Core Viewpoint - BHP is approaching the $50/share mark, driven by a rally in metals, which is nearing its all-time high and is comparable to the Commonwealth Bank [1][3] Metals Market Overview - The metals market is experiencing a significant rally, with expectations for continued strong performance through 2026, benefiting publicly-listed companies in the sector [2] - Various metals have shown substantial month-over-month price increases, including neodymium (+15%), tin (+20%), rhodium (+30%), aluminum (+11%), and indium (+40%), indicating a broader trend in the metals market [5][7] BHP and CBA Comparison - BHP and CBA have historically been close in market capitalization, reflecting their status as the two largest companies in Australia, which is an export-driven economy [3][8] - BHP last traded at $49.63/share, indicating its proximity to the $50 mark [8] Future Outlook - Analysts suggest that the current trends may signal the onset of a new commodities supercycle, particularly in metals [5][8]

Core Viewpoint - Parts of the financial market linked to hard assets and tangible items are entering a phase that could lead to a prolonged boom [1] Group 1 - The financial market segments associated with hard assets are showing signs of stability and growth potential [1]

Core Viewpoint - The data center boom is expected to significantly benefit commodities, with a particular focus on natural gas, base metals, precious metals, and crude oil as key areas of growth [1][5]. Commodities Overview - Commodities are seen as the most undervalued assets currently, with a bull market already underway, particularly in gold, which has increased by 54% year-to-date [2][4]. - The investment in AI is perceived as misdirected, with a need for more focus on the raw materials required for data centers, such as metals and gas [3][4]. Specific Commodities - **Natural Gas**: Essential for powering gas turbines in data centers [6]. - **Base Metals**: Includes steel and copper, which are critical for components like gas turbines and the energy grid [6]. - **Precious Metals**: Metals such as gold, silver, and palladium are utilized in data center components [6]. - **Crude Oil**: Provides power to data centers, with no major non-OPEC oil projects expected to start next year, potentially driving prices higher [6].