Calls
45
#867
Alpha Score 17.1
Jonathan Wellum
CEO & CIO, RockLinc Investment Partners
Win Rate
50.0%
return
-3.7%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
Feb 10
$206.96
+11.8%
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.
Hyperscalers
Long
Feb 18
$380.38
+5.2%
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 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.
Grid Equipment
Long
Feb 18
$458.28
-18.5%
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 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).
Commodities
Long
Feb 10
$39.00
+3.7%
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 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.
Construction & Infrastructure
Long
Feb 10
$118.09
-24.3%
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 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.
Critical Minerals
Long
Feb 10
$106.48
-1.2%
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.
AI Software
Long
Feb 10
$140.48
+3.8%
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 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.
REITs
Long
Feb 10
$73.41
-28.1%
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.
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.
Commodities
Long
Feb 05
$87.45
-10.9%
"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.
Thematic ETFs
Long
May 13
$298.89
+12.6%
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.
AI Hardware
Long
May 13
$402.32
-18.8%
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.
Hyperscalers
Long
May 13
$267.60
-0.2%
Schneider Electric (Snyder) supplies electrical components for data centers and electrification. It trades at a lower valuation than Eaton and is a strong way to play the AI infrastructure buildout.
Grid Equipment
Long
Mar 31
$131.01
-14.5%
Wellum names Agnico Eagle, Franco-Nevada, and Wheaton Precious Metals as "amazing" companies trading on the TSX, with Wheaton involved in a $4 billion royalty deal with BHP. These are global leaders in mining and royalties, benefiting from commodity price trends and operational scale, not limited to Canadian economic weaknesses. LONG for quality exposure to precious metals and mining sectors with strong management and financial discipline. Fluctuations in gold, silver, or other commodity prices affecting profitability and stock valuations.
Wellum names Agnico Eagle, Franco-Nevada, and Wheaton Precious Metals as "amazing" companies trading on the TSX, with Wheaton involved in a $4 billion royalty deal with BHP. These are global leaders in mining and royalties, benefiting from commodity price trends and operational scale, not limited to Canadian economic weaknesses. LONG for quality exposure to precious metals and mining sectors with strong management and financial discipline. Fluctuations in gold, silver, or other commodity prices affecting profitability and stock valuations.
Metals & Mining
Long
Feb 10
$416.44
-17.4%
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 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.
Construction Materials
Long
Feb 10
$61.37
-0.6%
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 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.
Grid Equipment
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Jonathan Wellum has 45 trade ideas tracked on Buzzberg across 45 tickers since February 2026. Win rate 50% across 44 evaluated calls, average return -3.7%. Ranked #867 on the Buzzberg Alpha leaderboard. Most covered: AMZN, GOLD, ETN.
