How to Make Money in the Bull Market for Electricity | TCAF 206

Jan Van Eck argues that the market is underestimating how much AI will change the economy, especially through electricity demand, data-center buildout, and the companies that supply it. He says Nvidia’s results were impressive even if the stock reaction was muted, and he sees potential upside if China sales reopen and if government and hyperscaler spending keep accelerating. He also argues that the biggest beneficiaries of AI may be the mega-cap platforms, utilities, nuclear, natural gas, and transmission companies rather than the headline AI names alone.

He links that same macro view to a broader case for hard assets and hedges. Van Eck says the U.S. deficit and long-term entitlement math make gold and Bitcoin attractive stores of value, and he points to foreign central banks holding more gold than U.S. Treasuries as evidence of a multi-year shift. He also says higher electricity prices are a regressive force that investors should take seriously.

On private markets, he makes the case that investors may be better off owning the public shares of alternative asset managers than the funds themselves, and he thinks the next wave of access will come through systematic products tied to private credit and late-stage growth. He is similarly constructive on tokenization and crypto infrastructure, arguing that cheaper, more reliable blockchains and stablecoin adoption could make Ethereum-style rails central to Wall Street.