Jochen Hanebeck is working under the pressure of high expectations for the future. When the CEO of Infineon Technologies presents the figures for the past quarter on 4 February, they are likely to be weak. Compared to the previous three-month period, i.e. from July to September 2024, analysts expect a decline in sales of almost 20%, and a disproportionately large drop in operating profit of more than 40%. However, according to previous statements from the CEO of Germany's largest semiconductor manufacturer, the autumn months might have turned out to be the low point.

The tall electrical engineering graduate (born 1968) hopes that customers will have reduced their chip inventories to such an extent that their need for new purchases will increase. Hanebeck is therefore making a second attempt with a forecast that the situation will brighten up, and the cyclical low in the industry will finally be overcome. As a reminder: Last year he misjudged the situation. The economic downturn proved to be tougher than expected. The CEO of the Dax company, based in Neubiberg south of Munich, had to shelve his original outlook that an industry upturn would soon set in. Hanebeck was too optimistic at the time. The economic slump in China dampened the expectations of the international chip industry.

If the analysts are to be believed, group revenue and the profitability of the high-tech company should gradually increase in the current and the next two three-month periods of the 2025 financial year (which runs until 30 September). However, these expert estimates do not yet take Donald Trump into account.

Despite his recently announced multi-billion-euro investment coup for AI, which triggered a stock market fireworks display, the recently inaugurated US president is seen as a risk factor for the volatile and capital-intensive global chip market. There are fears that the eccentric Republican could spark another trade war, which would hit the chip industry in particular.

Hanebeck is not unsettled by these political uncertainties. Given the tense overall situation, he is currently playing it safe with his business concept. He does not dwell on large-scale scenarios for certain probabilities of occurrence in geopolitics. He has also shrugged off recent doubts among investors that the West could fall behind China in the competition for dominance in the field of artificial intelligence (AI).

Bold moves by Chinese start-ups have recently caused shockwaves in the valuation of established technology stocks. But Hanebeck is committed to his strategic concept of being a provider of high-performance semiconductors in a variety of growth areas.

The orientation of the company sometimes gives the impression on the markets that Infineon is more of a supplier to the automotive industry than a chip supplier in the high-priced product range, due to the fact that electronic components for control systems in EVs, and car sensor technology, account for around half of the group's sales.

Infineon is therefore perceived by some investors as part of electromobility, which has stuttered, particularly in the German home market. The bumpy transformation to electromobility has been dampening Infineon's share price performance. Since April 2022, when Hanebeck took over as CEO from his predecessor Reinhard Ploss, the share price has gained just 8%. The leading German index has risen by more than half in the same period. Under Hanebeck's leadership, the share has so far proven to be a clear underperformer. However, Hanebeck's perseverance and stamina may help to turn the tide in Infineon's favour one day. The Dortmund native still has time to be more persuasive. His contract runs until the end of March 2027.