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1247 (111-120)
May 25, 2023
Region:
Analyst:
The costs of electricity generation of different energy sources are often debated. Often, however, no distinction is made as to which specific costs are meant. While renewable energies have marginal costs close to zero and very competitive levelized costs of electricity, a high and increasing share of weather-dependent renewables leads to system costs. They result, for example, from the provision of back-up power plants and the falling average capacity utilization of all existing power plants. We discuss the different types of costs of power generation and note that investments in renewables are easier to realize than the construction of new back-up power plants. [more]
May 25, 2023
Analyst:
Artificial Intelligence has been a sizzling hot topic since ChatGPT was launched at the end of November. For once, the hype may be (almost) justified. At Deutsche Bank Research, we thought it was time to take a step back to give a clear perspective for investors and businesses, and to dig into what the latest flavour of AI, Generative AI, will really mean for our future. [more]
May 24, 2023
Companies with a large number of employees have a big problem. Quite simply, they fail to extract as much value from each staff member as do low-staff firms. Indeed, labour-intense firms tend to have a lower market cap, thinner margins, and lower growth rates.
AI may be the way forward. In this piece, we argue that AI will make workers more productive, particularly in high-staff firms. The reason is that the profitability of high-staff firms has the highest leverage to the performance of their labour force. AI will help upskill them and streamline repetitive and mundane tasks that are more prevalent in high-staff companies. [more]
May 23, 2023
Analyst:
Next week will mark six months since the launch of ChatGPT, the chatbot based on OpenAI’s GPT-3.5 large language model. There has been an extraordinary flurry of launches, hype and activity since then. Even in the past week, OpenAI, Google and Meta announced fresh products, OpenAI’s CEO testified in Congress, and the G7 called for “guardrails” on AI, among many other developments. [more]
May 22, 2023
Traditional Value and Quality investing is well understood, but how well does it translate to financial firms? In this video analyst Clayton Gillespie discusses the quant team’s latest research, which uses accounting, valuation and corporate finance insights to generate appropriate alphas for financial firms. Together they generate Value and Quality strategies that exhibit robust through-cycle behaviour and combine well with Value and Quality factors in the rest of the universe. [more]
May 22, 2023
The AI hype cycle is in overdrive. It feels like the volume of text generated by ChatGPT over the past six months has almost been matched by the volume of hyperbole about how foundation models will change the world. For once the hype is (mostly) justified. Generative AI is not another metaverse or, for that matter, another crypto currency. But it will change the world – for better and for worse. [more]
May 12, 2023
Region:
Analyst:
Banks’ domestic sovereign exposures in the euro area ballooned during the financial and European debt crises but have markedly declined since then. Still, with 5% of total assets and 76% of capital, they remain considerable and a risk on bank balance sheets, especially in light of the general exemption from capital requirements and concentration limits. Risk parameters differ between national banking markets, and the home bias remains high, at around 80%, as banks hardly diversify into other euro-area debt. The cross-country differences make it difficult for policymakers to agree on a fully mutualized European Deposit Insurance Scheme and thus complete the Banking Union. [more]
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