Saxo Market Call AI picks & shovels versus AI miners. Also: "Gimme a stimmie!"
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Nov 13, 2025 
In this engaging discussion, Ole Hansen, Head of Commodity Strategy at Saxo, reveals insights on the divergence between AI hardware makers and data-center spenders. He explains the recent rally in precious metals driven by stimulus talks and economic concerns. Hansen also highlights power constraints affecting AI, alongside rising demand for copper and energy. The conversation touches on the implications of potential stimulus checks and their effect on consumer behavior. Overall, it's a fascinating exploration of current market dynamics.
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AI Picks And Shovels Outperform Miners
- AI investing shows a split: hardware "picks and shovels" outperform big AI data-center spenders.
- AMD, Micron and silicon suppliers rose while Oracle and Meta, the "miners", lagged sharply.
Precious Metals Rebound As Safe Haven
- Precious metals rallied sharply as markets seek protection amid fiscal and growth concerns.
- Gold and silver recovered fast, signaling persistent demand for hard assets.
Stimulus Talk Spurs Hard-Asset Demand
- Stimulus talk and growing US debt pressure boost demand for hard assets and risk of looser policy.
- Markets price weaker incoming data and potential rate cuts, supporting gold and commodities.