Bits & Pieces
Edition #280 | 22/05/2026
Most traded | Markets & Macro | Berkshire Hathaway | Chart of the Week | ETFs
While Elon Musk once again reaches for the stars with SpaceX’s blockbuster IPO, the global economy here on Earth is painting a strikingly divided picture. Meanwhile, portfolios are getting a serious shake-up: Berkshire’s new CEO is clearing house, and NVIDIA is defending its crown. Plus: Everything you need to know about dividends – and ETFs with, without, or just a touch of China.
Note: The data refers to the ratio of purchases and sales of the 100 most traded stocks in the Scalable broker between 15/05/2026 and 21/05/2026.
Spotlight: T1 Energy
The US solar manufacturer has landed a new investor: A hedge fund backed by Leopold Aschenbrenner has acquired a 3.6% stake, sending the stock sharply higher. Meanwhile, Q1 revenue tripled and a new factory in Texas is currently under construction – but the company is still operating at a loss.
Returns in space, reality on Earth
Elon Musk’s SpaceX is gearing up for what could become the largest IPO in history. The market debut is reportedly scheduled for 12 June on the Nasdaq, with Musk targeting a valuation of $1.5-2 trillion – which would instantly make SpaceX one of the world’s ten largest listed companies.While investors are looking to the stars, conditions back on Earth are far less uplifting:
- China’s engine is sputtering: China’s industrial production grew just 4.1% year-over-year last month, according to the National Bureau of Statistics – the weakest pace since July 2023. Rising energy prices, partly driven by disruptions around the Strait of Hormuz, are adding further pressure.
- Bond yields are climbing: In the US, 10-year Treasury yields have risen from 4% in February to 4.6%, while German 10-year yields climbed to 3.1% – their highest level since 2011. That may sound attractive for savers, but it also signals that investors are demanding a higher risk premium. Concerns are mounting not only over ballooning fiscal deficits, but also over rising inflation risks.
- Europe is slowing down: The European Commission cut its growth forecast for Germany in half, from 1.2% to 0.6%. A key reason is the surge in energy prices resulting from the Iran conflict, which is putting even more strain on Europe’s already fragile industrial sector.
The Abel Era: Less is more
There had been endless speculation about Warren Buffett’s successor. Now we finally have something concrete to look at. Greg Abel has completed his first full quarter as CEO of Berkshire, and one thing is already clear from the filings: The 13F portfolio has been trimmed from around 40 holdings to fewer than 30. The $263 billion portfolio is now more concentrated than ever. The top five positions – Apple alone makes up 22% – alongside American Express, Coca-Cola, Bank of America, and Chevron, account for roughly two-thirds of the total value.
Radical exits and fresh bets
- Abel exited Amazon, Domino’s Pizza, and UnitedHealth entirely.
- With roughly 40 million additional shares, Alphabet has now entered Berkshire’s top ten holdings.
- Abel also rebuilt a position in Delta Air Lines – a sector Buffett famously walked away from in frustration back in 2020.
- Meanwhile, Berkshire cashed in around $8 billion worth of Chevron shares, likely taking advantage of elevated oil prices.
- And it’s worth remembering: beyond the equity portfolio sits a massive operating empire – spanning everything from energy to railroad giant BNSF Railway. And then there’s Berkshire’s enormous cash pile.
- The conglomerate’s total assets now stand at roughly $1.2 trillion.
- The stock portfolio may be gigantic – but it still represents only about a third of the Berkshire universe.
Our takeaway: Berkshire under Buffett became a legend of consistency. Under Abel, the conglomerate is looking more agile and increasingly tech-focused. The direction is clear: Fewer positions, higher conviction.
Clash of the titans
Market capitalisation of the world’s four largest companies
Source: GuruFocus, as of 20 May 2026
NVIDIA remains the gold standard on the stock market. With a valuation of $5.4 trillion, the chip designer continues to defend its crown as the world’s most valuable company. Its latest Q1 results provided the foundation investors were looking for: Record revenue of $81.6 billion marked an 85% increase year-over-year. The data centre business in particular drove growth, contributing more than $75 billion in revenue – up 92% from a year earlier. In doing so, NVIDIA once again managed to beat Wall Street’s already lofty expectations.
Earlier this spring, it briefly looked as though Alphabet might seriously challenge the market leader. At one point, Google’s parent company was only a few billion dollars away from overtaking NVIDIA, helped by strong quarterly earnings of its own. Alphabet has also shown sharp instincts in venture capital. Back in 2015, the tech giant invested in SpaceX alongside Fidelity in a deal worth roughly $1 billion, with Alphabet contributing around $900 million. What once looked like a risky bet has turned into a jackpot. With SpaceX now heading toward an IPO, Alphabet’s estimated 5-6% stake is believed to be worth around $100 billion. NVIDIA may have pulled ahead again for now – but the race for the top spot is far from over.
The China dilemma
Beijing is gearing up for “China Shock 2.0.” The goal is to outcompete the West in high-tech, automotive, and aerospace. And while China’s economic power continues to grow – with Q1 GDP growth in 2026 beating expectations – that strength is barely reflected in global portfolios. In all-country world indices, China still accounts for a modest 2.5%.
All of this argues for greater China exposure – and yet Chinese equities remain a complicated bet. Weak industrial output and soft consumer data are reminders that China’s real economy remains deeply complex. The stock market tells a similar story: Geopolitical tensions, trade barriers, and a fragile property sector continue to weigh heavily on valuations. Investors looking to position themselves now are facing a strategic crossroads.
- The all-in-one solution: For investors who don’t want to miss out on emerging markets despite the volatility, the Amundi Prime All Country World UCITS ETF Dist offers a simple core holding. With roughly 10% exposure to emerging markets, it provides broad diversification without the need for constant rebalancing.
- The stability play: Those who prefer to eliminate “China risk” altogether and focus instead on the proven earnings power of developed economies may want a more targeted approach. The Invesco MSCI World UCITS ETF Acc stands out here as a strategic anchor. The ETF bundles around 1,500 companies from the world’s most established economies. The appeal is not just geographic clarity, but also efficiency: with a total expense ratio of just 0.05%, it ranks among the most competitively priced ETFs on the market.
- China exposure – but not standalone: Investors who want China in their portfolio, but not as a single-country bet, could look to the Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing, where China currently represents around 30% of the index.
Retirement calculator
At the beginning of May, Germany’s Federal Council (Bundesrat) approved the Retirement Savings Reform Act. The new Retirement account is designed to give private wealth creation a modern-day upgrade – including an additional performance boost through government incentives.
With our retirement calculator, you can find out how much state support you may be eligible for, what taxes could apply, and how much you would need to set aside each month to close your personal pension gap.
Editorial deadline: Friday, 7 a.m.
Sources: Scalable and dpa-AFX