Mining Vs. Tech Stocks: Commodity Surge Challenges AI Driven Tech Dominance

The article argues that a rising commodity trend — exemplified by mining stocks (XME) — is challenging AI-driven tech leadership (QQQ). Charts show XME roughly doubled versus QQQ from December 2024 to January 2026, and the author interprets the long-term ratio pattern as the final leg of a multi-year base, implying XME could double again relative to QQQ over the next 1–2 years. Drivers cited include post-2020 monetary inflation, on‑shoring and government spending, supply constraints for physical AI infrastructure materials, and heightened geopolitical/military tension boosting inflation and commodity prices. The recent pullback from the January 2026 peak is viewed as a correction within a broader bullish trend for commodities/mining, suggesting continued relative strength for physical-commodity producers.