BNP Paribas is favoring "Molecules" (physical stuff) over software. Glencore reported earnings; despite a profit drop due to coal, they are retaining cash for buybacks and the copper story remains the long-term driver. AI requires energy and infrastructure (copper). As software faces disruption/uncertainty, capital rotates into tangible assets with supply constraints (Oil, Copper). LONG GLEN and BROAD COMMODITIES / ENERGY. Coal prices continuing to drag on diversified miners like Glencore.