until now. Now, these shortages are becoming increasingly apparent. Mayr highlights the Strait of Hormuz as a tangible example of geopolitical-induced scarcity.

Yet, he sees geopolitical scarcities as just a part of a larger picture. More profound, in his view, are the scarcities provoked by the AI boom, such as the scarcity of capital and energy. While the former may be overcome, the latter presents a more significant challenge. According to Mayr, the distribution of energy rather than its generation is where the shortage lies.

For investors, this means actively addressing the bottlenecks in each value chain. Regarding water, Mayr does not believe the market can regulate its price, as it is too vital. In the second part of the podcast, Thomas Altmann from investment boutique QC Partners discusses why the DAX could be a valuable addition to many portfolios. To hear the latest episode, subscribe to your Handelsblatt membership.