AI feels like one of the biggest investing themes in markets right now, but the real question is not just whether OpenAI or Anthropic are winning. It is who else gets paid when AI demand explodes.
In this Australian Finance Podcast episode, Owen Rask sits down with Cameron Gleeson from Betashares to map the AI supply chain from hyperscalers, semiconductors and cloud infrastructure through to copper, memory, gas, uranium and the broader commodities complex needed to build and power data centres.
They unpack whether AI already looks like a bubble, why token growth and cloud margins matter, how private companies fit into listed-market portfolios, and why ETFs such as NDQ, ASIA, XMET, FUEL, QAU and MNRS can give investors different ways to express the theme.
The conversation also explores valuation, capital expenditure and the difference between owning the obvious AI beneficiaries versus owning the less glamorous businesses that enable the boom. That includes the miners, energy producers and infrastructure layers that could still benefit even if the current winners change.
If you want a grounded, non-hype guide to investing in AI beyond the obvious chatbot names, this episode is well worth your time. It is especially useful for investors trying to balance growth exposure with real-world asset backing.
