Bits & Pieces
Edition #281 | 29/05/2026
Most traded | Markets & Macro | Stock | Retirement account | Chart of the Week | US-Banks-ETFs | Scalable News
If there’s one thing the internet can agree on, it’s either hype or ridicule. Ferrari recently found itself on the receiving end of the latter after unveiling its fully electric Luce. Safe to say the luxury brand was expecting a different reaction. Speaking of shattered dreams: The multi-billion-dollar Estée Lauder deal is officially dead. And finally: With the right ETFs, you can reach for the stars – and position yourself ahead of a potential SpaceX IPO.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks on Scalable Broker between 22/05/2026 and 29/05/2026.
Spotlight:
Anyone who thinks AI is just about chips is overlooking the massive infrastructure behind it. Caterpillar is benefitting heavily from the construction boom in new data centres, supplying the critical backup generators that keep servers running during power outages.
AI rally vs. industry in crisis
Capital markets are buzzing with anticipation that Elon Musk’s SpaceX will blast onto the stock market. And now, fresh rumours are already making the rounds. Wall Street is speculating about a potential merger with Tesla. That likely won’t change the IPO timeline – but afterward, such a mega-deal would be entirely in character for Musk, especially since his stock and voting-right stakes would allow him to retain control of the combined company.
Meanwhile, the tech frenzy on Wall Street rolls on. Strong earnings from Marvell and HP helped fuel the rally, but it was SaaS company Snowflake that stole the spotlight with a $6 billion deal with AWS. Then came Thursday’s US inflation update: Rising prices continue to squeeze consumers and have effectively pushed the Fed back into wait-and-see mode. The Fed’s preferred inflation gauge, the PCE index, rose 3.8% year-over-year in April – the sharpest increase in three years – while the core rate excluding food and energy came in at 3.3%. At the same time, the DAX flirted with fresh record highs even as Germany’s deindustrialisation continues to accelerate. Since 2019, the country’s industrial sector has lost more than 341,000 jobs.
Beauty is in the eye of the shareholder
The US cosmetics icon Estée Lauder and Spanish fashion and beauty group Puig – known for brands including Charlotte Tilbury – have failed to reach an agreement. For months, markets had been waiting for the merger between the two beauty giants, a combination that would have put significant pressure on category leader L’Oréal. But the engagement has now officially been called off.
The reaction?
- Estée Lauder shareholders celebrated. The stock rose as investors signaled clear approval.
- The message from the market is straightforward: Investors prefer management under CEO Stéphane de La Faverie to focus on its internal turnaround plan, “Beauty Reimagined,” rather than taking on a complex, high-stakes mega-acquisition.
- Prioritising the restructuring of its brand portfolio is seen as more valuable than adding a costly and operationally heavy integration risk.
- Puig, which had previously benefitted from takeover speculation, saw its shares move sideways.
The takeaway: In the current market environment, investors reward focused execution over flashy $40 billion wedding deals. Estée Lauder is single again – and, for now, the market clearly believes it looks better that way. Puig, meanwhile, has lost some of its merger-driven glow.
The pension bet: Working until 70?
The German government is reviewing ways to keep the pension system financially sustainable. One scenario on the table is already making many people uneasy: Working until 70. What sounds like political calculus is, in purely mathematical terms, a powerful lever for your retirement income – if you can actually make it.
The hard numbers are straightforward: Working three years longer can increase your monthly pension by roughly one-fifth. The catch is obvious – this is a bet on your own biology. There is no guarantee your back, energy levels, or overall health will cooperate at 69. And beyond that, many simply do not want to stay in the workforce that long.
The exit strategy: the Retirement account (AVD)The goal, however, is not to close the retirement gap through additional working years, but through capital market returns.
- The AVD marks a shift: For the first time, the state actively supports direct wealth accumulation in capital markets – for example through low-cost ETFs, without expensive guarantees or complex insurance wrappers.
- With a sufficiently funded investment portfolio, “retirement at 70” becomes a choice for workaholics rather than a financial necessity.
B&P Insight: Retirement at 70 is an offer from the state. The AVD is your option to politely decline. Think of it not as a replacement for your current portfolio, but as its turbocharged upgrade with government tailwinds.
Over 1,000 electric horsepower
Average selling price (ASP) of selected sports car brands for 2025
Sources: Ferrari FY 2025 Full Year Results, Porsche AG Annual Report 2025, Aston Martin FY 2025 Earnings Release
Earlier this week in Maranello, Ferrari unveiled the “Luce”: For €550,000, buyers get four electric motors delivering a combined 1,049 horsepower – plus an interior designed by Sir Jonathan Ive, the designer behind the iPhone. It marks Ferrari’s first series-produced electric vehicle. Online, however, the electric supercar was met largely with ridicule, and the stock reacted negatively as well.
Behind the media noise, though, the operational numbers continue to support Ferrari’s trajectory. Revenue climbed to €7.1 billion in 2025, with EBITDA margins exceeding 38%. The shift toward greater personalisation and exclusivity is clearly paying off. In 2025, Ferrari’s ASP reached nearly €440,000 per vehicle – up 6% year over year. That already puts the Luce’s starting price above the current ASP, suggesting further upside potential – assuming demand follows through. For now, it remains to be seen how the model will perform in the market.
Meanwhile, competitors are not exactly cruising smoothly.
- Porsche delivered 279,449 vehicles last year, with an ASP of around €115,000. However, the VW subsidiary is struggling with declining sales, challenges in China, and a less-than-smooth EV strategy.
- Aston Martin faces more structural issues. The ASP fell roughly 15% year over year to about €240,000 (£209,000). The maker of the iconic James Bond cars continues to struggle with weak margins and fragile finances.
Making money in the back of the boom
SpaceX is preparing for what could become the largest IPO in history. But it is not going to market alone: A consortium of more than 20 banks is involved in the deal, including Morgan Stanley, JPMorgan Chase, and Bank of America. Goldman Sachs, after a fierce competitive battle, has secured the lead role in managing the listing.
For the banks, IPOs are a highly profitable business. As lead underwriter, Goldman Sachs would oversee the entire process of the SpaceX offering – from prospectus preparation and investor roadshows to final pricing. This includes underwriting, where banks effectively guarantee the sale of shares at a pre-agreed price, taking on financial risk if demand comes in weaker than expected. In return, Wall Street firms collect substantial fees for their role in the transaction.
At the same time, another major revenue stream is gaining momentum. Hyperscalers such as Microsoft, Meta Platforms, and Alphabet are currently investing hundreds of billions of dollars into expanding their AI data centre infrastructure. To finance this build-out, they are increasingly turning to the bond market. Banks are structuring these multi-billion-dollar debt issuances, earning fees on each transaction and benefitting from the sheer scale of capital markets activity driven by the AI investment cycle. The result is a clear theme: In the shadow of mega-IPOs and the AI boom, the Wall Street is capturing steady revenue streams – not by owning the growth stories themselves, but by facilitating their financing.
SpaceX in the portfolio?
To ensure a smooth way for you to invest in SpaceX, we are working hard behind the scenes. A number of listing requirements have already been met, and we are currently only awaiting the settlement confirmation from Clearstream, the central securities depository. The goal is for SpaceX to be tradable on the Scalable Broker from its very first listing day on 12 June. We will keep you updated as developments unfold.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX