David Morgan’s Weekly Perspective for the week ending August 28, 2026 focuses heavily on the physical infrastructure behind the AI boom. Although AI appears digital, Morgan argues that it depends on enormous amounts of real-world capacity, including data centers, power generation, transmission systems, semiconductor manufacturing, copper, silver, uranium, natural gas, and ultimately mining. He believes AI has tremendous potential, but warns that the investment boom may already be entering bubble territory as technology companies commit hundreds of billions of dollars before anyone knows whether future revenues will justify the spending.

The key investment theme is the growing mismatch between the speed of digital expansion and the slow pace of developing mines, energy infrastructure, processing facilities, and supply chains. Credit can be created rapidly, but physical resources cannot. Morgan sees this as a potential source of scarcity and opportunity, particularly in metals and energy. AI is not the only driver of demand, however. Electrification, solar power, defense, robotics, electronics, investment demand, and monetary conditions remain important. He also argues that U.S. leadership in AI will require more than advanced chips. It will require reliable energy, domestic manufacturing, secure mineral supplies, processing capacity, and responsible mining.

Morgan also emphasizes the role of gold and silver as assets outside the increasingly digital financial system. Unlike digital assets or financial accounts, physical precious metals have no password, counterparty, or algorithm capable of changing the terms of ownership. The September Morgan Report also examines the Japanese yen carry trade, Japan’s declining dependence on U.S. debt, pressure on the Federal Reserve to lower rates, and the growing difficulty of financing more than $40 trillion in federal debt. If Japanese rates rise while U.S. rates decline, Morgan believes one of the structural supports beneath the dollar could weaken.

Precious metals had a strong August, with mining shares beginning to show renewed strength. Oil remains highly sensitive to geopolitical developments, while the report also revisits an overlooked critical-mineral investment involved in semiconductors, refrigeration, power infrastructure, and advanced technology. Finally, Morgan reviews the major companies in the portfolio following second-quarter earnings, emphasizing production growth, costs, balance sheets, free cash flow, project pipelines, and jurisdictional risk. His central message is that a metals bull market can lift many companies, but disciplined research is still necessary to separate durable opportunities from speculation and market noise.

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