Halbjahresbilanz mit Dr. Jens Ehrhardt und Markus Koch

How can we assess the first half of the stock market year? Despite geopolitical tensions, rising oil prices, and ongoing debates about interest rates, the markets have performed better than expected in many areas. In this discussion, Dr. Jens Ehrhardt and Markus Koch analyze the key drivers of the past few months: the Wall Street comeback, the impact of AI, semiconductors, and data centers, the development of oil prices, inflation, and interest rates, as well as the opportunities for Europe and Germany in the second half of the year. 00:00 Intro and review of the first half of the year 01:14 The biggest surprise in the markets 03:24 Earnings season, AI boom, and semiconductor rally 05:58 Will there be more market breadth in the second half of the year? 09:00 Baseline scenario for the stock markets 11:05 Iran war, oil prices, and portfolio management response 15:11 Midterms and potential consequences for the markets 18:02 Why has the oil price fallen so sharply? 24:05 Opportunities for Europe and Germany 31:58 ECB, Interest Rates, and Real Estate 34:26 US Federal Reserve, Bonds, and the US Dollar 40:13 Gold: Will it become interesting again? 41:25 AI Boom: Bubble or Long-Term Trend? 44:08 Hyperscalers, Cash Flow, and Opportunities in Second-Tier Companies 48:47 Memory Chip Stocks and Physical AI 49:43 Conclusion and Closing Remarks ► Website: https://www.dje.de ► Podcast: https://spoti.fi/3AaB1mr ► Legal Notice: https://www.dje.de/impressum/ Since 1974, DJE Kapital AG has been setting standards in asset management and funds. DJE Kapital AG (DJE) has been active in the capital market as an independent asset manager for approximately 50 years and, with its in-house research, stands for a value-oriented, risk-aware investment policy. DJE adheres to sustainability criteria in its securities selection and is a signatory to the United Nations' "Principles for Responsible Investment." DJE is a family-run company based in Pullach near Munich and manages approximately €17.3 billion (as of March 31, 2026) for private and institutional clients, as well as in mutual funds, with a staff of around 200. This makes it one of the leading independent financial service providers in German-speaking Europe. The foundation for this success was laid by Dr. Jens Ehrhardt in 1974. DJE operates in both asset management and wealth management. For high-net-worth individuals, DJE offers personalized wealth management starting at €500,000 and the online wealth management platform Solidvest starting at €10,000. As an asset management company, we offer over 25 retail funds that invest in the world's most important and attractive markets and have received numerous awards from independent rating agencies: global, regional, or thematic equity strategies, bond, money market, and fund of funds, as well as mixed funds that flexibly combine various asset classes. DJE also offers institutional investors advisory, administration, risk management, and controlling services for funds and, if required, launches its own specialized and white-label funds.