AI build-out drives demand for real assets
The speakers argued that the physical demands of the AI build-out favor 'periodic table' assets like copper and memory over high-flying software valuations.
The argument
They noted that building data centers requires massive amounts of copper and power, positioning low-cost copper producers as toll roads on AI spending. This cyclical shift historically favors international and emerging markets over US mega-caps.
The thesis, stress-tested
✓ What validates it
- ✓Copper prices rising due to structural supply deficits
- ✓Outperformance of emerging markets and international value stocks relative to US tech
▸ Risks discussed
- ▸Geopolitical risks in key mining regions like South America
- ▸Substitution risks if alternative materials are used in data centers
Hear it yourself
"And I find it interesting because being global investors, the pushback we sometimes get is all of the great tech companies are in The US, and why would you even sort of look outside of The US given given what you can find in The US? Just just before just before you give the pitch question, could you give the give the full name and the ticket so that folks can can find it. Sure. The company call it's called Basso of Sustains. It's a French company. The ticker is d s y and then f p for the for the French market. And Basso is a cat software company, industrial cat software."
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