Orbis Investments Bets on AI Infrastructure and Commodity Plays

Cutler identifies Pennsylvania natural gas as a strategic play, noting that data centers must be positioned near both population hubs and reliable power sources. He views natural gas as a necessary bridge until nuclear energy options become more prevalent. While acknowledging that power consumption remains a potential bottleneck for AI development, he points to cooling innovations that have already mitigated previous water-usage concerns.

Beyond energy, the strategy emphasizes the physical components of the tech stack. The portfolio includes Samsung Electronics, which has seen gains from the rising demand for DRAM and NAND flash memory, and TSMC, the critical supplier for Nvidia. Cutler also maintains a position in Barrick Mining, citing the essential role of copper in infrastructure, alongside holdings in Prysmian Group for power transmission cables and Drax for renewable energy. These investments anchor the Orbis Global Balanced Strategy, which has consistently outperformed its benchmark by balancing equities and debt with diversified commodity exposure.