The technology rally on the stock markets, driven by the AI boom, continues. After security concerns following autonomous cyber-attacks by rogue AI systems and worries about overvalued share prices had recently slowed the surge in AI-related shares somewhat, AI stocks have recently picked up momentum again. The US technology exchange, the Nasdaq, has consequently reached new record highs.
Please note: Investing in securities involves both opportunities and risks. The companies listed here have been selected by way of example only and do not constitute an investment recommendation.
NASDAQ hits record high
Shares in semiconductor manufacturers, which are benefiting particularly strongly from the AI boom, remained in high demand. Shares in Nvidia, the market leader in AI chips, rose to new all-time highs; the pioneer amongst manufacturers of chips for AI applications could thus soon become the first company to reach a market capitalisation of 6 trillion US dollars.
Expansion of data centres drives demand for semiconductors
A series of optimistic forecasts from major chip manufacturers have recently boosted confidence on the stock markets. For instance, chip manufacturer Marvel Technology has recently raised its revenue forecast. Lisa Su, CEO of industry peer AMD, has also announced a significant expansion of chip production for 2027. Demand for chips continues to be driven by the rapid global expansion of data centres for AI applications.
According to its latest forecasts, the industry association World Semiconductor Trade Statistics (WSTS) expects the global semiconductor market to grow by 89 per cent this year to 1.5 billion US dollars. According to WSTS projections, memory chips are set to record the highest revenue growth in 2026, thereby overtaking logic chips, including processors, as the segment with the highest revenue for the first time.
High demand from data centres currently exceeds supply and has recently caused prices for memory chips to surge further. The South Korean technology group Samsung expects the global chip shortage to worsen until 2028. “The shortage is expected to become even more acute in 2027 compared with this year and to persist into 2028,” said Jaejune Kim, head of the memory division, during the presentation of the latest quarterly figures.
Please note: Forecasts and past performance are not reliable indicators of future results.
AI developer Anthropic could go public this year
With the positive sentiment in the sector, the next major tech IPO is likely to be on the horizon: according to insiders, AI specialist Anthropic plans to go public this year. The provider of the AI software Claude intends to formally begin marketing its shares to investors from 9 November, as reported most recently by the Bloomberg news agency, citing people familiar with the matter.
This means trading in Anthropic shares could begin before the US Thanksgiving holiday. With a value of up to 100 billion dollars, the IPO could become the largest in history. The AI developer is aiming for a market capitalisation of more than two trillion dollars with this IPO, according to the prospectus seen by the Reuters news agency. However, the similarly eagerly awaited IPO of ChatGPT developer OpenAI is not expected to take place until 2027, according to the latest statements from CEO Sam Altman.
Quantum computers could bring about a revolution comparable to that of AI
Whilst the AI boom continues, the next technological revolution is already on the horizon: quantum computers use the physical laws of quantum mechanics – which apply to subatomic particles such as electrons or photons – for their calculations. They operate using so-called qubits as their smallest unit of computation. Unlike bits in conventional computers, qubits do not merely assume the states zero or one, but theoretically an infinite number of intermediate states. This allows several computational steps to be processed simultaneously. Furthermore, the systems require significantly less electricity than a conventional server but are also significantly more prone to faults at present.
According to many experts, quantum computers could transform the world even more fundamentally than AI, as they can perform certain tasks many times faster than existing supercomputers. They are particularly well suited to the encryption and decryption of data or certain AI applications. However, many experts expect that they will not replace classical computers but rather complement them.
The development of quantum computers is, however, still in its infancy; the first machines are still at the experimental stage. Unlike in other areas of technology, Europe has not yet been left behind in this field and is engaged in a neck-and-neck race with the US and Asia. To support the potential of German research institutes in this area, the German Federal Government, for example, recently launched the Quantum Computing Competition (QCC). In this competition, companies and research institutions are vying for a total of 640 million euros in funding.
Commercial launch expected in 2029
China has also included quantum computers on the agenda of the five-year plan presented this year, and US President Donald Trump has ordered the accelerated development of quantum computers and their deployment by the US government. The US Department of Energy is set to acquire a quantum computer by 2028 that is powerful enough for research activities. Major US technology firms such as Alphabet, IBM and Microsoft are already investing billions in the development of quantum computers. “We expect to bring the first fault-tolerant quantum computer to market by 2029,” said Katharina Goeppinger, head of IBM Switzerland, in an interview. Microsoft is also targeting 2029 for the first commercial computer based on this technology.
In addition to quantum computers, data centres in space have also been repeatedly put forward as a possible future scenario. The latest initiative in this area has come from Alphabet. The internet giant is sending four of its AI chips into Earth’s orbit to test how well they cope with the conditions. Problems could arise as early as the launch phase, as the processors will be exposed to vibrations and a force many times greater than Earth’s gravity, Google explained in a blog post.
Investing broadly in the technology trend
Investors seeking to participate in the long-term growth opportunities created by technology, artificial intelligence and digitalization can also gain exposure through a broadly diversified technology equity fund. ERSTE STOCK TECHNO invests globally in leading technology companies across key future-oriented themes such as AI, semiconductors, software, cloud computing and digital infrastructure. Fund manager Bernhard Ruttenstorfer follows an active investment approach, focusing on companies with attractive long-term growth prospects. Over many years, the fund has established itself as one of the leading technology equity funds in the German-speaking market and has benefited from the sector’s dynamic development.
Investors should, however, be aware that technology stocks can be subject to above-average price volatility. This is particularly true for semiconductor companies, which combine significant growth potential with a heightened sensitivity to economic cycles, investment trends and shifts in market valuations. The summer correction provided a recent reminder of how pronounced these fluctuations can be, as many technology and AI-related stocks retreated sharply after a period of strong gains. Investments in equity funds therefore involve risks and may result in capital losses.
Please note: Past performance is not a reliable indicator of future results.
Technology stocks in the spotlight at the GEWINN Investment Fair 2026
Investors interested in learning more about the outlook for technology and AI-related equities will have the opportunity to do so at this year’s GEWINN Investment Fair. Bernhard Ruttenstorfer, portfolio manager of ERSTE STOCK TECHNO, will provide insights into the development of the technology sector and discuss the opportunities and challenges associated with artificial intelligence.
Presentation topics:
- Developments and valuations in technology stocks, with a focus on AI-related companies
- Who are the key beneficiaries of the AI boom?
- Future growth potential
Title: Technology stocks: The next chapter – Where the tech sector still offers potential
Date: 23. October, 13:00 to 13:30
Location: Congress Center Messezentrum Wien
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