In-depth analysis covering AI infrastructure, macro strategy, monetary architecture and strategic commodities.
AI InfrastructureFeatured
The AI Infrastructure Investment Thesis: 2026–2030
The AI compute cycle is not a bubble — it is the largest infrastructure buildout in human history. We examine the structural drivers, key beneficiaries and risk factors across the AI infrastructure stack.
Copper: The Metal of Electrification and the Coming Deficit
Every electric vehicle requires four times more copper than a combustion engine vehicle. Every AI data centre requires copper-intensive power and cooling infrastructure. The structural supply deficit is not priced into current copper markets.
Global liquidity is expanding. Real rates are declining. The dollar is weakening. These three conditions historically define the most favourable macro regime for risk assets and commodities. We examine the current regime and its implications.
ASML: The Monopoly That Enables the Semiconductor Age
ASML is the only company in the world capable of manufacturing EUV lithography systems. Without ASML, there are no advanced semiconductors. Without advanced semiconductors, there is no AI. This is what a true monopoly looks like.
AI data centres require 24/7 baseload power that solar and wind cannot reliably provide. Nuclear energy is the only zero-carbon baseload power source. Uranium demand is entering a structural bull market.
While NVIDIA dominates the general-purpose AI accelerator market, Broadcom is quietly building a dominant position in custom AI chips for the world's largest technology companies. This is a $50B+ revenue opportunity by 2027.
Geopolitical Risk: A Framework for Investment Decision-Making
Geopolitical risk is not binary. It exists on a spectrum from background noise to existential threat. We present a framework for incorporating geopolitical risk into investment decisions without either ignoring it or being paralysed by it.
BGAM™ Research articles are intended solely for informational, educational and research purposes. Nothing on this website constitutes investment advice or a recommendation to buy or sell any security.
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