In this episode, the hosts cover a wide scope of market themes ranging from geopolitics and commodities to sector-level equities and forward-looking macro drivers. Discussion begins with geopolitical flashpoints such as Trump-era tensions, Venezuela’s transition risks, and Greenland’s strategic minerals, before shifting to equity markets where defence, AI infrastructure and resources stand out as structural beneficiaries. Analysts break down ASX heavyweights across healthcare, tech, infrastructure and banks, highlighting valuation dispersion, earnings resilience and dividend appeal. The conversation also ties in MPC’s 2026 Market Outlook, outlining how AI capex, tariffs, higher-for-longer rates and a persistent geopolitical risk premium will shape volatility and opportunity. Lastly, metals and energy markets are dissected — from record gold and silver to copper strength and lithium momentum — with a focus on how electrification, defence spending and supply constraints feed into pricing.

Key Takeaways

1. Geopolitics is now a core return driver — Venezuela, tariffs and defence realignments are shaping risk premia rather than short-term noise.
2. Defence, energy and mining equities are gaining traction, with stocks like DroneShield benefitting from rising US military spending signals.
3. 2026 will be fragmented but investable, with AI-driven capex supporting growth despite higher-for-longer rates and tariff friction.
4. AI, data-centres and power generation are multi-year themes, driving commodities such as uranium, copper and lithium.
5. Gold & Silver remain strong trades amid safe-haven demand and rate uncertainty, with both printing fresh highs.

In this episode, the hosts discuss the current state of the markets, focusing on central bank policies, economic data, and sector performances. They delve into the implications of AI and quantum computing, the gold and silver markets, and provide predictions for 2026. The conversation highlights the divergence in central bank strategies and the potential for stagflation, while also addressing inflation data and its impact on market sentiment. The episode concludes with reflections on the year and expectations for the future.takeawaysThe market is experiencing central bank divergence, impacting economic data interpretation.AI continues to be a significant investment theme, with quantum computing showing promise.Gold and silver are viewed as strong trades going into 2026 due to ongoing economic uncertainties.Sector performance has varied, with materials and healthcare showing resilience.Inflation data is being questioned for its accuracy and relevance to real economic conditions.Predictions for 2026 include potential stagflation and continued volatility in markets.Investors are advised to be cautious with high-margin stocks and sectors.The importance of understanding credit default swaps in assessing market risk is emphasized.The hosts express optimism about the future of AI and its commercialization.Overall market sentiment remains cautious as investors await clearer economic signals.

In this episode of Bulls vs Bears, Mark and Jonathan discuss various market dynamics, including the impact of quantum computing on cryptocurrencies, the surge in silver prices, and the shifting focus from banks to materials in investment strategies. They analyze the retail sector's performance, the flow of money into the markets, and the outlook for commodities like silver and copper. The conversation also touches on geopolitical factors affecting oil markets and concludes with predictions for market sentiment heading into 2026.

Takeaways

• Quantum computing may impact Bitcoin's encryption security.

• Silver has surged significantly, outperforming gold.

• Investors are shifting focus from banks to materials.

• Retail sector performance is not aligning with market expectations.

• Money flows into the market are strong, indicating potential growth.

• Copper is experiencing a significant rally, often overlooked.

• The lithium market is poised for another boom.

• Geopolitical tensions are influencing oil market dynamics.

• Market sentiment is neutral despite new highs in equities.

• The ASX presents opportunities if investors recognize value.

In this episode of Bulls vs Bears, the hosts discuss the current market outlook, focusing on rate cut expectations and the implications of a potential new Fed chair. They delve into the rise of robotics and AI strategies, highlighting government involvement and market potential. The conversation shifts to the dynamics of the tech market, including developments in AI and quantum computing, and their impact on security and investing. The episode concludes with insights into commodities and market trends, emphasizing the importance of understanding these evolving technologies in the financial landscape.

Takeaways

• Rate cut expectations are high, influencing market sentiment.
• Robotics and AI are becoming central to government strategies.
• The tech market is stabilizing, but caution is advised.
• Quantum computing could revolutionize AI and security.
• Nvidia's market dominance may face challenges from new technologies.
• Total addressable markets are often speculative and uncertain.
• AI's growth may encounter limitations in the near future.
• Investors need to adapt to rapidly changing tech landscapes.
• Understanding quantum computing is crucial for future investments.
• Commodities like silver and uranium are showing strong performance.

This episode of Bulls vs Bears takes a deep dive into whether OpenAI is the genuine poster child of AI innovation or the face of an emerging AI bubble, using recent HSBC and Financial Times analysis to question the maths behind its $7 trillion infrastructure ambitions and funding model. The hosts contrast OpenAI’s growth-at-all-costs, consumer-focused strategy with Anthropic’s more disciplined, enterprise-focused approach, and explore broader risks across the AI and infrastructure ecosystem, including Nvidia, Oracle, TPUs vs GPUs, and the growing reliance on debt-funded data centre expansion. They also cover the Thanksgiving “Turkey trap” in markets, AI’s role in amplifying narrative-driven moves, shifts in ASX and commodity names, and signs of stress and structural change in China’s growth model.​

Is OpenAI the poster child of AI innovation or an AI bubble? HSBC/FT numbers suggest a huge capex, power and monetisation shortfall even under Sam Altman’s most optimistic forecasts.​

OpenAI vs Anthropic: consumer “free drinks for everyone” pricing and data grab compared with Anthropic’s higher-margin, privacy-focused enterprise LLM model that appears far more monetisation-ready.​

Bubble risks in the wider AI stack: concerns over Nvidia’s rising inventories and unpaid chip bills, rumours and leverage worries around Oracle, and whether Google TPUs could erode Nvidia GPU dominance.​

Macro and markets: Thanksgiving low-liquidity “Turkey trap” rally on recycled Fed cut headlines, extreme moves in small caps, and why the hosts see this as vulnerable to a sharp reversal.​

Global cross-currents: ASX standouts like WiseTech and Ramsay, precious metals strength on a weaker USD, and worrying signals from China’s collapsing factory investment and softer coal/iron ore demand.​

The conversation delves into the current state of Bitcoin and recent trends in the cryptocurrency market, highlighting significant price movements and sell-off patterns.

Welcome to Bulls vs Bears – Episode 93, where Jonathan and Kai break down another huge week in markets.
From rate-cut fantasies colliding with economic reality, to AI-bubble cracks forming, to lithium’s fourth boom cycle, the team dives deep into what’s really driving sentiment. They also unpack silver’s breakout, insider selling at DroneShield, the Bitcoin halving cycle, and how money is rotating out of expensive AI names into value and healthcare.

Plus:
• ASX sentiment hits extreme fear despite barely pulling back
• Why the S&P rotation matters more than the headline index
• The new “Buy the Dip” structured product and how it works
• Mosaic updates + alpha portfolio performance
• A quick recap of Jonathan and Kai’s latest appearance on The Call

If you want clear market insights without the noise — this episode is for you.

In this conversation, Mark and Jonathan from MPC Markets share their bearish outlook on the market, discussing recent trends and reactions observed on social media. They analyze the performance of the NASDAQ and the Australian market, questioning the potential market reactions if the downward trend continues.

takeaways

• Mark expresses a strong bearish sentiment towards the market.

• Social media reactions indicate heightened anxiety among investors.

• Despite recent downturns, the NASDAQ remains up for the month.

• The Australian market shows a slight decline but is not drastically affected.

• Mark questions the implications of current market pressures.

• He highlights the disconnect between market performance and investor sentiment.

• The conversation reflects on the volatility of market reactions.

• Mark's insights suggest a cautious approach to investing now.

• The discussion emphasizes the importance of analyzing market trends.

• Mark's perspective encourages listeners to stay informed about market dynamics.