Heiko Thieme warnt: KI-Hype ja – Billionen-Bewertungen nein

Stock markets are racing from record to record, even as geopolitical crises, high valuations, and political uncertainties dominate the headlines. For global investment strategist Heiko Thieme, this is not a contradiction. He believes the stock markets are currently driven by both optimism and uncertainty. The boom surrounding artificial intelligence, in particular, is fueling prices and could fundamentally transform the economy for decades to come – much like the internet once did. At the same time, Thieme urges caution. While mega-IPOs like SpaceX, OpenAI, and Anthropic are expressions of a technological revolution, their valuations often exhibit bubble-like characteristics. He considers the current valuation of SpaceX especially excessive. The fact that investors are still willing to accept triple-digit price-to-earnings ratios demonstrates the enormous euphoria in the market. The veteran stock market expert generally advises against IPOs. In most cases, shares can be bought more cheaply one or two years after the initial public offering. Investors should not be swept away by the hype but should patiently wait for attractive entry points.