Gold and silver have stolen plenty of headlines recently. But don’t let the shiny metals distract you from broadening your investment lens. Markets are rarely one note, and while precious metals have been a favourite, there is still plenty of opportunity in other corners of the market.
For investors seeking returns and diversification beyond bullion, here are three investment themes I’m keeping an eye on.
1. OpenAI, Nvidia and AI Infrastructure
AI remains a powerful secular theme, but the narrative is evolving. Recent media reports suggest OpenAI is dissatisfied with the speed of Nvidia’s latest chips for certain inference workloads and has explored alternatives such as Cerebras and Groq. This has reignited concerns around potential market share loss for Nvidia, although switching costs across AI hardware, software stacks and developer ecosystems remain high, both in time and capital.
The more important takeaway is not a sudden loss of Nvidia’s dominance, but the continued broadening of the AI value chain. As AI workloads scale, opportunities extend beyond leading chip designers into the infrastructure layer supporting compute, networking and data centre build-out. This reinforces the relevance of diversified AI exposure across both innovation and infrastructure, including Global X Artificial Intelligence ETF (ASX: GXAI) and Global X Artificial Intelligence Infrastructure ETF (ASX: AINF).
2. SpaceX, xAI and the Prospect of a Mega IPO:
SpaceX and xAI are reportedly planning to merge ahead of a potential mega IPO, valuing the combined entity at around US$1.25 trillion. If realised, this would be one of the largest technology listings in history and would reshape the investable universe across launch services, satellite communications and frontier technologies.
At the same time, momentum in the space theme is being reinforced by real-world activity. NASA’s Artemis II, the first crewed lunar mission since Apollo, is approaching its launch window and highlights the scale and durability of government-led space investment. While Global X does not currently offer a dedicated Space ETF, the Global X Defence Tech ETF (ASX: DTEC) provides indirect exposure to space through defence and aerospace companies supplying propulsion, satellites, sensors and mission-critical systems. These firms are positioned as second-order beneficiaries of rising space activity, without reliance on a single mission or valuation event.
3. India–US Trade
Finally, the US is set to cut tariffs on India to 18% following commitments by Prime Minister Modi to curb Russian oil purchases and increase US imports. The announcement triggered the sharpest move in India futures overnight, easing a key macro overhang and reinforcing India’s role within US-aligned supply chains. This development has been supportive for Indian equities and the rupee and is positive for the Global X India Nifty 50 ETF (ASX: NDIA).
More broadly, recent market concerns around India appear increasingly misaligned with underlying conditions. While INR weakness, foreign investor outflows and earnings downgrades have dominated the narrative, India’s external buffers remain materially stronger than in past stress episodes, with FX reserves still elevated and no signs of balance-of-payments pressure. Foreign selling largely reflects global positioning rather than a loss of domestic confidence, with local institutional and retail participation continuing to absorb flows. On the ground, corporate behaviour points to normalisation rather than retrenchment, with capex, hiring and balance-sheet discipline intact.
Taken together, this suggests India is being analysed through an outdated fragile-EM framework. While near-term volatility will persist, the combination of external resilience, domestic liquidity and institutional depth supports the case for India as a structural growth market rather than a macro risk trade.
