Bits & Pieces
Edition #295 | 04/09/2026
Most Traded | Markets & Macro | Siemens Energy | Chart of the Week | Europe-ETFs | Scalable News | Retirement in Focus
OpenAI and Anthropic are locked in a fierce neck-and-neck race for the AI crown – and one of the two companies could go public very soon. At the same time, interest rates are back in focus as persistent inflation puts central banks on high alert. Plus: Why a spinoff is on the cards at Siemens Energy, and how Europe is building for the future.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks on Scalable Broker between 28/08/2026 and 03/09/2026.
In the spotlight: Carnival
Cruises are booming, but the industry remains extremely capital-intensive. Carnival is currently feeling this acutely: Although the operating business is performing well, a massive mountain of pandemic-era debt is still weighing heavily on the balance sheet. The Miami-based group also owns the AIDA and Costa brands.
Reality catches up with everyone
During the e-commerce hype of the pandemic, fast-fashion giant Shein Global Holdings was valued at nearly $ 100 billion at times. But that success was not sustainable: While a Hong Kong IPO was finally achieved this week after two failed attempts in New York and London, Shein is now worth only a quarter of its former peak there. Growth is being curtailed primarily by the elimination of duty-free import thresholds in the US and EU.
Whether this fresh market capital will power a turnaround depends, of course, on the macroeconomic environment – which has darkened further. After eurozone inflation climbed to 2.9 % in July, markets are speculating on further rate hikes by the ECB. Across the Atlantic, a benchmark rate hike could also be looming, after Fed Chair Kevin Warsh noted at the Jackson Hole central bank symposium that there is "work to be done" regarding inflation.
Meanwhile, international investors are already taking action. Yields on long-term government bonds have continued to rise across the globe. So far, stock markets appear relatively unfazed by this. Fittingly, the MSCI World Momentum Index is doubling down on AI: As part of the quarterly rebalance of this strategy – which systematically tracks the best-performing stocks – the tech allocation increased by another five percentage points, driven by the addition of Sandisk and Palo Alto Networks alongside increased positions in AMD, Alphabet, and Cisco.
Focus over in-house rivalry
Goodbye ToI, hello Omterra. Around 17,000 employees may soon have to get used to a new corporate name, as Siemens Energy plans to carve out its "Transformation of Industry" (ToI) division. This segment accounted for nearly one-sixth of consolidated revenue last year. Through the spinoff, CEO Christian Bruch aims to strengthen the core grid and power plant business – which is experiencing an order boom driven by power-hungry data centers.
- No more tug-of-war: The core segments are extremely capital-intensive and have often outmaneuvered ToI in the battle for investment thanks to higher returns. The spin-off is intended to put an end to this internal competition. Siemens Energy plans to remain a minority shareholder in Omterra and is currently exploring options such as bringing in financial investors or an initial public offering.
- Record run: Siemens Energy revenue climbed 18.5 % to € 11.4 billion in the last quarter. Order intake set a new record, cracking € 17.9 billion. Even the long-struggling wind power unit Gamesa returned to the black for the first time in years.
- A breather: Since hitting its all-time high in April this year, Siemens Energy stock has corrected significantly downward. Based on analyst estimates for the upcoming 2026/27 fiscal year, the DAX-listed group is currently trading at 23 times earnings – its lowest valuation in two years.
Clash of the AI titans
Annual revenue run rate in $ billion
Source: Bloomberg, Reuters, internal research
Are you Team Claude or ChatGPT? Both language models are driving an extraordinarily steep growth curve for their creators, Anthropic and OpenAI. OpenAI's annual revenue run rate – an annualized projection based on the most recent monthly revenue – crossed the $ 40 billion mark in July, nearly double its level at the start of the year.
Yet Anthropic is growing even faster. Claude's parent company overtook its archrival in April, reaching an annual revenue run rate of $ 65 billion in July. At the end of 2025, that figure stood at a "slim" $ 9 billion. Anthropic's business is surging primarily due to its sharp focus on enterprise clients, whereas OpenAI holds a stronger presence among retail consumers.
At the same time, both competitors are setting a course for the public market. While OpenAI is unlikely to take the step before 2027, Anthropic could go public as early as September. According to reports from the Financial Times, the target valuation is up to $ 2 trillion – roughly double the level of its previous funding round ($ 965 billion). Through the BlackRock Private Equity Fund, investors on Scalable Broker can gain access to unlisted companies – including Anthropic and OpenAI.
Europe gets its act together
For years, people did nothing but talk about the decay of European infrastructure. Now, billions are finally flowing into megaprojects, filling order books across the board. Work is underway on the 18 km Fehmarnbelt Tunnel between Germany and Denmark. In the UK, Eastern Green Link 1 is set to create one of the most powerful electricity superhighways in the world. And then there is the Brenner Base Tunnel between Austria and Italy, designed to ease rail freight and passenger traffic.
It is no coincidence that profits for European listed companies jumped by over 20 % last quarter. If the upswing continues, vehicles like the Xtrackers STOXX Europe 600 UCITS ETF or the iShares Core MSCI Europe UCITS ETF EUR stand to benefit. Both ETFs bundle large and mid-cap companies from across Europe – though Eurozone countries account for just over 50 % of the share. The remainder is largely split between UK and Swiss firms.
By contrast, the Amundi Core EURO STOXX 50 UCITS ETF EUR focuses strictly on the 50 largest and most important stocks in the Eurozone. Key constituents include Dutch lithography leader ASML, German tech giant Siemens, and Spanish lender Banco Santander.
The Vanguard FTSE Developed Europe Small-Cap UCITS ETF EUR, freshly launched in May, looks one tier down. This ETF targets European small caps, which historically tend to carry higher volatility but deliver stronger long-term performance than large and mid-caps.
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Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX