What’s your go‑to karaoke song? Everyone needs one. You never know when the spotlight will swing your way.
For me, after about three beers, I would reluctantly sign up to sing either “Wanted Dead or Alive” by Bon Jovi or “Dreadlock Holiday” by 10cc, depending on the room’s energy.
This is, of course, a lie. I need absolutely no encouragement to unleash my inner rock star.
Pivot on a prayer
In early 2026, The Singing Machine, a company that had been making home karaoke systems since 1982, rebranded as Algorhythm Holdings and pivoted into AI logistics. A cool name, sure, but quite the change of direction.
Then, last month, Algorhythm wiped billions off the global logistics sector with a single press release, claiming its AI platform was helping customers scale freight volumes by 300% to 400% without adding staff. The entire Russell 3000 trucking index had its worst day since Liberation Day.
Could a $6 million market‑cap company, one that lost nearly $3 million last quarter, really disrupt the entire logistics industry? Maybe. But probably not. But that’s the point: predicting winners and losers in this AI wave is nearly impossible. If you foresaw a karaoke‑machine manufacturer becoming an AI freight‑optimization platform, then please send me your CV.
AI is undeniably disrupting many industries, but not all at the same pace. Some sectors may be transformed quickly, others slowly, and some perhaps not at all, and certainly not to the degree markets are currently pricing in. But recently the market’s reaction to any new announcement is shoot first, ask questions later.
The speed of AI advancement is significantly outpacing previous technological revolutions, and markets are struggling to process it.
I don’t like Copper, I love it
You may have heard of the ‘picks and shovels’ investment strategy. This is a strategy where you invest in the companies that supply the tools, services, or technology needed by an industry, rather than the companies producing the end product. It takes its name from the California Gold Rush in the 1800’s, where merchants selling picks and shovels to prospectors made more consistent profits than the miners themselves.
Given the difficulty in identifying the potential AI winners (or avoiding the losers) we feel that a sensible strategy is to invest in the materials needed for the infrastructure to electrify the economy, and specifically copper.
Copper is becoming one of the most strategically important resources of the 21st century. The International Energy Agency warns that without major new investment, global demand could exceed supply by up to 30% by 2035. This shortfall is emerging just as every major sector from renewables, to EVs, power grids, data centres, and infrastructure, requires unprecedented volumes of copper.
Meanwhile, supply is structurally constrained. New mines take an average of 16 years to build, ore grades continue to decline, and political risk is rising in key producing regions. The supply chain simply cannot keep up, and physical markets are already signalling stress.
Orange is the new black
Copper has historically been given the nickname ‘Dr Copper’ as the industrial demand for copper is considered a good indicator of the health of the economy. But copper is increasingly viewed as a strategic asset linked to electrification and energy security rather than a pure play on the global business cycle. Governments and producers alike are showing a growing willingness to intervene. Look no further than the US government’s new $12bn ‘Project Vault’ incentive which seeks to secure its supply of critical minerals, through a mix of stockpiling, public-private capital and dealmaking.
The supply / demand imbalance makes copper a compelling long‑term investment theme, and one in which we have exposure through our energy transition commodities fund and our new position in a copper miners ETF.
Recent events show how energy plays a key strategic role in geopolitics, and while the world is obviously still dependent on oil as an energy source, the modern economy is increasingly built on copper.
When the karaoke spotlight shines on copper I am confident we will be hearing “moving on up” …the Primal Scream version, obviously!
