Gold and silver will potentially set fresh highs as part of a broader ongoing move to safe-haven assets, while the artificial intelligence (AI) boom enters its commercialisation and infrastructure buildout phase in 2026. Growth companies with strong balance sheets could help investors reap outperformance, while Bitcoin’s adoption may broaden as a secondary store-of-value asset.
Theme 1: AI investment to build
The AI investment cycle still arguably has significant runway. The US technology giants are likely to remain very profitable, with robust margins, scalable business models and strong balance sheets, which could keep getting stronger in 2026. This strength could spread outside of the US to Asian companies linked to the AI supply chain. In the US, earnings per share (EPS) for the broader FANG universe is projected to rise faster than the overall US share market Indeed over the next three years, led by Nvidia.
We are likely to see AI adoption broaden across traditional industries, with the intersection of digital and physical infrastructure defining the next phase of the cycle. The strongest opportunity could sit with AI infrastructure, which is emerging as the most important beneficiary of the boom. Power, cooling and connectivity have become the defining bottlenecks of the global AI rollout, and these constraints are increasingly shaping the next leg of AI investment. Resource pressure points are becoming the new drivers of capital allocation, with AI-related datacentre growth already straining electricity grids and critical-mineral supply. This is creating a tailwind for nuclear energy, grid technology, advanced cooling systems and the broader ecosystem that supports the physical backbone of AI.
Theme 2: Safe havens sought in gold and silver
In times of great economic uncertainty, investors are clearly favouring real assets such as silver and gold and silver’s fresh record in December is challenging its reputation as the poor man’s gold, having gained around 100% in 2025,[1] ahead of gold’s 60% gain.[2]
Central banks and retail investors are likely to keep buying gold in 2026 given ongoing volatility and economic uncertainty, which is adding to inflationary pressures and pushing investors to safe-haven assets. Following a healthy consolidation phase, gold could resume its rally and potentially test the US$4,500 resistance level. This move is likely to be catalysed by the US Federal Reserve’s return to cutting interest rates this month or in early 2026. We view gold as the most effective hedge against lingering economic and geopolitical tail risks heading into 2026, while drivers such as sustained central-bank accumulation and resilient ETF demand are underpinning an exceptionally constructive backdrop for gold.
We also expect silver to resume its strong momentum into next year, albeit at a more measured pace than the aggressive rally we have seen in 2025. Rising demand from the energy transition and next-generation chip technologies is colliding with a supply deficit, reinforcing silver’s long-term investment appeal. Its long-standing relationship with gold should also provide a supportive tailwind, particularly as we expect gold to outperform over the next 12 months.
Theme 3: Bitcoin adoption to broaden
While precious metals have been key beneficiaries of volatile geopolitics, trade tensions and inflationary concerns, 2025 also marked an evolutionary year for Bitcoin as it began staking its own claim as a store of value. This is not to say Bitcoin has shed its speculative characteristics or is anywhere near replacing gold, and recent volatility highlights the cryptocurrency asset class remains volatile. But demand is high enough, including from institutions, to warrant a second look at its aspirations of Bitcoin becoming ‘digital gold’ in 2026.
Theme 4: Real assets in demand for resilience
A related theme is that investors may seek assets directly linked to electrification and energy security. Commodities more broadly are likely to play an important role in 2026, with copper and uranium likely to build on their strong gains in 2025. Lithium prices could build on their strong rebound, potentially taking ASX-listed lithium miners with them, as we have seen in recent weeks.
The growing EV sector explains some of the demand; the sector is entering a more favourable and profitable phase. Healthier automakers are likely to reinvest in next-generation battery production, all of which supports stronger visibility for battery providers, lithium producers and the entire battery value chain. As profitability returns at the top of the stack, the upstream ecosystem stands to benefit, creating a more compelling opportunity across batteries, materials, and the broader electrification theme.
Theme 5: Investing in growth companies backed by attractive valuations
Investing in growth equities backed by attractive valuations and earnings could be important to achieve equites outperformance in 2026. A GARP strategy, or Growth at a Reasonable Price, is one of the best-performing equity strategies over the last 20 years. GARP investing captures companies with strong, sustainable earnings growth, but without overpaying for it. While the US still leads in innovation and profitability, the story is broadening. Europe is stabilising as energy and investment programs gain traction, Japan continues to benefit from corporate reform and an undervalued currency, and Asian companies are showing strength through supply-chain diversification and rising consumption. This global growth rotation is becoming an increasingly important driver of diversified equity returns.
[1] https://www.bloomberg.com/quote/XAG:CUR
[2] https://www.bloomberg.com/quote/XAU:CUR
