At the end of January, the Chinese Ki startup Deepseek with its AI model Deepseek-R1 caused a stock exchange quake, of which chip and AI sizes were affected in particular. This is what Goldman Sachs chief strategist Peter Oppenheimer says about the course of the course.
• Deepseek-R1 ensures a sale of tech sizes
• Goldman Sachs chief strategist sees no wider bear market coming
• Investors encouraged to set up and avoid tech giants
The new AI model Deepseek-R1 from the Chinese startup Deepseek caused a sensation in the international markets a few weeks ago. In particular, the shares of large chip and AI companies recorded violent course collapse. The cause of the price loss was the prospect of powerful AI models, which in their development cost significantly less, which led to considering the high evaluation of tech sizes such as Nvidia, Microsoft, AMD or Broadcom. The reaction was devastating. In response to Deepseek, Nvidia’s market capitalization broke up by almost $ 600 billion in one day. And in Germany too, numerous tech companies such as Infineon, Siemens, Siemens Energy, Siltronic and Aixtron deeply went down.
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Even though many of the affected share certificates were able to grow again the next day, the AI area with Deepseek has now apparently arrived in a new development phase. Because the fact that the development costs of a new technology decrease over time is not unusual and, according to Hargreaves Lansdown expert Susannah Street, could lead to an enlargement of the market, as the German press agency reflects. The future demand for computing power is also likely to continue to increase and even exceed the current forecasts.
Nvidia share, Tesla share & Co. overvalued?
Now the question remains whether the high ratings of tech sizes such as Nvidia are still justified in view of a cheaper AI market. Goldman Sachs chief strategist Peter Oppenheimer in an interview with the Handelsblatt for caution. In his opinion, this could lead to further course declines, especially among the so-called “Magnificent Seven” shares (Microsoft, Tesla, Meta, Apple, Amazon, Google mother Alphabet and Nvidia), as their faster price increases. However, he is also convinced that there were no exaggerated reviews in the technology sector.
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Oppenheimer does not see a bear market comes
Oppenheimer also does not assume that the Deepseek course slide leads to a full-grown bear market. A bear market is spoken when the market is more than 20 percent away from its all -time highs. “To do this, the economy would have to slip into a global recession that leads to the company profits sink,” says Oppenheimer in an interview with the Handelsblatt. However, this is not recognizable. On the contrary, the Goldman Sachs strategist believes that the US economic perspectives under the leadership of Trump would brighten up. Nevertheless, due to the size and concentration of the tech giants in the US stock market, there was a risk of transmission effects on the overall market. According to Goldman Sachs, investors should adapt to fluctuations and corrections “of an estimated ten percent”.
Put the portfolio wide
In view of the Deepseek quake, the expert advises investors to stand up broadly. Opportunities would arise in particular in Europe. Inflation and key interest rates would go back and the economy should grow again. However, European investments would rather have a strong solo selection of the shares, since Goldman Sachs sees little upwards for the European Index Stoxx Europe 600: “This is mainly due to the fact that European companies only have their profits per share on average Three percent should increase and thus significantly less than the companies in the United States, Japan or Asia as a whole, “said the expert. Nevertheless, there would be “many good companies” here. Specifically, Oppenheimer named the health industry, which should “offer good growth prospects in reasonable reviews” and benefit from the trend topic KI. In addition to the health sector, the strategist also emphasized European technologists, banks and companies from the luxury area.
Investors should also take into account when setting up the deposit that US shares in large indices such as the world tactic index MSCI World would now hold a share of around 75 percent. In the broad US index S&P 500, the Magnificent Seven titles would have a high weighting, which is supposedly broadly broadened stock portfolios in such a concentration. Therefore, individual companies should not be weighted too high in the depot, Oppenheimer advises in an interview with Handelsblatt. Specifically, the known names should also be avoided with US shares. So the GS expert considers it unlikely that a run of the S&P 500 carried by the tech giant should also repeat itself in 2025: “Because we assume that the scissors among the company winning between the Magnificent Seven and the other companies Slowly closes. ” Therefore, Oppenheimer recommends the “S&P 500 Equal Weight”, which contains all companies in the conventional S&P 500, but immediately weighted it regardless of market capitalization.
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