Fund manager Beckers: "AI infrastructure currently knows only one direction – up"
In this episode, Jan and Christoph discuss the latest earnings results from the major technology companies. Google Cloud grew by 63 percent, while AWS recorded its strongest quarter in three years. Jan sees Alphabet CEO Sundar Pichai’s much-discussed statement that Google is “compute-constrained” rather than “demand-constrained” as the key observation of the season: demand is not the problem — the constraint is insufficient compute capacity.
Jan also explains why the real beneficiaries of the AI boom are not the large technology companies themselves, but memory manufacturers such as Micron and SK Hynix — and why BIT Capital is deliberately positioned in these names. The episode also addresses whether an MSCI World ETF is still sufficient today. Jan does not reject this outright, but sees a structural advantage for active investors.
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