Episode Details

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 

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