Saxo Market Call Our AI basket and what does it mean to call something a bubble?
Sep 23, 2025
Join Ole Hansen, Head of Commodities Strategy at Saxo, as he delves into the dynamic world of commodities and AI stocks. He discusses how Nvidia’s massive funding for OpenAI is influencing the AI landscape and shaping a basket of 24 key stocks. The conversation shifts to precious metals like gold and silver, exploring their rally driven by investor demand. Hansen also shares insights on the sluggish crude oil market and how geopolitical factors are shaping supply dynamics. Tune in for a riveting analysis of trends and potential market bubbles!
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Cycling Metaphor For Market Moves
- Ole Hansen describes cycling the Ligurian coast and getting exhausted but enjoying it.
- He uses the ride as a light metaphor for market climbs like gold and silver surging while he was away.
Nvidia's Vendor Financing Could Echo Past Bubbles
- John J. Hardy highlights that NVIDIA and Apple drove a narrow market rally while many names lagged.
- He notes NVIDIA's $100bn vendor-financing move could echo vendor financing seen in past tech bubbles.
Momentum And Tangible-Asset Demand Drive Metals
- Ole Hansen says gold and silver's breakout is momentum-driven with fresh buyers at each high.
- He links demand to investors seeking tangible assets amid economic and geopolitical uncertainty.