Investors focused on the 'new new thing' (AI) with one big bet. Now a reality check: where is money going, who benefits? Second-order beneficiaries are key. Money is spent on chips and physical, tangible stuff made of materials.

All of the above. Demand impact is very significant. Similar to China-led boom of early 2000s. New massive source of demand (AI) meets a market that has under-invested since 2015. Supply unable to respond short-term, leading to price appreciation and margin growth.

Concentration of exposure to dollars in central banks and portfolios is being reconsidered. If moving out of US Treasuries, where to go? Euros maybe not. Flow into physical gold is a rebasing of gold prices relative to loss of purchasing power. Gold price is an outcome of lost purchasing power.

Consolidation news (e.g., Rio Tinto, Glencore) is strong because projects needed to meet demand are enormous, requiring huge capital. History of spending by these companies hasn't been great. Consolidation allows more disciplined spending with stronger balance sheets, increasing chance of success and market cap relevance.