BIT Capital Quarterly Report Equity Q1 2026

The start of 2026 was initially shaped by a clearly growth-friendly macro setup: fiscal stimulus, regulatory easing, and a supportive monetary policy met with moderately declining inflation and stable growth expectations. In February, however, a regime shift occurred: disruptive forces in the area of AI-driven software development triggered an abrupt repricing of the software sector. The resulting correction expanded, driven by technical factors, into a broad factor rotation – largely decoupled from fundamental corporate data. Even operationally strong stocks came under pressure.

The Quarterly Report Equity discusses which additional macro shocks affected the technology sector, why at the same time the transition to agentic AI is exponentially increasing demand for computing power, and what implications arise from this for our portfolio positioning.