The AI boom is supposed to be a tech story. Larry McDonald thinks
it's a commodities story. On this episode of In the Money with
Amber Kanwar, the Bear Traps Report founder and best-selling
author explains why surging demand for copper, uranium, oil,
natural gas and gold could create some of the biggest investment
opportunities of the next decade. As trillions of dollars flow
into AI infrastructure, data centres and power generation, Larry
argues investors are overlooking the companies supplying the raw
materials that make it all possible. In fact, he goes so far as
to call NVIDIA (NVDA) a "dumb trade," arguing that investors are
piling into an increasingly crowded corner of the market while
ignoring the resources that power the entire AI ecosystem. He
also shares his concerns about speculative excess in markets and
why the excitement surrounding SpaceX could have much bigger
implications for investors than most realize.
Larry answers viewer questions on the biggest investment
asymmetries he sees today, why Indonesia could be one of the most
overlooked emerging-market opportunities, and whether Brazil is
setting up for a major political and market shift. He also shares
his outlook on pipeline operators like Energy Transfer (ET),
uranium exposure through Sprott Physical Uranium Trust (U.U /
SRUUF), and beaten-down consumer names including Diageo (DEO),
Kraft Heinz (KHC), General Mills (GIS), and Campbell's (CPB).
Plus, he explains why natural gas producers such as Tourmaline
Oil (TOU), Antero Resources (AR), and Range Resources (RRC) could
be unexpected winners from the AI buildout.
Larry's last appearance on In the Money was a win for commodity
bulls. He recommended natural gas, coal and shorting NVIDIA
(NVDA), arguing that investors were underestimating the long-term
opportunity in hard assets. Since then, natural gas and
coal-related trades have significantly outperformed while NVIDIA
has largely moved sideways despite relentless enthusiasm around
AI. This time, Larry is doubling down on the commodity theme with
a bullish call on gold, copper, uranium and energy producers. His
top picks include Agnico Eagle Mines (AEM),
which he calls one of the best-managed mining companies in the
world, SLB (SLB), a play on rising global energy
demand and AI-driven infrastructure spending, and
Intuitive Surgical (ISRG), a unique healthcare
and data-driven AI opportunity that has fallen out of favour with
investors.
Timestamps
00:00 Trailer
02:20 Intro
05:00 There’s a massive distortion of the market
07:30 Why are cheap Mag 7 names not a screaming buy?
10:40 The forward earnings on Nvidia are complete baloney
12:40 Space X could create a credit crisis
18:40 Will the U.S. have to nationalize AI?
22:35 What’s going on with gold & gold stocks?
26:40 The smart money is looking at companies that have great
data
29:03 Oil is a screaming buy right now
31:35 What’s the market signal when bank stocks are doing so
well?
35:45 The Fed setup is bullish for hard assets
39:20 Thoughts on stablecoins & treasuries
41:25 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
43:20 ITM Mailbag: Emerging Markets & Indonesia ETF
47:00 Pipelines & Energy Transfer (ET)
48:30 Diageo stock & consumer staples (DGE)
52:40 Mispricings in Uranium
55:50 Larry’s Past & Pro Picks (short NVDA,
1:04:10: Larry’s gold price target
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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