Bits & Pieces
Edition #293 | 21/08/2026
Most traded | Markets & Macro | Klarna | Chart of the Week | ETFs | Retirement in focus
The rapid rise of Chinese chip manufacturer CXMT to become the most valuable listed company in the Red Empire shows how Beijing continues to expand its state-funded semiconductor self-reliance. For a long time now, the competition with the US has no longer been determined merely by top-tier innovation, but by the question of financing. NVIDIA’s holdings disclosure reveals that the company simply finances the demand for its chips itself. Meanwhile, it remains an open question when "Buy Now, Pay Later" fintech Klarna will achieve its turnaround. Plus: Dividend ETFs in focus.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks on Scalable Broker between 14/08/2026 and 20/08/2026.
In the spotlight: Tkms
Naval shipbuilder Tkms has raised its forecast for the second time. Driven by rising military spending, the Kiel-based company is practically swimming in orders, with a massive Canadian one for 12 submarines all but sealed. For the 2025/26 fiscal year running through September, expected revenue growth was bumped up from 2 % - 5 % to 10 % - 12 %.
How China's state liquidity fuelled the semiconductor boom
While US Big Tech must manage its AI expansion against a backdrop of mounting national debt and high capital costs, Chinese rivals enjoy the advantage of state-directed, cheap domestic liquidity. This is no longer a pure race for technological supremacy – it is an uneven battle between financial systems.
A heavy debt mountain: Yields on US bonds have risen sharply over the past two months, drastically increasing the cost of refinancing expanding US national debt. Treasury Secretary Scott Bessent was forced to step in, doubling US government bond purchases to cap yields. This move brought only brief relief, with yields edging slightly higher again yesterday. Against a backdrop of growing concern, the yield on 30-year Treasuries stands at its highest level since 2003. This is also bringing corporations to their knees when trying to fund their growth.
China's state-backed semiconductor self-reliance: While US companies must offer high interest rates to attract investors in the open capital market, Beijing feeds its domestic players with state funds and cheap domestic loans. This allows state-backed memory chip manufacturer CXMT to easily rise to become China's most valuable publicly listed company. Unitree tells a similar story: the world's largest manufacturer of humanoid robots made a spectacular stock market debut this week, surging more than 600 % after trading opened. However, in a global high-interest environment, Chinese tech stocks must now prove that their underlying fundamentals can keep pace with ambitious domestic valuations.
Buy now, pray later
While analysts had predicted a loss for the second quarter, "Buy Now, Pay Later" pioneer Klarna surprised the market by turning a profit. The fintech generated a net profit of $9 million from April through June, following a $53 million loss in the previous year. The Swedish firm's strongest growth driver was the US market.
Despite this news, the stock plummeted. The reason: a downgraded forecast. Payment defaults, weak consumer spending – particularly in its core German market – and frequent management changes continue to weigh on its growth trajectory. For full-year 2026, Klarna now expects revenue of up to $4.16 billion, down from its previously projected $4.34 billion. Analysts had expected $4.42 billion.
Since investors trade on future expectations, strong past performance is quickly forgotten. The stock thus continues its downward spiral since its stock market debut in September 2025.
Risky AI-web
NVIDIA's listed US holdings
Source: NVIDIA, SEC
From hardware manufacturer to financial backer: Semiconductor giant NVIDIA is pumping billions into AI companies, which then convert these cash injections into purchase orders for high-priced NVIDIA chips. This circular economy is generating record revenue on NVIDIA's balance sheet. The true extent of this trend was recently revealed in a filing with the US Securities and Exchange Commission (SEC).
In total, NVIDIA's US stock portfolio stands at around $63.4 billion. Roughly 80 % of that weight is concentrated in two heavyweights: processor manufacturer Intel takes the top spot with a holding value of nearly $30 billion, followed by Elon Musk's rocket company SpaceX at around $21 billion. The web of AI investments in the portfolio also includes neocloud providers like CoreWeave and Nebius, AI startups, and data center operators. Because the SEC report only lists holdings in US-listed entities, NVIDIA is additionally investing in a wide array of unlisted and non-US companies.
In effect, NVIDIA is subsidizing its own demand. As long as computing requirements continue to grow, this strategy works. However, if expected AI revenues from end customers fail to materialize, the entire financing chain risks collapsing – impacting a wide range of companies. NVIDIA's quarterly results next week should offer greater clarity.
Dividend Déjà-Vu
Stretched tech valuations and broad market uncertainty already prompted investors to reach for defensive stocks back in March. Now, signs of another sector rotation are mounting once again. Particularly in high demand: solid, high-yield dividend ETFs offering predictable cash flows and companies with resilient business models.
The iShares STOXX Global Select Dividend 100 tracks the 100 highest-yielding companies across the US (40), Europe (30), and the Asia-Pacific region (30). Instead of Big Tech, you'll find the Old Economy here, including insurers, utilities, and banks. Dividends must not have decreased over the past five years. With over 2,300 holdings, the Vanguard FTSE All-World High Dividend Yield UCITS ETF offers significantly broader diversification.
Sustainability shouldn't be left out when it comes to dividends. The Xtrackers MSCI World High Dividend Yield ESG ETF tracks the MSCI World, filtering it based on environmental, social, and governance (ESG) criteria. Ultimately, only players with the highest dividend yields are included in the ETF.
In this section, we answer your key questions regarding pension planning briefly and concisely.
How high is the subsidy and how is it structured?
The subsidy scheme was simplified. Basic and child allowances are now proportional to contributions. Here is the exact breakdown using the example of a directly eligible participant:
- Basic Allowance: The state pays 50 % on the first €360 of personal contributions (max. €180), plus 25 % on every additional euro up to a personal contribution of €1,800 (max. an additional €360). The maximum basic allowance is therefore €540 per year.
- Child Allowance: For every child for whom the participant receives child benefit, the state subsidizes 100 % of personal contributions, capped at €300 per child per year. With personal contributions of €300 per year, an eligible parent with two children receives €600 in child allowances.
- Career Starter Bonus: A one-time bonus of €200 for eligible individuals under 25 years of age.
- Minimum Contribution: To receive the basic and child allowances, a minimum contribution of €120 per year is required.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX