Company Interview / Jack's stock picks among the copper miners

Key points:

Strong US bank results and heavy AI capex shape Stickley’s US earnings focus Nvidia (NASDAQ:NVDA), TSMC (NYSE:TSM), ASML and hyperscalers seen as critical to the AI supply chain outlook Uber (NYSE:UBER) and autonomous driving viewed as a major long‑term platform opportunity Copper price–equity divergence highlighted, with focus on Capstone Copper (ASX:CSC), Rio Tinto (ASX:RIO) and BHP (ASX:BHP)

Jack Stickley from Morgans sets a bullish tone on US reporting season, pointing to strong numbers from JPMorgan, Goldman Sachs and Citigroup as, in his view, evidence of a resilient US economy and robust M&A and trading activity. He highlights the surge in artificial intelligence investment, with close to US$1 trillion in spend across the major hyperscalers, and is closely watching Taiwan Semiconductor Manufacturing Company and ASML for signs of order backlogs and demand from Microsoft, Amazon and Alphabet.

Stickley sees Nvidia as the key sentiment driver for the AI trade, arguing the stock has largely grown into its valuation multiple despite a flat share price year to date. He notes concerns around Nvidia’s financial support for suppliers but regards this as minimal relative to its free cash flow.

Turning to software, Stickley views Uber as an “out and out winner”, citing solid earnings growth, scale and network effects as it moves against DoorDash in Europe and positions for autonomous driving. Locally, he points to strong copper prices not fully reflected in miners, and flags Capstone Copper and Rio Tinto (ASX:RIO) and BHP (ASX:BHP) as key names to watch.