Frank Giustra

A copper supercycle is already underway, driven by a severe supply deficit. Old mines are depleting, grades are declining, and new discoveries are scarce. At the same time, demand is surging from electrification, AI data centers, defense spending, and grid upgrades. The physical market is tightening faster than the paper market suggests, and China's control over smelting adds strategic squeeze. The speaker sees this as a multi-year bull case for copper prices.

"I'm very bullish on uranium... The future is going to be in SMRs (Small Modular Reactors) for data centers." Tech giants (like Microsoft) need massive, consistent power for AI data centers that renewables cannot provide reliably. Nuclear is the only clean baseload solution. SMRs represent the specific technology scalable for this use case. Long uranium miners and SMR technology developers. Regulatory hurdles slowing SMR deployment; another high-profile nuclear accident.

"I'm very bullish on uranium... The future is going to be in SMRs (Small Modular Reactors) for data centers." Tech giants (like Microsoft) need massive, consistent power for AI data centers that renewables cannot provide reliably. Nuclear is the only clean baseload solution. SMRs represent the specific technology scalable for this use case. Long uranium miners and SMR technology developers. Regulatory hurdles slowing SMR deployment; another high-profile nuclear accident.

"I'm very bullish on uranium... The future is going to be in SMRs (Small Modular Reactors) for data centers." Tech giants (like Microsoft) need massive, consistent power for AI data centers that renewables cannot provide reliably. Nuclear is the only clean baseload solution. SMRs represent the specific technology scalable for this use case. Long uranium miners and SMR technology developers. Regulatory hurdles slowing SMR deployment; another high-profile nuclear accident.