ITPM Flash Ep104 When Trillions Move $FCX
From ITPM Podcast by Institute of Trading and Portfolio Management (ITPM)
February 20, 2026 · 11 min · Season 2 · Episode 104
About this episode
Raj Malhotra discusses the potential shift in market leadership from mega-cap tech to industrial metals, focusing on copper's critical role in this transition.
ITPM Flash provides insight into what professional traders are thinking about in the markets RIGHT NOW! Mega-cap tech has dominated markets in recent times . But what if that era is starting to shift? In this episode of ITPM Flash, Raj Malhotra lays out the case for a meaningful capital rotation away from large-cap software — specifically into industrial metals. Hedge funds and mutual funds have not fully repositioned yet, but even a small reallocation out of trillion-dollar mega caps into much smaller commodity-focused stocks could create outsized moves. Copper sits at the centre of this shift. Electric vehicles use multiples more copper than traditional cars. Power grid upgrades require it. Wind, solar and charging infrastructure depend on it. And AI data centres — now absorbing hundreds of billions in capital expenditure — are deeply copper intensive. On the supply side, the picture is tight. New mines take nearly two decades to develop. Ore grades are declining. Major producers face disruption. All the while, even Wall Street may be underestimating how price-insensitive hyperscalers are as supply tightens further. Raj explains why this may be the early stages of a structural…
People in this episode
Host: Raj Malhotra
Topics covered
- capital rotation
- industrial metals
- copper supply
- market leadership change
- trillion-dollar mega caps
- trading strategies
Keywords
- copper
- Freeport-McMoRan
- capital rotation
- industrial metals
- electric vehicles
- market trends
- Hedge funds
- mutual funds
Mentioned in this episode
Organizations: Freeport-McMoRan, Wall Street, Hedge funds, mutual funds
Products: electric vehicles, AI data centres, copper
Places: markets
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