Märkte Insight: Wie Bundesanleihen von der Frankreich-Krise profitieren

Recent days have seen a surge in technology stocks, causing many to experience a dip. The primary concern is the billion-dollar investment in artificial intelligence (AI) by companies, which has yet to yield expected returns. Despite this, the DAX, Germany's leading stock index, remained relatively unaffected. This can be attributed to the index's heavy reliance on traditional industries, often referred to as the "Old Economy," and a lack of focus on technology and the future.

However, this view is outdated, and the DAX is not entirely immune to potential future AI-related fluctuations.

Siemens Energy, once a part of Siemens, has been a standout AI stock. The company benefits from the growing global demand for energy with its gas turbine business. Siemens Energy's stock surged by 1000 percent over the past three years, but it has fallen by 35 percent since its record high in early May. This decline may reflect concerns over the potential slowdown of the AI boom and reduced energy consumption in future data centers.

Both Siemens Energy and Infineon, another former Siemens unit, are working on innovative techniques using materials like silicon carbide and gallium nitride. These materials enable the production of semiconductor devices with higher power density and lower conversion losses, which are crucial for AI infrastructure development. Siemens, the parent company, is also positioned to benefit from the global AI boom with its technology and software for infrastructure operation, such as cooling, energy distribution, and fire protection systems.

The company's total order backlog reached a record high of €132 billion, driven largely by large contracts from the United States, particularly in AI data centers. The stock reflects the current momentum, with its price doubling over the past three years and sitting 8 percent below the August record high, indicating strong resilience in the face of growing AI concerns.

Merck, a supplier of semiconductor industry materials, including photoresists for coating chip structures and process chemicals for layer deposition or etching, has not adequately reflected this boom. The stock has declined by 5 percent over the past three years. DHL, a logistics company, has seen success in the air freight sector due to the rapid expansion of data centers, which require servers, computers, and cooling equipment.

The stock has also remained strong, rising by nearly 50 percent over the past three years but trading 6 percent below its 2021 record high. This resilience can be attributed to its role in transporting equipment during the COVID-19 pandemic when many stores were closed. Overall, the DAX has stagnated, and while there are signs of a potential year-end rally, there are also factors to consider both for and against such a rally on the stock market.