In a recent episode of the Invest podcast, Nagy Viktor, head analyst of the Portfolio equities desk, and Vidovszky Áron, head of Portfolio Investment Services, reviewed market drivers this summer: the euphoria around artificial intelligence (AI), pronounced volatility in SpaceX securities, and re-evaluation of traditional sectors.
Jeremy Grantham’s caution on AI
A central theme of the discussion was a recent intervention by investor Jeremy Grantham. Grantham warned that the AI narrative may have become overextended: while AI can be transformative, not all related investments are necessarily fairly priced. Historical precedents such as the railway mania and the dot‑com bubble show that technological revolutions can reshape the economy long term while causing substantial short‑term losses for many investors.
The warning is timely given that major AI and chip investments now run into "hundreds of billions of dollars," and announced capital plans in some cases are comparable to the annual GDP of certain countries. The examples of South Korean semiconductor manufacturers, including Samsung and SK Hynix, illustrate the very large stakes involved in this competition.
SpaceX: tension between equity swings and bond demand
SpaceX remains one of the market’s most heated and divisive stories. Its share price rallied strongly after the IPO but then corrected, and expectations of inclusion in the Nasdaq 100 have at times supported the stock. The podcast noted that passive funds’ forced buying can push the price up in the short term, but upcoming expirations of lock‑ups on several share blocks could introduce fresh supply to the market in the months ahead.
At the same time, SpaceX has tapped the bond market, raising "tens of billions of dollars" with demand reportedly exceeding supply. That combination highlights how equity and debt markets can price the same company’s risk differently: equity markets show high volatility, while credit investors have demonstrated strong appetite for the firm’s debt.
Other topics covered
The episode also discussed several additional market stories:
- Birkenstock: the surprisingly resilient business model and operating performance.
- Ibiza: business models built on tourism and club economies.
- Software companies: pressure related to AI adoption on revenues and costs.
Event: WOOD & Co. Investor Day 2026
WOOD & Company will hold its inaugural WOOD & Co. Investor Day 2026 in partnership with Portfolio. The event is scheduled for September 9, 2026, at the Budapest Marriott Hotel and will bring together owners, senior management and key market participants in a closed‑door setting.
Where to listen
The Invest episode is available on YouTube, Spotify and Apple Podcasts, as well as other major podcast platforms and via the embedded player in the article.
This article does not constitute investment advice or a recommendation.
