1 rich Libsyn https://www.libsyn.com 90 600 🎙️ Worldwide Markets – Episode 665 📅 11 February | 🎧 Recorded Tuesday around lunchtime 💼 Powered by Standard Bank Global Markets &amp;amp; Shyft 🌍 This week in markets Massive hyperscaler CapEx is back in focus 💰🏗️ Markets appear calmer – the worst of the recent collapse may be behind us 😮‍💨 Bitcoin mining costs now around $70,000, putting pressure on miners ⛏️₿ A deep dive into junior miners – why so many of them struggle ⚒️📉 🏗️ Hyperscalers go full throttle 2025 CapEx spend near $380bn, well above expectations 2026 estimates push towards $660bn when Oracle is included The hyperscalers: Microsoft, Meta, Alphabet, Amazon ☁️ The “shovel sellers”: Nvidia*, ASML*, TSMC 🧑‍🏭🪓 Key shift: these businesses are no longer asset-light Warning signs emerge as some stocks trade below their 200-day moving averages ⚠️📉 “Nothing good happens below the 200-day.” 📊 Stocks &amp;amp; charts Microsoft &amp;amp; Meta showing the most technical stress Nvidia* and ASML* still look healthy on the charts ✅ Apple largely staying out of the AI CapEx frenzy 🍏 1nvest ETF5IT*: profits taken previously, now watching closely 👀 🤖 Software shock &amp;amp; AI disruption Growing fear around software-as-a-service under pressure New AI tools like Claude and “vibe coding” spooking SaaS names 💻😬 Reality check: Niche software may struggle Enterprise platforms (e.g. Salesforce-type businesses) are harder to replace 🪙 Bitcoin, gold &amp;amp; currencies Bitcoin dipped below $60,000, now rebounded to mid-$60k Mining economics tight at current prices ⚠️ Gold back above $5,000, refusing to consolidate 🥇🔥 Ongoing dollar weakness and rand strength 💵⬇️ 🇿🇦⬆️ 🌐 The debasement trade Signs of slow de-dollarisation and capital moving out of US Treasuries China reportedly limiting (not stopping) US bond buying 🇨🇳📉 Key takeaway: This is a multi-decade trend, not a short-term trade 🐢 Governments reduce debt via: Inflation Currency weakness 🖥️ A possible opportunity: servers Hyperscalers replacing ageing chips &amp;amp; servers faster than expected Alphabet spending up to $185bn, with ~⅓ just on replacement 🔁 Question raised: Is Dell a quiet AI beneficiary? 🖥️📦 Forward PE near 10 Analysts broadly constructive ⚒️ Junior miners: why it’s so hard Spotlight on Copper 360, Orion, ASP Isotopes* The commodity may be in the ground – but: Extraction is complex Capital is hard to raise Logistics, infrastructure &amp;amp; communities matter 🚧 Junior mining = high risk by design 🎢 Even experienced operators fail 📢 Events &amp;amp; deadlines Power Hour – 19 February 🕠 17:30 | 💻 Webinar or 🏢 Rosebank Tax-free investing beyond TFSA ETFs, income strategies &amp;amp; Reg 28 Important reminder ⏰ Many providers have early contribution deadlines Don’t leave Reg 28 or TFSA top-ups to the last minute 👉 More info: justonelap.com/events 🙌 Wrapping up CapEx boom isn’t over – but cracks are forming AI demand strong, real ROI still unproven Junior miners remain speculative and unforgiving Stay cautious, stay curious “Look after yourself — and if you can, look after someone else too.” ❤️ Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order WorldWide Markets with Simon Brown http://www.justonelap.com <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/40056935/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/439341/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/item/40056935