Yesterday evening, US chip giant Nvidia reported its quarterly figures for the first quarter of the 2027 financial year after the close of trading – and once again exceeded expectations: Sales amounted to 81.6 billion dollars (79.2 billion was expected), earnings per share were 1.87 dollars (expected: 1.77). For the current quarter, the company expects a further increase in turnover to between 89.2 and 92.8 billion dollars.
A strong signal – but also a reason to take a broader view. After all, the real dynamics in the AI sector are no longer limited to chip manufacturers. We spoke to Bernhard Ruttenstorfer, fund manager of the ERSTE STOCK TECHNO technology equity fund.
Please note: the companies mentioned in this article have been selected as examples and do not constitute investment recommendations. Forecasts are not a reliable indicator of future performance.
Bernhard, Nvidia has once again delivered strong figures. What do these results tell us about the state of the AI sector?
The figures confirm what we are already seeing structurally: The demand for AI infrastructure is real and continues to grow. But I wouldn’t focus too much on individual quarterly results. What interests me more is the overarching development – and this is currently shifting significantly.
In which direction?
While the spotlight was primarily on AI models and semiconductors in the first phase of the AI boom, the focus is increasingly shifting to the basis behind it: Data centers, storage solutions, networks and data transmission. Because one thing is crucial: AI cannot scale without a massive infrastructure.
How would you describe the current market phase?
We are currently experiencing a very exceptional market phase in which demand is significantly outstripping supply. The investments are already paying off in the form of accelerated growth in the cloud business.
This is unusual: demand is growing continuously, hyperscalers are investing massively in capacity and production volumes are often tied up for the long term. The result is exceptionally high pricing power on the supplier side.
Who benefits from this – apart from the well-known names?
This is precisely the exciting question. While well-known names remain in the spotlight, key value drivers are emerging elsewhere: among storage manufacturers, network and connectivity providers and optical data transmission specialists. These often less visible segments are crucial for AI applications to work on a large scale.
Isn’t all this already priced into the valuations?
Not necessarily. Even in a volatile market environment, the long-term outlook remains clear: AI applications are measurably driving cloud growth, companies are reporting real demand – not just expectations – and profit increases are supporting valuation levels. Short-term market movements may fluctuate, but the structural drivers remain intact. The high level of investment is not an end in itself – it is already reflected in concrete sales growth.
But the market is not homogeneous, is it?
No, and this is often underestimated. The AI boom is not evenly distributed. Infrastructure-related companies are benefiting particularly strongly, while traditional software sectors are showing a more uneven development. The market is increasingly differentiating between clear winners and laggards. Selectivity is becoming crucial.
Note: Please note that investing in securities involves risks as well as opportunities.
How long will this extraordinary market momentum last?
This exceptional market phase is likely to normalize in the medium term – but structurally the market has improved sustainably. Capacities are scarce and demand continues to grow dynamically. But a certain normalization can be expected in the medium term. This does not change the basic thesis – it just means that timing and selectivity will become even more important.
What does this mean for investors?
It means looking beyond individual names, understanding infrastructure as a key driver and identifying opportunities along the entire value chain – in data centers, in networks, in storage technologies. After all, AI is not only driven by innovation – but also by the capacity to scale it.
Investing in tech stocks
With the ERSTE STOCK TECHNO technology equity fund, investors can make broadly diversified investments in interesting future technologies such as semiconductors, artificial intelligence and cybersecurity.
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