Living in a Material World: After AI (Dot-Com), What Might Be Next? Stock Talk Update August 28, 2026

Artificial intelligence may be the biggest technology story in the market — but the next major investment opportunity connected to AI may not be another AI stock.   As companies like Microsoft, Amazon, Google and Meta spend hundreds of billions of dollars building AI infrastructure and data centers, they're also creating enormous demand for something much more physical: electricity, copper, steel, transformers, natural gas, uranium, electrical equipment and the infrastructure needed to connect it all.   So what happens if the AI boom eventually creates a materials boom?   In this episode of Stock Talk, we look back at what happened after technology stopped dominating the market around the dot-com era and examine whether investors could be seeing the early stages of another major shift in market leadership.   After the Nasdaq peaked in 2000, some of the strongest investments of the following years weren't technology companies. Copper, gold, mining companies, materials and commodity-producing countries experienced enormous gains as China's rapid industrialization created a massive new source of global demand.   Today's situation is different — but there may be an important similarity.   AI data centers require enormous amounts of electricity. That means additional power generation, transmission lines, transformers, copper, steel and other physical infrastructure.   According to the International Energy Agency, global data-center electricity consumption was approximately 415 terawatt-hours in 2024 and could reach roughly 945 terawatt-hours by 2030 under its Base Case. In this video, we explore: Why market leadership changed dramatically after the dot-com boom What created the commodity supercycle of the 2000s Why copper prices rose dramatically during that period How AI data centers are changing global electricity demand Why copper, power infrastructure, uranium, natural gas and electrical equipment could become increasingly important Why materials have historically underperformed the broader market for years What the XLB Materials ETF may be telling investors How limited mining investment could affect future commodity supply Why AI could eventually become as much an infrastructure story as a technology story What investors should watch for if market leadership begins to change The important takeaway isn't that technology stocks have to collapse or that commodities are guaranteed to enter another supercycle.   It's that market leadership changes.   The companies and sectors that dominated one investment cycle don't necessarily dominate the next. And if artificial intelligence continues growing, the next major investment story may not simply be the companies building AI.   It may be the companies supplying the materials, electricity and infrastructure required to build the AI economy.   If you're approaching retirement or you're already retired and you'd like someone to review your investments, income needs, risk, and how those pieces fit together with your retirement strategy, contact Oak Harvest Financial Group.   There’s no obligation. We’ll learn more about your goals, income needs, and concerns and help you understand whether there may be opportunities to improve your retirement plan. https://click2retire.com/lets-connect   And if you enjoy videos that make markets, investing, and retirement easier to understand, subscribe to the channel: https://www.youtube.com/@OakHarvestStockTalk?sub_confirmation=1   This content is for educational and informational purposes only and should not be considered individualized investment, tax or financial advice. Investing involves risk, including the possible loss of principal.