Etienne Monceau

OpenAI, What If It Doesn't All Go According to Plan?

I do not think OpenAI will go public. Or, more precisely: I think the company will do everything it can to avoid actually facing the public markets as long as it does not have near-certainty it can command a valuation well above $1,000bn. It has too much to lose. A successful IPO would unlock a critical source of funding for the coming years. A failed IPO would do the exact opposite: it could worsen its financing terms at the very moment the company needs them most, while triggering a brutal reality check across the entire AI value chain.

September 03, 2026 at 05:20 pm

Is Mistral AI at risk of disappearing ?

How can Mistral AI attract ASML, Nvidia or Samsung when, in terms of its models' overall performance, the company has always seemed to trail OpenAI, Google, Anthropic or Chinese labs?

July 28, 2026 at 06:01 pm

There is no such thing as tech anymore

As recently as two weeks ago, prediction markets were pricing in a significant probability of a swift return to normality for traffic in the Strait of Hormuz. On Polymarket, the odds of a reopening before June hovered around 90%. Today, they are flirting with the status quo. For the April maturity, this probability still reached 60% in mid-March. Today, naturally, it stands at zero.

April 29, 2026 at 03:50 pm

What if we missed the industrial innovation of 2025?

Some announcements generate significant buzz. Others, more discreet, could nonetheless have greater industrial consequences. This may be the case for Air Liquide, which in November 2025, announced the commissioning in Antwerp-Bruges of the world's first industrial-scale ammonia cracking plant, capable of converting 30 tonnes of ammonia per day into hydrogen without direct CO2 emissions.

April 09, 2026 at 03:31 pm

The Great Nonsense of Thematic ETFs

You might think thematic ETFs are straightforward products that make it easy to gain exposure to the defining issues of our time. Not at all. The methodology used to monitor the indices they track is anything but intuitive. And only by reading it can you understand how a pre-revenue company like Oklo ends up accounting for 14% of an ETF designed to play the uranium theme.

December 30, 2025 at 10:00 pm

American hyperscalers: bearish catalysts are piling up

Viewed through an industrial and financial lens, several bearish catalysts are indeed starting to pile up: AI cloud profitability, energy constraints, the scale of CapEx, ecosystem circularity, creative accounting on depreciation and rising debt. However, none of these factors calls into question the considerable technological progress that AI represents. However, their combination materially shifts the risk/return profile of these tech companies, which are tipping from an historically asset-light model into a heavy-industry logic with, in the process, accounting and narratives that are at times more opportunistic than convincing.

December 12, 2025 at 11:11 pm

Should you sell or refuse to buy a stock when it seems overvalued?

When I started writing this article, Oracle (that law firm disguised as a software publisher) soared 40% on the stockmarket after the publication of unexpected quarterly results, and notably a colossal order book. The stock was then trading at 50x earnings and 11.5x expected revenues in 2026… What an excellent introduction to this paper.

September 24, 2025 at 02:45 pm

Markets becoming increasingly concentrated

While the current market concentration can be partly justified by solid economic fundamentals, its pace of acceleration—unprecedented since the 1950s—is raising growing concerns. This dynamic appears to be generating significant side effects, both on the real economy and on the ability of asset managers to outperform the major indices. However, in the absence of intervention by stakeholders, this trend could become self-perpetuating, making it all the more crucial to analyze its consequences.

June 10, 2025 at 09:39 pm

MarketScreener's Secret Sauce: Ratings

As you know, at MarketScreener, we are journalists and big data experts, but like you, we are also investors. In this article and those that follow, we will focus on our management tools, which were designed in our R&D department with the help of analysts and produced by our fabulous IT team. These tools, which we use every day to manage our portfolios, are already well known to some of our users. But by showing you exactly how we use them, we are confident that you too will be able to exploit their full potential.

June 04, 2025 at 03:31 pm

ALLIANZ SE: Underpinned by a support level

The medium term support area around 169.94 EUR should allow Allianz SE shares to re-establish an upward trend in the short term.

August 08, 2022 at 03:31 pm

How much is Harry the Magic Pig worth?

A few days ago, I launched a little game on Twitter: value Harry the magic pig! This is an experiment to raise awareness about financial valuation that was suggested by a former McKinsey analyst (and disciple of Tim Koller) that I was lucky enough to have as a teacher. I absolutely wanted to share this little exercise with you because I am convinced of its effectiveness in understanding the logic of financial valuation.

August 03, 2022 at 11:09 pm

Top economic forecaster Christophe Barraud: "There is a real benefit in easing the barriers inherited from the Trump administration"

Dropping all or part of the tariff barriers that have been erected by the Trump Administration to weaken China and favor "Made in America" is a strategy that has been studied for several weeks by the White House to ease inflationary pressure. At a time when this project is on the verge of becoming a reality, we asked economist Christophe Barraud, who has won many awards for the quality of his forecasts, to explain to us why a renegotiation of customs tariffs constitutes a major inflection point in the current economic mess.

July 06, 2022 at 12:21 am

Recession: What are we talking about exactly?

Right now, the number one risk for markets is the possibility of a recession in developed countries, particularly the US and the Eurozone. But what is a recession? What are the criteria on which supervisory bodies and banking institutions agree to call it a recession?

July 01, 2022 at 05:35 pm

SOCIÉTÉ GÉNÉRALE: Volatility should make a big comeback

After accumulation, acceleration. Timing appears favorable to go long in shares of Société Générale and to anticipate an exit of the trading range on the upside.

June 07, 2022 at 03:02 pm

Why are banks benefiting from rising rates?

Financial services are among the most resilient businesses in the turbulent year 2022. As industry giant JP Morgan pointed out in May, banks are benefiting from a favorable environment due to rising interest rates, and they are not the only ones: insurers and all players involved in credit activities will be able to get their heads above water. And for good reason, the very low refinancing rates of the ECB and the fed, which translate into easier access to debt for companies and households, were a real poison for groups whose business is essentially based on the creation of an intermediation margin.

June 02, 2022 at 04:23 pm

VOLKSWAGEN AG: Back on key levels based on weekly price data

After several weeks of decline, shares in Volkswagen AG are approaching an important technical support area around 143.7 EUR on the weekly chart. These levels represent attractive entry points.

May 25, 2022 at 03:01 pm

AIRBUS SE: There is still some upside potential

The underlying tendency is to the upside for shares in Airbus SE and the timing is opportune to get back into the stock. A comeback of the upward dynamic can be anticipated.

April 20, 2022 at 03:10 pm

CRÉDIT AGRICOLE S.A.: A medium term support level to take advantage of

Crédit Agricole S.A. shares are closing back in on major support levels around 9.73 EUR based on daily price data, which could offer attractive entry points.

April 20, 2022 at 02:58 pm

These companies have cut their ties with Russia

Whether forced by sanctions, under pressure from logistical challenges, denouncing the conflict or protecting their image: announcements are multiplying from multinationals that are leaving or suspending their activity in Russia.

March 08, 2022 at 12:35 am

3 indicators to anticipate a financial crisis

Anticipating a crisis is the grail of any investor. Predicting a black day, the bursting of the 2000's bubble or the 2008 crisis and making money when everyone else is losing money has allowed some Wall Street names to become legendary. Subsequently, through a number of interviews and documentaries, these managers have shared their golden rules and investment philosophy. Not being a big fan of adages, I have always turned to numbers to try (like thousands before me) to find THE indicators that predict a market decline.

March 03, 2022 at 11:43 pm

ARKEMA: Good timing to anticipate a continuation of the trend

The timing appears opportune to go long in shares of Arkema as we anticipate another pick-up in the underlying trend.

February 14, 2022 at 10:10 pm