Exchange-traded fund tracking copper futures prices via the SummerHaven Copper Index Total Return.Yahoo Finance ↗unitedstatescopperfund.com ↗
3 takes · first discussed Oct 17, 2025 · last Jan 30, 2026
Every call, plotted at the price the day they made it.
Chamath boasts that his copper prediction is paying off, noting copper is up 26% in a month, and frames it as a personal call he made that is now coming true.
Friedberg picks copper as the best-performing asset, citing a massive structural supply-demand deficit (~70% short by 2040), its ubiquity in data centers, chips, and weapons systems, and its role as a critical national security material in a less multilateral world.
All three theses are bullish on copper, with Chamath and Friedberg in broad agreement on its strategic importance, though their emphases differ. Friedberg holds the most structurally grounded view, citing a projected ~70% global supply shortfall by 2040 and copper's indispensable role in data centers, semiconductors, and weapons systems in an increasingly fragmented geopolitical environment. Chamath's earlier thesis (Oct 2025) focused on copper as a national security input that the US strategic reserve should stockpile to hedge against Chinese price manipulation, while his later entry (Jan 2026) was more personal and performance-oriented — celebrating a reported 26% price move in a single month as validation of his call. No meaningful disagreement exists between the hosts; the difference is one of framing (macro structural deficit vs. geopolitical hedging vs. near-term price vindication) rather than direction.
Chamath boasts that his copper prediction is paying off, noting copper is up 26% in a month, and frames it as a personal call he made that is now coming true.
Between this and my copper prediction, I'm about to retire. You know copper's up 26% in a month? Oof. Oofa. What is that as an annualized IRR?”56:02
Friedberg picks copper as the best-performing asset, citing a massive structural supply-demand deficit (~70% short by 2040), its ubiquity in data centers, chips, and weapons systems, and its role as a critical national security material in a less multilateral world.
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.”34:58