Commodities Beat Tech This Decade, and Wall Street Still Won't Buy In

The article argues that commodities have outperformed tech this decade, with broad commodity indices up 200% since October 2020 and gold up 140%, yet institutional portfolios still remain heavily tilted toward mega-cap tech. It says the market is underinvesting in physical resources even as the AI buildout and global energy demand are set to consume massive amounts of copper, fuel, and electricity. The piece highlights that the Magnificent Seven plan to spend nearly $800 billion this year, much of it indirectly tied to commodities, while western oil majors are generating strong free cash flow and still trade below pre-Iran-war levels. The core market implication is that scarce supply, record margins, and underowned energy/materials assets may eventually trigger a sharp reallocation, potentially driven by a physical supply crisis rather than gradual investor preference shifts.