Saxo Market Call New wave of an AI-led bullish nirvana or a bull trap?
12 snips
Jan 29, 2026 
Ole Hansen, Head of Commodity Strategy at Saxo with decades in commodity markets. He walks through a January commodity surge and chaotic gold and silver action. He flags oil and gas drivers, China demand for metals, and the AI capex frenzy shaping tech and market breadth. Short, sharp takes on market volatility and whether the AI rally can hold.
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AI Stocks Driving Market Concentration
- Markets are rotating into AI hardware and big-cap names while the average stock lags significantly.
- The S&P touched 7,000 but equal-weight and small caps underperformed, highlighting concentration risk.
Commodity Rally Hits Record Pace
- Commodities have rallied about 15% in January, a pace Ole Hansen calls potentially record-setting.
- Broad commodity strength is driven by energy and metals, not just precious metals.
Copper Price-Fundamentals Dislocation
- Copper prices have surged despite exchange inventories showing ample supply and a market structure shift to contango.
- This disconnect between fundamentals and price signals creates concern for a potential setback.