🎙️ Worldwide Markets – Episode 665 📅 11 February | 🎧 Recorded Tuesday around lunchtime 💼 Powered by Standard Bank Global Markets & 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 & charts Microsoft & 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 & 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 & 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 & 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 & communities matter 🚧 Junior mining = high risk by design 🎢 Even experienced operators fail 📢 Events & deadlines Power Hour – 19 February 🕠