Four Underestimated Investment Themes Poised for Strong Performance in 2025

With 2025 drawing to a close, several structural trends appear significantly underpriced relative to their long-term fundamentals. Below are four areas that, in my view, remain attractive despite recent market rotation.

Uranium and the Next Phase of Nuclear Deployment

Major hyperscalers (Amazon, Microsoft, Google) have signed power purchase agreements for new nuclear generation, while governments in the U.S., Canada, UK, and Europe have reaffirmed nuclear as a core component of net-zero strategies. Small modular reactor (SMR) projects are moving from demonstration to firm orders.

Spot uranium remains around $80/lb, yet the incentive price for new primary supply is widely estimated at $90–$110/lb. Leading producers with low-cost, permitted assets include Cameco (CCJ), Uranium Energy Corp (UEC), and Denison Mines (DNN). For broader exposure, the Global X Uranium ETF (URA) and Sprott Physical Uranium Trust (U.UN in Canada / SRUUF OTC) offer liquid alternatives.

Copper – Supply Constraints Meet Accelerating Demand

Demand drivers are well understood: electrification, data-center build-out, grid modernization, and defense spending. What receives less attention is the severity of the supply response. Grade decline, water disputes, and permitting delays have pushed the timeline for major new copper projects out by 5–10 years. First Quantum’s Cobre Panamá mine, representing ~1.5% of global supply, remains suspended.

Among producers, Taseko Mines (TGB / TKO.TO) stands out. Its Florence Copper project (now in commercial production) effectively doubles attributable output while maintaining one of the lowest capital-intensity profiles in the sector. The stock currently trades at approximately 7–8× 2026 EBITDA, a notable discount to larger peers such as Freeport-McMoRan and Southern Copper.

Corporate Bitcoin Adoption Beyond MicroStrategy

MicroStrategy’s success has demonstrated that holding bitcoin as a treasury reserve asset can significantly re-rate a company’s valuation. A second wave of adopters is emerging, primarily among cash-rich firms with undervalued equity.

Notable examples include:Hut 8 (HUT) – merged entity now holds over 1,000 BTC and operates high-performance computing/AI data centers.

Semler Scientific (SMLR) – a profitable med-tech firm that has begun allocating excess cash to bitcoin while trading at roughly 2× revenue.

Conclusion

While many of 2025’s high-flyers now reflect optimistic assumptions, the four themes above combine visible demand catalysts with supply or policy constraints that are difficult to resolve quickly. Valuation discipline and selective positioning remain key.As always, position sizing, risk management, and independent due diligence are essential.What themes are you watching heading into 2026?