Our opinion
After the AI Boom: Broadening the portfolio
About a quarter of global economic growth of 2.3 percent in 2025 was driven by heavy investment in the expansion of AI infrastructure. As a result, AI served as a central pillar of an economy that was robust overall, but below its long-term average growth rate.
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AI boom: Is the economy running on only one cylinder?
The year 2025 put the global economy to the test. Political tensions, new alliances and an environment of increasing uncertainty characterised the global situation. Although the economy showed stability overall, it was hardly noticeable in everyday life. It seems as if the economy is running on only one cylinder: everything appears to depend on the AI boom.
Market commentary 1st quarter 2026
Growth prospects for 2026 remain below average, but are robust overall. The stock markets are caught between AI-driven growth in the US, fiscal expansion in Europe, and structural growth in Asia, on the one hand, and ongoing trade conflicts and geopolitical risks, on the other.
A look at the investment year 2026
Die Privatbankiers von Reichmuth & Co geben Einblick in ihre Prognosen und Anlagestrategien. Dabei zeigt sich eine Rückbesinnung auf Schweizer Bodenständigkeit.
Raw materials: “Even things that don’t shine can be gold”
Gold is shining brighter than ever in 2025: its price in US dollars has risen by around 60 percent since the beginning of the year, driven by strong central bank purchases, geopolitical uncertainty, and a certain loss of confidence in the US dollar. Investors are seeking stability and gold remains the store of value of choice.
Reichmuth & Co expects the Swiss franc to remain strong
Reichmuth & Co Privatbankiers continues to focus on real assets and Switzerland as an anchor of stability amid ongoing global uncertainty. This applies to domestic assets, but is also a sensible option for investors from abroad.
Euphoria surrounding artificial intelligence is driving the US market
Investments by major technology companies in artificial intelligence are reaching new heights. In 2024 alone, the so-called hyperscalers – Amazon, Microsoft, Google and Co. – are expected to have invested around 200 billion US dollars worldwide in data centres, chips and infrastructure.
“We believe in the ideas of freedom,” says Federico Sturzenegger.
It was state laws that secured the privileges of a select few in Argentina, said Prof. Dr. Federico Sturzenegger, Minister for Deregulation and State Reform of the Republic of Argentina, during the Reichmuth & Co Lecture No. 27 at the University of Zurich.
Market commentary 4th quarter 2025
The US government's policies are causing uncertainty and shifting the world order. The most visible sign of this is the significant weakness of the dollar. Europe is investing heavily in infrastructure and defense, while China is seeking new trading partners. We show which investment opportunities this is creating in the regions.
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