Core Insights - The global economic landscape is shifting due to geopolitical tensions and trade frictions, with a projected global growth slowdown to 2.7% in 2026 [1] - Policymakers are forming coalitions to secure technology supply chains, focusing on semiconductors and AI infrastructure [2] - The investment thesis for 2026 emphasizes advanced technology sectors intersecting with national security, particularly AI, quantum technologies, and defense [3] Industry Trends - Global trade is being reshaped into technology blocs due to tariffs and export controls, particularly affecting advanced semiconductors and AI [5] - The Pax Silica initiative aims to enhance cooperation in the semiconductor and AI value chain among allied nations, highlighting the role of energy-rich countries in financing technology infrastructure [6] Investment Opportunities - AI, quantum technologies, and defense are identified as key equity themes for 2026, driven by government mandates and strategic competition [7] - Key stocks include NVIDIA, Lockheed Martin, and IBM, which are positioned to benefit from these trends [3] Company Highlights - **NVIDIA**: Reported record Data Center revenues of $51.2 billion in Q3 FY2026, driven by demand for AI infrastructure platforms. Projected earnings growth of 55.2% in FY2027 [9][10] - **Lockheed Martin**: Secured a $9.8 billion contract for PAC-3 MSE missiles, reflecting strong demand for defense systems. Projected earnings growth of 33.9% in 2026 [11][12] - **IBM**: Focused on enterprise AI and quantum computing, aiming for practical quantum advantage by late 2026. Projected earnings growth of 7.5% in 2026 [15][16]

Core Viewpoint - Althera42 aims to create a new investment model focused on technology royalties, allowing investors to capitalize on revenue growth from technology startups without high equity valuations [1][6]. Group 1: Investment Strategy - Althera42 plans to provide working capital to technology companies in Europe without taking equity stakes [1]. - The fund will focus on investing in intellectual property that drives societal transformation through various sectors, including AI, data infrastructure, defense, robotics, and health [2]. - The investment model allows companies to access capital without diluting equity or incurring rigid debt obligations [3]. Group 2: Target Companies - Althera42 targets founder-led and late-stage private companies with software and proprietary technology at their core [4]. - The fund is looking for companies with annual revenues between approximately $17 million and $117 million (€10 million and €100 million) from recurring or licensing models [5]. Group 3: Financial Structure - The fund combines the upside of venture capital with the consistent cash flow of private debt, distributing gains to investors quarterly [5]. - Althera42 will charge a 2% management fee and a 20% performance fee [5]. Group 4: Market Positioning - Althera42 aims to establish technology royalties as a new asset class, similar to the successful models in music and pharmaceuticals [6]. - The company positions itself as architects of a new capital model, transforming recurring revenue into investable royalty streams [7].