Interview: Ex-Bundesbank-Präsident Axel Weber: „Ich will Trump nicht im Portfolio haben“

In a recent interview, former Bundesbank President Axel Weber warned against the growing influence of a "KI aristocracy" that could lead to increased inequality and monopolies. Weber does not believe this will cause new class conflicts, but rather that there is a major concentration problem that poses social and economic challenges.

In the S&P 500 index, the seven largest technology companies now make up 35% of the market capitalization. In 2024 and 2025, about 70% of the total stock market gains were generated by these seven companies: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla. This situation may lead to significant wealth concentration and the emergence of a KI aristocracy.

Weber expressed concern that the concentration of power in a few large technology companies could become extreme. He predicts that in five to ten years, the ten largest technology companies could dominate 50% of the market. This would create a major concentration that would require investors to respond.

Weber suggested that diversification is the key to mitigating the risks of excessive concentration. He advised investors to focus on the ETFs that cover the S&P 500 index, as this would provide exposure to the seven major tech giants while still allowing access to the other 493 companies in the index.

Weber also adopted a personal investment strategy called "MEGA" - "Make Europe great again". He sold all his US stocks, including the major technology stocks, following the start of President Donald Trump's administration in early 2021. Weber now invests in European financial and industrial sectors, as well as European technology companies. He is optimistic about the potential of European companies to lead in AI-related fields, particularly in the industrial application of AI.