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This article examines the central paradox of the AI economy: intelligence is becoming dramatically cheaper even as technology companies invest record sums in AI infrastructure. It explores the AI value chain, token economics, the open-versus-closed model debate, and whether soaring usage can offset falling prices as compute supply remains constrained.

Découvrez-en davantage sur les marchés émergents et leurs mutations structurelles, qui font les actions de ces marchés une classe d'actifs plus mature et plus intéressante.

Dans un monde de plus en plus déglobalisé, les gouvernements cherchent à acquérir une autonomie en matière d'énergie et de matières premières, sous la forme de chaînes d'approvisionnement nationales et de réserves stratégiques. Qu'est-ce que cela signifie pour la transition énergétique?

Our Quality Growth team outlines an approach to building resilient portfolios that can also deliver attractive growth. The team seeks to identify companies with superior profitability, predictable earnings growth, and appropriate valuations. They classify quality companies into three categories: Leaders, Defenders, and Opportunistic, while balancing growth and stability.

China’s luxury market is being reshaped: ultra-high-end brands remain resilient, while mid-tier players face pressure from premium and domestic competitors. Consumers are shifting spending toward experiences and local brands, with uneven recovery and opportunities emerging in platforms and adaptable operators.

Portfolio manager Ed Walczak shares his thoughts on his trip to the Berkshire Hathaway annual meeting, his 30 th visit. He focuses on investing versus speculating in today’s AI-obsessed market, and how sticking to a discipline might be harder but more important than ever.

Like oil once powered the industrial era, chips have become a key input powering broad economic activity, with expectations for demand to continue through 2026 and into 2027. In our view, “picks-and-shovels” companies should benefit regardless of which model, hyperscaler, or foundation lab ultimately wins.

Galderma is a pure play dermatology company with steadily growing aesthetics and skin care franchises. Galderma’s Dysport is taking share from Botox, while Nemluvio, its novel itch biologic, is gaining traction. We believe the company may see long term revenue and profit growth ahead. Turns out, demand for better skin is remarkably durable.

La montée en puissance de la demande d'électricité révèle les réseaux vieillissants comme le maillon faible de l'électrification. Le sous-investissement, la congestion et le stress climatique entrent en collision avec une part croissante des énergies renouvelables et des centres de données énergivores. La modernisation des réseaux, le stockage et la résilience constituent ainsi une opportunité d'investissement majeure à long terme.

Vontobel’s experts highlight a widening set of opportunities in emerging market equities, spanning consumer-driven growth, industrial capital expenditure, energy investment, and markets undergoing structural reforms that emphasize shareholder value and capital discipline.

Les marchés émergents viennent de traverser deux chocs mondiaux majeurs et en sont sortis renforcés. Selon nous, ce n'est pas un hasard. De nombreux investisseurs ont raté le rebond post-Liberation Day en restant ancrés dans un cadre d'analyse qui ne décrit peut-être plus l'univers des marchés émergents. La même erreur d'interprétation risque d'aggraver une sous-exposition potentielle des portefeuilles aujourd'hui.

After years of climate taking center stage in impact investing, the social side of the coin is starting to receive more investor attention. Find out what’s been driving the increased interest, and why the timing matters.