00:00:00
Chamath, biggest business winner for
00:00:01
2026, I will pick copper. We are still
00:00:06
completely underestimating
00:00:09
how short we are in terms of the global
00:00:11
demand supply dynamics of a handful of
00:00:14
critical elements that we need. Again,
00:00:17
in the Trump doctrine view of the world
00:00:19
that is no longer as multilateral as it
00:00:21
was, and we need to have unilateral
00:00:23
national security. And if you look
00:00:25
through that lens, the asset that is set
00:00:28
up to go absolutely parabolic is copper.
00:00:31
And the reason is that it is, at least
00:00:33
as it stands today, the most useful,
00:00:36
cheap, amenable, conductive material
00:00:38
that we have. That material manifests in
00:00:41
everything from our data centers to our
00:00:43
chips to our weapon systems. It's just
00:00:46
everywhere. And right now, Jason, we are
00:00:48
on a path by 2040 where we will be short
00:00:51
about 70% of the global supply at
00:00:54
current course and speed. So, I will
00:00:56
pick copper.