Renaud Saleur, former manager of the Soros Quantum Fund and CEO of Anaconda Invest, has named copper, aluminum, and uranium as key investments for the coming decade, powered by the global electrification push and surging demand for AI infrastructure.
Electrification Fuels Commodity Demand
Saleur forecasts a significant increase in global electricity consumption, requiring an additional 100 million kilometers of cabling, which directly boosts demand for copper and aluminum. He expects mining companies to enter a prolonged profitability cycle, with supply constraints further amplifying price moves. His Vulcain Global Volta Electron fund, focused on AI-driven electricity demand, has gained nearly 50% since inception, allocating 40% to commodities and 60% to equities.
Uranium: Supply Deficit and Nuclear Renaissance
Saleur is particularly bullish on uranium, citing a structural supply deficit and accelerating reactor construction. He predicts uranium prices will reach $200 per pound by 2027, far above current levels, reflecting the repricing of nuclear energy’s role in decarbonization. This aligns with recent national announcements of new nuclear plants, strengthening the long-term case for uranium investments.
Oil Services Over Crude
In the energy sector, Saleur prefers oil services companies over crude oil itself, as oil prices remain volatile while service firms benefit from rising industry capital expenditures. His Vulcain Long-Short Oil and Gas fund has surged 110% since 2022, validating this approach.
AI Infrastructure: Avoiding Semiconductors, Betting on Power & Cooling
For AI exposure, Saleur avoids crowded semiconductor stocks and instead invests in data center infrastructure. His fund holds stakes in Sweden’s Munters (air handling and cooling) and Italy’s Carel (HVAC controls), which directly benefit from the precise temperature and power management needs of AI data centers. Saleur believes these businesses offer more stable growth and lower valuation risk.