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Playing the AI revolution through commodities and gold’s curious rally

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3 månader sedan

den

27 april, 2024

“A single search query on Chat GPT consumes around 1500% more energy than a simple search google search. The overall energy amounts are marginal on their own. Even taken in aggregate, it is a blip in terms of total global energy demand. However, it is illustrative of the potential big increases in electricity demand that will come from the AI revolution.

“Over the past 20 years, the US has seen its electricity demand stagnate. While its economy has grown, it has been able to avoid the need to add electricity generation thanks to efficiency savings. But this is now changing, and a big reason is the boom in data centre demand, with AI datacentre demand in particular.

“For example, Virginia has one of the densest clusters of data centres in the US. Dominion, the utility company servicing the state, had previously forecast net energy to increase by 2.9% between 2022 and 2037. Now they forecast a compound annual growth rate (CAGR) of about 4.4% between 2023 and 2028, principally due to energy demand from data centres. Similar patterns can be expected across the country.

“So, while many investors are chasing the AI theme through exposure to tech stocks, especially through big names such as Microsoft, it is also worth highlighting the materials or commodity angle — a literal picks and shovels approach.

“Nuclear energy will provide a key role in supplying the electricity for this expected boom in electricity demand, particularly given its zero-carbon credentials. We’ve already seen Amazon purchase a data centre situated next to a nuclear power plant in Pennsylvania for Amazon Web Services.

“With more nuclear energy generation, uranium will see greater demand. The uranium market is already tight with forecast deficits of supply vs demand. Primary uranium mine supply is significantly trailing demand, with a cumulative forecasted supply shortfall of approximately 1.5 billion pounds by 2040. This added component will put more pressure on the uranium price, to the benefit of the miners.

“But generating electricity is only one part of the story. At the same time, getting the electricity generated by nuclear energy to the end user requires transmission. That requires a lot of copper. A build of new data centres will require a buildout of copper-intensive transmission lines.

“As with uranium, the copper market is facing a supply deficit. Copper will be a key metal in the energy transition, with 2.5x more copper wiring in an EV vs a conventional car, while solar panels and wind turbines require grid expansions and upgrades. The additional demand for copper from the AI revolution and data centre build up simply adds to this.”

HANetf is the issuer of the Sprott Uranium Miners UCITS ETF (U3O8), Sprott Junior Uranium Miners ETF (U8NJ) and the Sprott Copper Miners ESG-Screened UCITS ETF (ASWD).

Gold’s curious rally

“Gold has hit several new all-time-highs this year, breaching $2,431/oz. This has been driven by central bank buying, geopolitical-driven safe-haven buying, emerging market investment demand, as well as anticipation around forthcoming Federal Reserve rate cuts, albeit with declining expectations regarding the latter.

“But it is worth looking into some of these drivers themselves. Let’s start with anticipated rate cuts. Gold looks more attractive when interest rates are low or expected to be cut. Gold is a non-yielding asset, so it becomes more attractive the lower yields are on other assets such as bonds. So, with the year starting with expectations of several Federal Reserve rate cuts, gold came into focus.

“But the curious case of this year’s gold market rally is that, despite expectations around these rate cuts gradually receding, with more cautious language from the Fed and some less than positive inflation data prints, the gold rally has continued unabated.

“There are several reasons for this. First, the geopolitical climate is increasingly top of mind for investors. The war in Ukraine continues and we’ve seen a potentially dramatic escalation in the Middle East with Israel and Iran launching missile attacks on one another.

“At the same time, we’ve continued to see central banks buying gold for their reserves. This has principally, but not only, been driven by China. This is geopolitics related, as many see the Chinese central bank’s gold buying being driven by a movement among the BRICS countries towards de-dollarisation. But a key point here is that central banks are a potentially less price-sensitive buyer – their demand is driven by other strategic considerations.

“But while gold has rallied, gold ETF and ETC investors have been absent. This is not how it usually works. Inflows into gold ETFs and ETCs have historically been fairly well correlated with the gold price, but this year a gap opened up. US and European investors were selling gold while the price went up. However, latest data from the World Gold Council now shows that in March, there were slight positive inflows in gold ETFs among American investors. Europeans were still selling, but the uptick in gold ETFs in the US does potentially suggest a trend change.”

HANetf is issuer of The Royal Mint Responsibly Sourced Physical Gold ETC (RM8U) and AuAg ESG Gold Mining UCITS ETF (ESGO).

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Are we about to enter “Hyperbitcoinization”?

Publicerad

10 timmar sedan

den

26 juli, 2024

Redaktionen

• Global crypto asset adoption rates are significantly higher than previously estimated.

• The data generally suggest that both the US and Europe may be at the cusp of mass retail adoption – a situation often referred to as “Hyperbitcoinization” in the context of Bitcoin.

• Chances are that the growth of adoption will surprise to the upside due to the fact that we are most likely at the inflection point from ”Early Adopters” to ”Early Majority”.

Trump recently made a public statement implying that 50 million Americans already held ”crypto”. The most recent surveys among US consumers seem to support this number.

It is no surprise that cryptoassets have become a major topic during the US presidential election as the parties have become increasingly aware that cryptoasset users could play a significant role at the ballot.

Both Trump and Robert Kennedy Jr. are scheduled to deliver a pro-Bitcoin speech at the upcoming Bitcoin conference in Nashville over the weekend.

It seems as if cryptoasset users are not a small minority anymore that can be ignored.

Here are some recent US bitcoin and crypto adoption surveys for comparison (% of total population in brackets):

• Security.org: 93 mn (28%)
• Unchained: 86 mn (26%)
• Statista: 53.6 mn (16%)
• Morning Consult: 44.2 mn (13%)
• Finder: 38.4 mn (11%)

In general, cryptoasset adoption has been on the rise globally.

A recent global survey among institutional investors conducted by Fidelity even implies that 51% of surveyed institutional investors have already invested into cryptoassets such as Bitcoin.

Another recent consumer survey by Statista implies that approximately every 5th person (21%) worldwide has already invested into cryptoassets.

However, it’s important to highlight that among the top 10 regions with the highest adoption rates, 8 regions are developing countries.

So, cryptoasset adoption rates are even significantly higher among developing countries than in developed countries that often suffer from chronically high inflation rates and weak domestic currencies.

That being said, the data generally suggest that both the US and Europe may be at the cusp of mass retail adoption – a situation often referred to as “Hyperbitcoinization” in the context of Bitcoin.

The reason is that technological adoption in general tends to accelerate at the threshold from the so-called “early adopters” to the “early majority” which is around 16% adoption rate based on the model of technological adoption famously put forth by Rogers (1962).

Global adoption rates are already at 21% while adoption rates in the US and Europe are at around 16% and 14%, respectively. So, there is a strong case for an acceleration of adoption rates in these regions and globally over the coming years.

Recent political developments in the US also imply that Bitcoin and cryptoassets are gradually becoming mainstream.

Trump has recently endorsed domestic Bitcoin mining in the US and both Democrats and Republicans have started accepting crypto payments for campaign financing.

The big success of the spot Bitcoin ETFs this year and the fact that additional types of spot crypto ETFs are being launched marks a significant shift in sentiment among US regulators in this regard.

In short, chances are that the growth of adoption will surprise to the upside due to the fact that we are most-likely at the inflection point from ”Early Adopters” to ”Early Majority”.

Bottom Line

• Global crypto asset adoption rates are significantly higher than previously estimated.

• The data generally suggest that both the US and Europe may be at the cusp of mass retail adoption – a situation often referred to as “Hyperbitcoinization” in the context of Bitcoin.

• Chances are that the growth of adoption will surprise to the upside due to the fact that we are most likely at the inflection point from ”Early Adopters” to ”Early Majority”.

To read more about suitable investment solutions by ETC Group, please click the button below:

This is not investment advice. Capital at risk. Read the full disclaimer

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Investera i Optimism med en börshandlad produkt

Publicerad

11 timmar sedan

den

26 juli, 2024

Redaktionen

I denna text tittar vi närmare på olika sätt att investera i Optimism med en börshandlad produkt Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Optimism. Vi har identifierar en sådan produkt.

De olika produkterna skiljer sig en del åt, en del av emittenterna arbetar med så kallad staking, vilket gör att förvaltningsavgiften kan pressas ned. Det är emellertid inte så att alla dessa börshandlade produkter är identiska varför det är viktigt att läsa på.

Investera i Optimism med en börshandlad produkt

Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar Optimism.

För ytterligare information om respektive ETP klicka på kortnamnet i tabellen nedan.

Namn	Kortnamn	Valuta	Staking	Utlåning	ISIN	Avgift %
21Shares Optimism ETP	AOPT	USD	Nej	Nej	CH1304867455	2,50%

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JPGH ETF investerar i amerikanska tillväxtaktier

Publicerad

12 timmar sedan

den

26 juli, 2024

Redaktionen

JPMorgan Active US Growth UCITS ETF EUR Hedged (acc) (JPGH ETF) med ISIN IE000UZZ5SU2, är en aktivt förvaltad ETF. Den börshandlade fonden investerar i amerikanska tillväxtaktier och strävar efter att generera en högre långsiktig avkastning än Russell 1000 Growth-index. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning). Valutasäkrad till euro (EUR).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,49 % p.a. JPMorgan Active US Growth UCITS ETF EUR Hedged (acc) är den enda ETF som följer JPMorgan Active US Growth (EUR Hedged)-index. Denna ETF replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

JPMorgan Active US Growth UCITS ETF EUR Hedged (acc) är en mycket liten ETF med tillgångar på 2 miljoner euro under förvaltning. ETF lanserades den 18 januari 2024 och har sin hemvist i Irland.

Möjlighet

Erfaret portföljförvaltningsteam med i genomsnitt 30 års branscherfarenhet

Utnyttja de bästa idéerna från JPMorgans dedikerade tillväxtanalysteam, förutom grundläggande insikter från över 20 amerikanska aktiekarriäranalytiker, alla med i genomsnitt 20+ års branscherfarenhet

Portfölj

Kombinerar två av JPMorgans beprövade aktiva amerikanska aktiestrategier (tillväxt med stora bolag och tillväxtfördelar), som kombineras för att leverera en diversifierad portfölj av amerikanska tillväxtaktier med underskattad tillväxtpotential över sektorer.

Resultat

Aktivt förvaltad investeringsstrategi som strävar efter att leverera en stilren tillväxtaktieportfölj med en viss grad av marknadskapitalflexibilitet

Handla JPGH ETF

JPMorgan Active US Growth UCITS ETF EUR Hedged (acc) (JPGH ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Borsa Italiana.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
Borsa Italiana	EUR	JGEH
SIX Swiss Exchange	EUR	JGEH
XETRA	EUR	JPGH

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