Interview: Former Bundesbank President Axel Weber: "I don't want Trump in my portfolio"
The former UBS banker has sold all his US stocks and is fully betting on Europe as an investor. He also relies on the EU for reforms - and not on the federal government.
Herr Weber warns of a new "KI-Aristokratie" emerging, where a small group of companies and individuals accumulate vast wealth and power through AI development. The "Magnificent Seven" tech companies, including Apple and Microsoft, already account for 35% of the S&P 500's market capitalization. Weber advocates for diversification, citing the risks of concentrated wealth and power, and instead invests in European companies and start-ups, particularly in finance, industry, and technology.
He believes Europe can excel in industrializing AI technology and has launched a strategy dubbed "MEGA" to promote European finance and industry. Weber's European portfolios have outperformed the S&P 500 in recent years.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
