Bits & Pieces
Edition #286 | 03/07/2026
Most traded | Markets & Macro | Cooling | Chart of the Week | Golden ETFs | Product Highlight | Private Equity
Tomorrow, 4 July, the United States celebrates the 250th anniversary of its Declaration of Independence. That makes it the perfect occasion to take a closer look at America's dominance in the global equity index. And while the US gears up for a day of backyard barbecues and dazzling fireworks, gold has lost some of its shine. We explain why the precious metal can still sparkle – even after slipping back from its record highs. Plus: How Otto is taking on e-commerce heavyweights like Amazon, and why some stocks are simply taking it easy.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks in the Scalable broker between 26/06/2026 and 03/07/2026.
In the spotlight:
Bayer catches a break. The pharmaceutical and life sciences giant scored an important legal victory in the ongoing US glyphosate litigation after the Supreme Court handed down a favourable ruling in late June. The court decided that Bayer can no longer be sued for failing to include cancer warnings on the labels of its glyphosate-based weed killers.In a further effort to ring-fence its legal liabilities, Bayer now plans to spin off the controversial US operations of its Monsanto subsidiary into a newly created company called Ruveon. Investors welcomed the move, sending the stock – and the broader market's sentiment toward Bayer – higher.
It's getting expensive
With the 250th Independence Day celebrations, Wall Street will be closed on Friday. For European markets, that simply means one thing: less direction from the US once the afternoon session begins. Because of the holiday, the US jobs report was released a day earlier than usual. After a solid gain of 172,000 jobs in May, economists expect hiring to cool to around 100,000–110,000 new jobs in June. Investors are hoping for a classic Goldilocks outcome – an economy that's slowing just enough to support interest-rate cuts, but not enough to signal a recession.
Top 3 corporate stories
- Apple: a price hike without the fanfare
Apple has quietly raised prices for Macs, MacBooks, and iPads by around 20% – without announcing new models or major upgrades. The culprit is a sharp surge in memory chip costs, with NAND and DRAM prices in some cases quadrupling. Even Apple's industry-leading profit margins are feeling the squeeze. - Volkswagen: swinging the axe
Volkswagen is planning a major restructuring that could eliminate up to 100,000 jobs worldwide and lead to the closure of four factories in Germany. The automaker has also scrapped its multibillion-euro autonomous driving partnership with Bosch. Adding to the upheaval, Bosch CEO Stefan Hartung unexpectedly stepped down almost simultaneously. - Rheinmetall: finding its footing
After a sharp sell-off, Rheinmetall shares have steadied and are now trading just above €1,070. The stock remains one to watch. Weakness across the European defence sector also prompted Franco-German tank manufacturer KNDS to shelve its planned IPO – for now.
Bro, chill
Scorching summer temperatures are pushing data centres to their physical limits. As AI workloads drive power consumption ever higher, traditional air cooling is no longer enough. That has turned companies specialising in advanced thermal management into some of the biggest beneficiaries of the AI boom.
Vertiv Holdings, the global leader in liquid cooling solutions for data centres, recently reported 136% year-over-year EPS growth and raised its 2026 revenue guidance to as much as $14 billion. Following a healthy 15% pullback, the stock is back on many investors' radar.
Meanwhile, Modine Manufacturing, once a mid-cap automotive supplier, has successfully reinvented itself. Under its Airedale brand, the company now produces massive industrial cooling systems – known as chillers – for data centres and other mission-critical facilities. It recently crushed earnings expectations and is expected to secure a $4 billion contract through 2029 with an as-yet unnamed technology giant.
Bottom line: Demand is surging. Semiconductor heavyweights Samsung and SK Hynix alone plan to invest $1.3 billion in new AI infrastructure in South Korea. None of it works without cutting-edge cooling technology – which makes thermal management one of the most overlooked picks-and-shovels plays in the AI revolution.
Any man who is a bear on the future of the United States will always go broke
J. P. Morgan (1895)
A birthday present with a heavy US bias
Regional weights in the MSCI All Country World Index since 1970
Source: J.P. Morgan, Michael Cembalest, Semiquincententacles, June 2026
A quarter of a millennium is plenty of time to make history – and over that period, the United States has established itself as the world's dominant economic and political power.That dominance is clearly reflected in the MSCI All Country World Index. Since 1970, US stocks have consistently formed the backbone of the benchmark. There were periods of decline – most notably during the 1980s, when Japan emerged as the world's second-largest economy – but today the U.S. once again accounts for more than 60% of the index.
Much of that resurgence has been fueled by the AI and technology boom. In fact, the ten largest companies now make up more than 35% of the S&P 500's total market capitalisation, underscoring just how concentrated the US market has become.This outsized weighting is a reflection of American exceptionalism – the idea that the United States occupies a unique position in the world because of its history, institutions, and capacity for innovation. The country's share of global corporate profits is just as exceptional.
Take NVIDIA, for example. The AI chip leader generated roughly $58 billion in operating profit in its latest quarter alone. By comparison, Siemens, Germany's largest listed company by DAX weighting since early 2026, earned €10.4 billion in net profit during its entire 2025 fiscal year. The comparison highlights a simple reality: For equity investors, it's hard to ignore the earnings power of Corporate America.
P.S. With the Scalable MSCI AC World Xtrackers (Acc) ETF, you gain exposure to global economic growth – including the strength of US companies – for a total expense ratio of just 0.15% per year.
Gold flying under the radar
While the major stock indices continue to notch record highs and billions of dollars pour into tech giants, the world's oldest store of value has lost some of its luster. Since its all-time high in January, gold has fallen by more than 25%, posting its weakest quarter in 13 years. But when sentiment is at rock bottom, contrarian opportunities often begin to emerge.
Fortunately, gaining exposure to gold doesn't mean storing bullion in a home safe. Exchange-Traded Commodities (ETCs) offer a convenient alternative. Products such as the Invesco Physical Gold ETC track the price of gold and are backed by physical bullion held in custody. Investors who want to eliminate currency fluctuations can opt for a hedged product like the Xtrackers Physical Gold EUR Hedged ETC. The trade-off is straightforward: While the hedge removes foreign exchange risk, it also gives up the potential upside from a strengthening US dollar.
For investors seeking additional leverage to the gold price, gold mining stocks offer another angle. As gold prices rise, miners' profit margins typically expand, making their shares even more sensitive to the underlying commodity. The iShares Gold Producers UCITS ETF provides diversified exposure to leading gold mining companies. Investors looking for regular income may prefer the Amundi Gold Miners UCITS ETF Dist, which distributes the dividends paid by major producers such as Newmont and Barrick Mining directly to shareholders.
High-speed trading
Ironically, the blockchain technology once hailed as pioneering reached its limits when trading volumes surged. During the 2021 NFT boom, for instance, networks were so heavily congested that users had to bid via so-called gas fees just to get their transactions prioritised and processed. Back then, the rule was simple: Pay more for faster execution – or wait in line if you didn't.
This is precisely where Hyperliquid steps in: a blockchain built specifically as a platform for lightning-fast, decentralised spot and derivatives trading. The fuel powering this ecosystem is the HYPE cryptocurrency, which is used for transaction fees and network security alongside other functions, and has the potential to take blockchain infrastructure to the next level.
Swedish crypto specialist Virtune has created a way to add the HYPE cryptocurrency directly to your portfolio with the Virtune Hyperliquid ETP, launched in spring 2026. This exchange traded product lets you trade the token's performance just as straightforwardly as a conventional share or a classic ETF. Throughout it all, security takes centre stage:
- Physical backing: The ETP is fully collateralised by the underlying crypto asset.
- Offline storage: Assets are held offline in cold storage via Coinbase and BitGo Custody – regulated crypto custodians that are completely separate from the trading venue.
- Straightforward access: The ETP brings the crypto asset out of the unregulated niche and makes it accessible via traditional trading venues.
Between space hype and AI pioneers
The stock market is currently making history – driven by the massive buzz around names like SpaceX. Yet an exciting alternative is backing promising companies before they even go public. Anyone looking to invest directly outside the public markets uses vehicles like the BlackRock Private Equity Fund. Celebrating its one-year anniversary on Scalable Broker, the fund is in a strong position: Having only launched in 2025, it carries no expensive legacy baggage from the zero-interest era. Rather than debt, capital flows purely into company shares.
The best-known names in the portfolio, which currently comprises 12 companies, are likely OpenAI and Anthropic. These AI pioneers add a touch of venture capital flair, so to speak. Meanwhile, the focus remains on established platform, industrial and consumer goods businesses such as Vinted, Stepstone, Carglass (Belron) or Froneri (Milka, OREO, MÖWERNPICK). Thanks to the co-investment model, retail investors participate in the exact same deals as institutional players. However, given the initial two-year lock-up period alongside redemption restrictions, private equity remains a long-term investment – building businesses takes time. And if that sounds like a strong addition to your portfolio: For a short time only, you can receive a 1% bonus. Terms and conditions apply.
High time to plan ahead
In this section, we provide concise answers to your key questions about the Retirement account (Altersvorsorgedepot or AVD).
Why is the Retirement account economically essential and what is its core function?
The Retirement account is the answer to the failed Riester scheme. Its core function: prioritising returns over mandatory guarantees. While Riester forced significant amounts of capital into low-yielding assets due to compulsory contribution guarantees, the AVD allows for broader investment across the capital market and thus in higher-yielding assets (e.g. equity ETFs). For the first time, direct wealth building on the capital market receives active state backing – without the obligation to use expensive insurance wrappers. It marks the first step towards sustainable private retirement planning that embraces the capital market as an essential pillar.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX