Duttenhoefer´s Daily (13.08.2026)

S&P +26bps @7748 (+13% ytd) auf niedrigem Volumen; US Inflationszahlen wenig überraschend und der Markt preist “nur” noch 40% für eine Fed Zinserhöhung im September; wir haben re-risking bei Semis und dem AI complex gesehen nach CoreWeave, Lumentum und Super Micro; unser Memory basket hat +5% gewonnen und das momentum pair lag +7%; Zinsen unverändert mit US 10yr bei 4.67%; Kospi +3% angeführt von Samsung/SkHynix bei +5%/+6%; Brent $89, Gold $4400 und Bitcoin $63.9k; Nvidia Zahlen am 26. August sind das nächste große Marktevent.

AI Regulierung in den USA: White House officials are almost certain to revise the Trump administration’s new artificial intelligence guidelines and expand its oversight of AI models. Link

Google: mit dem neuen Pixel und Fokus auf Gemini; Pixel 11 starts at $899; focus on more Gemini features to complete tasks in the background, including a new Wispr Flow-like transcription feature, a live translation feature that works across content, and a new camera feature that captures the right frames. Link Gemini surpassed 1bn users; it was the 14th Google product to hit the 1bn mark; 63% of Gemini users talking directly to the assistant using the voice feature; Gemini now generates >150m images daily; has >100m active users on iOS. Link

Nvidia Zahlen: berichten am 26. August; we expect a solid quarter with meaningful upside to guidance supported by tight GPU supply/demand trends, but think the bar for the stock is elevated given its +12% move in two weeks; details here: Link

EU Baskets: unser Team veröffentlicht ein gutes wöchentliches Update zu Ideen und Flows; we saw renewed demand in European Defense and supply in EU Luxury; net de-grossing in our EU China Competition basket was also interesting. Link

Crypto: last week's move had been supported by the strongest weekly ETF inflows since April, with all 5 trading days registering net inflows and total weekly inflows reaching $853m; that inflow streak has broken, with Monday and Tuesday together recording cumulative net outflows of $136.8m. Link

dies wurde viel angefragt bei uns: update looking at common misconceptions about European Equities; 1H26 EPS growth is tracking +14%yoy (strongest pace in 3yrs); ROE has improved markedly as margins and buybacks have risen; European Banks (SX7P) have considerably outperformed the Magnificent 7 since 2022; China competition is a huge negative but Autos are just 1% of Europe market cap (but 9% of sales); European equities are seeing the best inflows in 10-years ex 2021. Link

LA Lakers: Josh Kushner and Bob Iger reportedly buying Los Angeles Lakers for $12.5bn (Walter bought team last year for $10bn). Link

Aktien demand vs supply: despite the increase in US equity issuance, we continue to expect that corporate equity demand will outweigh supply in 2026. Link

“geparktes” Geld: money market funds have roughly $8000bn cash parked which is nearly 2x the value of 2022 (BBG).

2000 oder 2008? worth a read on AI risks; central argument is not that AI demand will collapse but that the AI financing model only works if demand growth keeps accelerating; analogy is to 2008 housing, not 2000 dot-com; worth a read. Link

Stat des Tages: US federal interest costs have reached roughly $2.85bn per day (>$1tr a year) which is around 14% of federal spending. Link

Chart des Tages: nearly 80% of S&P market cap has reported earnings already; this quarter delivered one of the best beat rates on record but that was met with muted EPS rewards (both long and short). Link

Source: Goldman Sachs; past performance is no indicator for future performance.

Johannes Duttenhoefer, Executive Director, Global Banking & Markets Goldman Sachs Bank Europe SE | Marienturm | Taunusanlage 9-10 | D-60329 Frankfurt am Main Email: | Tel:

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