Jonathan Wellum

Wellum suggests looking for businesses that will "profit from efficiencies" of AI, naming Amazon, Intuitive Surgical, and ServiceNow. Beyond the chipmakers, the real value of AI lies in productivity gains. These companies are integrating AI to lower costs (Amazon), improve healthcare outcomes (Intuitive Surgical), or streamline enterprise workflows (ServiceNow), which drives margin expansion. LONG. These are the "users" of AI that will monetize the technology through efficiency. High valuations; execution risk in AI integration.

Wellum suggests looking for businesses that will "profit from efficiencies" of AI, naming Amazon, Intuitive Surgical, and ServiceNow. Beyond the chipmakers, the real value of AI lies in productivity gains. These companies are integrating AI to lower costs (Amazon), improve healthcare outcomes (Intuitive Surgical), or streamline enterprise workflows (ServiceNow), which drives margin expansion. LONG. These are the "users" of AI that will monetize the technology through efficiency. High valuations; execution risk in AI integration.

Wellum states AI and digitization are driving energy demand growth of 2-3% annually, which utilities are struggling to meet. He explicitly names Brookfield Renewable (BEP), Brookfield Infrastructure (BIP), Cameco (CCJ), Prologis (PLD), Eaton (ETN), and Schneider Electric (SBGSY). Big Tech is bypassing regulated utilities to build their own power plants (nuclear/renewables) to feed data centers. This benefits unregulated power producers (Brookfield), uranium suppliers (Cameco), and the "pick and shovel" providers of electrical componentry (Eaton/Schneider) and data center real estate (Prologis). LONG. These are infrastructure plays on the AI capex cycle that possess hard assets and inflation protection. High valuations in the sector; regulatory pushback on energy consumption.

Wellum notes Gold is trading around $4,900 (in this 2026 timeline) and calls the bull market "structural." He mentions owning Royal Gold (RGLD) which, in this timeline, has acquired Sandstorm Gold. Governments globally are running massive deficits (military spending, social welfare) with debt-to-GDP over 100%. Fiscal discipline is politically impossible, making currency devaluation the only exit path. This creates a perpetual tailwind for hard assets. LONG. However, Wellum advises trimming if position sizing exceeds 25% of the portfolio to manage risk. A sudden return to balanced budgets or aggressive deflationary policies (highly unlikely per speaker).

Wellum highlights the need for construction, engineering, and grid updates, mentioning Schneider Electric, Brookfield Infrastructure, Carlisle (roofing), Johnson Controls, "Verta" (Vertiv), and "Quant services" (Quanta Services). You cannot have AI without electricity and cooling. These companies provide the essential infrastructure (HVAC, roofing, grid engineering, power management) required to build and maintain the new data centers and re-shored manufacturing plants. LONG. These are the industrial enablers of the tech supercycle. Cyclical downturns in construction spending or government permitting delays.

Wellum argues fossil fuels are "hated" but necessary, and notes a shortage of uranium because "nuclear has become back in vogue" for powering data centers (citing big tech investing in nuclear). The energy demand from AI is massive. Renewables cannot provide sufficient baseload power. Therefore, capital must flow back to traditional energy (Oil/Gas) and dense energy (Uranium) to keep the lights on for the digital economy. LONG. Contrarian play on "hated" assets that are critical for grid stability. Political/Regulatory pushback against fossil fuels; safety incidents in nuclear.

Wellum states that data centers "have to be owned by somebody, they have to be run by somebody" and specifically names Digital Realty and Prologis as beneficiaries. The AI and robotics revolution requires physical infrastructure. While tech stocks are expensive, the Real Estate Investment Trusts (REITs) that own the physical server farms and logistics hubs provide a tangible way to play the digital growth theme with hard assets. LONG. These are the landlords of the AI revolution. Interest rate sensitivity affecting REIT valuations.

Wellum highlights the need for construction, engineering, and grid updates, mentioning Schneider Electric, Brookfield Infrastructure, Carlisle (roofing), Johnson Controls, "Verta" (Vertiv), and "Quant services" (Quanta Services). You cannot have AI without electricity and cooling. These companies provide the essential infrastructure (HVAC, roofing, grid engineering, power management) required to build and maintain the new data centers and re-shored manufacturing plants. LONG. These are the industrial enablers of the tech supercycle. Cyclical downturns in construction spending or government permitting delays.

Wellum identifies silver as a "strategic metal" with a chronic shortage, essential for weapons, conduction, and electronics, alongside its role as a monetary debasement hedge. Silver has a dual-demand driver: industrial use (solar/AI/electronics) and monetary protection (debt/inflation). The supply-demand imbalance suggests prices must rise to incentivize new mining production. LONG. Buy the metal (SLV) or the miners (SIL) to capture the repricing. High volatility; industrial recession reducing demand.

"We're going to need that copper or gold or silver... make sure they have cash for the next year or two years in order to fulfill their drilling... margins on this business." The speaker argues that despite price volatility, the long-term fundamental demand for hard assets remains intact. He specifically points to the "business" side (drilling, margins, cash flow), implying that the best way to play this is through high-quality mining companies (Producers) with strong balance sheets rather than just the physical metal. Long basket of Copper, Gold, and Silver miners. Commodity price crashes; operational risks in mining (geopolitical, labor); rising input costs squeezing margins.

"We're going to need that copper or gold or silver... make sure they have cash for the next year or two years in order to fulfill their drilling... margins on this business." The speaker argues that despite price volatility, the long-term fundamental demand for hard assets remains intact. He specifically points to the "business" side (drilling, margins, cash flow), implying that the best way to play this is through high-quality mining companies (Producers) with strong balance sheets rather than just the physical metal. Long basket of Copper, Gold, and Silver miners. Commodity price crashes; operational risks in mining (geopolitical, labor); rising input costs squeezing margins.

Apple is being pulled into the AI space, but is not spending on the bleeding edge. It remains a core holding that benefits from the broader tech trend.

Berkshire Hathaway offers a low-risk way to own a portfolio of great businesses plus a massive cash pile that provides optionality. It's better than money market funds or bond funds, and he recommends buying and holding it for the next few years.

We are in a commodity supercycle driven by three factors: massive AI/data center capital spending, aging population requiring robotics/AI for productivity, and global debt crisis leading to currency debasement. This will push up prices across the commodity complex.

Google (Alphabet) is a diversified AI beneficiary with less volatility than pure-play AI companies. He holds a smaller position as a safer way to participate in AI.