All holdingsprices through Jul 13, 2026 
ChamathCommentary
FriedbergBullishChamath1 mention since Jan 30, 2026 Friedberg1 mention since Jan 10, 2026
Copper
CPERBullishExchange-traded fund tracking copper futures prices via the SummerHaven Copper Index Total Return.Yahoo Finance ↗
A commodity, not a company — priced via the CPER ETF as a clean proxy. Excluded from the index and host funds.
2 takes · first discussed Jan 10, 2026 · last Jan 30, 2026
Since their bullish call
+3.0%
$36.88 → $37.99 · since Jan 12, 2026· stance 163d old
Stock +3.0% since first discussed Jan 10, 2026
since first discussed · 6mo
How the calls played out
Click a call to see the price move since it aired.
click a chip for the quote + move since mention
Where they stand now
Chamath touts his copper prediction, noting copper is up 26% in a month and implying it's a winning call he's proud of.
E259 · Jan 30, 20261 call ↓
Friedberg picks Copper as his best-performing asset prediction, citing massive global supply-demand shortfall (~70% short by 2040), copper's ubiquity in data centers, chips, and weapons systems, and the Trump-era national security framing that accelerates the need for domestic critical materials.
E257 · Jan 10, 20261 call ↓
The discussion
Both Friedberg and Chamath are bullish on copper with high conviction, and the thesis appears to be playing out in the near term. Friedberg anchors his view on a severe long-term structural supply-demand deficit — projecting a ~70% global supply shortfall by 2040 — and copper's critical role in data centers, semiconductors, and defense, with a Trump-era national security framing accelerating the case. Chamath, posting roughly three weeks later, points to copper already being up 26% in a month as validation of his earlier prediction. No disagreement exists between the hosts; both see copper as a compelling, high-conviction opportunity, differing only in that Friedberg focuses on the multi-year structural thesis while Chamath emphasizes the immediate price momentum.
How they got there
Friedberg picks Copper as his best-performing asset prediction, citing massive global supply-demand shortfall (~70% short by 2040), copper's ubiquity in data centers, chips, and weapons systems, and the Trump-era national security framing that accelerates the need for domestic critical materials.
I will pick Copper... The asset that is set up to go absolutely parabolic is copper... we are on a path by 2040 where we will be short about 70% of the global supply at current course and speed. And copper.”34:27
iAbout these quotes
Quotes are machine-transcribed from the episode audio — use the Listen links to verify any take against the source, or the ⚑ link to report a problem. Takes marked unverified, low-conviction, or commentary-only never move stances, the index, or the funds.