Media Room
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MEDIA
ABC Newcastle Mornings – The AI investment reckoning
Roger Montgomery
February 11, 2026
I joined Paul Turton on ABC Mornings to discuss how AI is evolving beyond simple prompts into autonomous agents that can act on our behalf, but warned that market expectations may be getting ahead of reality. With trillions set to be spent on infrastructure, current valuations imply adoption levels that look ambitious, raising the risk of overcapacity and corrections, particularly as AI begins to disrupt the software as a service model and pressure established data and information providers.
Listen from 36:40 here: ABC Newcastle Mornings
by Roger Montgomery Posted in Market commentary, Radio, Technology & Telecommunications.
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MEDIA
ABC The Business – Falling U.S. dollar and global uncertainty spark modern day gold rush
Roger Montgomery
February 10, 2026
I joined ABC News, who were reporting on the shifting outlook for markets, to discuss how fading U.S. exceptionalism, a weaker dollar and concerns about China have unsettled investors and driven a rush to gold. While ASX 200 earnings expectations for FY26 have lifted sharply, supported by strong iron ore and gold prices, parts of the market, particularly artificial intelligence (AI) and data centres, look stretched. With rate hikes back in play, this reporting season may test some optimistic assumptions.
Watch here: ABC The Business – Falling US dollar and global uncertainty spark modern day gold rushby Roger Montgomery Posted in Foreign Currency, Market commentary, TV Appearances.
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MEDIA
Ausbiz – has tech run its course?
Roger Montgomery
February 9, 2026
I joined Juliette Saly on Ausbiz to discuss how the AI trade has shifted from hype to reality. Adoption is proving more cyclical than expected, customers will not pay any price for AI tools, and data centre rollouts face delays from regulation and power constraints. At the same time, higher inflation, rising debt and the end of ultra-low rates are putting pressure on valuations. Software as a Service (SaaS) businesses are being repriced, and sectors like real estate and travel are also starting to feel the impact, prompting investors to reassess risk.
Tune into the full episode here: Ausbiz – Has tech run its course? continue…
by Roger Montgomery Posted in Market commentary, TV Appearances.
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- POSTED IN Market commentary, TV Appearances
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MEDIA
ABC Statewide Drive – market volatility signals a shift in thinking
Roger Montgomery
February 6, 2026
On statewide drive with Jess Maguire, I explained that recent market volatility reflects investors reassessing some big assumptions, particularly after Donald Trump’s nomination of Kevin Walsh as the next U.S. Federal Reserve chair.
Many investors had been expecting lower U.S. interest rates, so the nomination caught markets off guard and forced a reversal of those bets. That led to sharp falls in gold and silver, higher bond yields, and weaker share prices. While precious metals may recover over time, I see the bigger influence on sharemarkets as the gradual unwinding of the artificial intelligence (AI) trade. For Australia, stronger U.S. growth can support some companies, but persistent inflation risks and policy uncertainty mean investors are becoming more cautious and re-evaluating risk.
Listen from 1:44:55 here: ABC Statewide Drive. continue…
by Roger Montgomery Posted in Economics, Global markets, Market commentary, Radio.
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- POSTED IN Economics, Global markets, Market commentary, Radio
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MEDIA
Soaring stocks hide U.S. fragility as gold surge sends warning to investors
Roger Montgomery
February 5, 2026
The strength of U.S. stock markets would have any reasonable investor believing all is well with the world and that U.S. exceptionalism is alive and well.
Yet, the stock market’s buoyancy belies the head-spinning conga line of events over the first month of 2026 that would, at any other time in history, have caused the market to plunge or coincided with it.
Take gold’s 17 per cent ascent so far this month, which follows a 66 per cent rise in 2025. Such moves are unusual. Since gold began trading freely in the 1970s, the average annual return for gold has been roughly 6-8 per cent. January’s return doubles that annual number.
This article was first published in The Australian on 04 December 2025. continue…
by Roger Montgomery Posted in Aura Group, Digital Asset Funds Management, Economics, Global markets, In the Press, Insightful Insights, Investing Education, Market commentary, Market Valuation.
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MEDIA
ABC Nightlife – from metals to mega caps: volatility returns to markets
Roger Montgomery
February 4, 2026
Gold prices jumped as much as 20 per cent in January before falling this month, while silver, after rising 250 per cent over 13 months, dropped 20 per cent in just days, raising the question of whether the boom is over or volatility will continue. Last night on ABC Nightlife with Philip Clark, I discussed these moves alongside why markets are no longer responding logically to geopolitical headlines, as massive passive index flows and belief in US exceptionalism keep equities elevated. I also explained how index investing has driven extreme concentration in mega-cap tech stocks and why that dominance is now starting to unwind as investors reassess who will truly benefit from artificial intelligence (AI).
Tune into the segment from 07:12 here: ABC Nightlife
by Roger Montgomery Posted in Global markets, Investing Education, Market commentary, Market Valuation, Radio.
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MEDIA
Fear + Greed Podcast – The bull and bear cases for equities in 2026
Roger Montgomery
February 3, 2026
I joined Sean Aylmer on Fear and Greed to look back at some of the key themes that shaped markets in 2025, including the hype surrounding in artificial intelligence (AI) stocks and the growing case for small caps. We also talked about the rise in gold and silver as the U.S. dollar weakened, and what those moves could signal for investors.
We then looked ahead to 2026, discussing why markets may become more volatile and how diversification into assets uncorrelated to traditional markets could help support portfolios. We covered Digital Asset Funds Management’s Digital Income Fund and how its digital arbitrage strategy aims to benefit from market volatility, and explored how Aura’s Private Credit Income Fund can provide income and returns with no correlation to sharemarkets.
You can listen to the episode on Fear and Greed here: The bull and bear cases for equities in 2026.by Roger Montgomery Posted in Aura Group, Digital Asset Funds Management, Economics, Insightful Insights, Investing Education, Market commentary, Podcast Channel.
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MEDIA
ABC Newcastle Mornings – Why 2026 could be a bumpy ride
Roger Montgomery
January 28, 2026
I joined Paul Turton on ABC Newcastle Mornings to talk about why markets are holding near all-time highs despite rising geopolitical tensions, soaring gold and silver prices, and growing uncertainty around inflation and interest rates.
We discussed how mining companies are benefiting from strong commodity prices, why consumer spending remains under pressure from rising living costs, and how banks and other key sectors may respond in a more volatile environment. While no one can predict where markets will head next, 2026 is shaping up to be a bumpier year, with investors rotating away from artificial intelligence (AI) stocks and preparing for greater swings as economic and political risks build.
Tune in from 32:41 to hear the full segment: ABC Newcastle Mornings.
by Roger Montgomery Posted in Economics, Energy / Resources, Global markets, Market commentary, Radio.
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MEDIA
Fear + Greed Podcast – Are we in an AI bubble?
Roger Montgomery
January 13, 2026
I joined Sean Aylmer for Fear and Greed’s Summer Series to discuss whether the powerful rally driven by artificial intelligence (AI) may now be approaching it’s peak. Drawing on lessons from past technology booms, I explained that although investors can correctly predict that a technology (in this case, AI) will change the course of humanity – it doesn’t automatically translate to great investment returns. The issue becomes apparent when a theme is perceived as structural, when in fact it is cyclical. We can see this in AI stocks where valuations have been inflated to a point that cannot be sustained.
While no one can call the exact timing of an unwind, signs suggest the best part of the run for many AI-linked stocks may be behind us. For investors, perhaps they should consider rebalancing their portfolios after strong equity gains and spread capital more evenly across opportunities beyond the AI theme.by Roger Montgomery Posted in Insightful Insights, Investing Education, Market commentary, Podcast Channel.
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MEDIA
Fear + Greed Podcast – Small caps are back. Can they keep going?
Roger Montgomery
January 9, 2026
I joined Sean Aylmer from Fear and Greed’s Summer Series to discuss the strengthening performance of Australian small caps, why quality matters, and where opportunities are emerging. I shared a number of small-cap examples across different sectors to illustrate these points, including ZIP (ASX:ZIP), a buy-now-pay-later business growing strongly in the United States; Megaport (ASX:MP1), a key technology provider connecting data centres where a recent acquisition is yet to be fully recognised by the market; Codan (ASX:CDA), which manufactures gold detectors and continues to benefit from solid demand supported by elevated gold prices; and MA Financial Group (ASX:MAF), a private credit manager seeing strong inflows as investors seek more reliable income.
The key takeaway from this episode was the importance of being selective and backing quality businesses.
by Roger Montgomery Posted in Investing Education, Podcast Channel, Small Caps, Stocks We Like.
