Tom Wickenden
Person
Tom Wickenden is an investment strategist at Betashares, an Australian investment management company. He holds a Bachelor of Commerce from the University of Sydney and writes and speaks about investment markets and strategies.
What Tom Wickenden has said on podcasts
17 statements
US hyperscalers will spend trillions next year, creating history’s largest capital-expenditure cycle.
“the hyperscales are still very keen and intent on spending money and even more money to the trillions next year, which is the biggest CapEx cycle in history”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 0:07
Hyperscaler capital spending will continue for the foreseeable future.
“The answer remains yes.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 3:33
Rising cloud revenue and margins may indicate hyperscalers’ path to profitability.
“This is a strong indication of potentially their path to profitability.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 3:55
Open-source models will compete heavily with frontier AI models.
“we do think that a lot of the open source models will compete quite heavily with these frontier models”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 5:19
The AI model layer could become commoditized.
“that model layer could become the commoditized layer”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 5:26
Hyperscalers are more attractive than the AI model layer.
“That's why we can be bullish on the hyperscalers, but maybe not as bullish on the model layer.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 5:35
Enterprise and consumer cloud demand will continue growing.
“That is only a portion of the total, so we're hoping that layer continues to grow.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 6:40
Open-source model adoption will remain positive for cloud backlogs because it uses compute.
“Now, that still uses compute. So that's still positive for the cloud backlogs.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 7:02
Defense remains a favorable long-term structural investment trend.
“we still see that as a good long-term structural investment trend”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 9:31
Nuclear energy and uranium are favorable longer-term investments amid geopolitical tensions.
“things like nuclear energy and the use of uranium in that being a good longer-term structural investment for these geopolitical tensions”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 9:51
The MSCI All World Index’s performance is being driven by the global technology boom.
“a lot of what's under the hood of the MISCI All World is being driven by that global tech boom”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 10:20
Materials and financials drive over 60% of Australian broad-index returns.
“what really matters to the broad index returns, it's still materials and financials, like drives our market. It's over 60%.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 11:44
Gold and copper are driving a boom in Australia’s materials sector.
“The Australian material sector is booming, and that's because of gold and copper.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 12:24
Copper’s role in energy, AI, and defense supports Australia’s market outlook.
“if we still see the central importance of copper in the energy transition, the AI rollout, and also future defense tech, that is a positive story for the Australian market at the headline level”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 12:52
Australian financials are currently struggling.
“financials are a bit of a struggle”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 13:08
BetaShares’ QOZ ETF outperformed the ASX 200 by over 12% last year.
“The Australian value ETF, we have QOZ outperformed the ASX 200 by over 12% last year.”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 14:17
Factor ETFs can improve investors’ outcomes in the Australian market.
“using things like factor ETFs in particular, we think can be a really strong way to get more out of the Australian market”
Open the episode · Why AI, Energy & Housing are the biggest themes for the rest of the year & are all Super funds really the same?Listen at 14:48
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
2 episodes featuring Tom Wickenden
Equity Mates Investing Podcast
A financial adviser challenges Australia’s favourite investing shortcuts
The episode tests popular strategies against the less visible constraints of tax, liquidity, insurance, fees, leverage and changing life goals.
Sep 7, 2026 · 43 min
Equity Mates Investing Podcast
AI spending and super funds face a closer investor test
The episode connects the durability of the AI investment boom with the practical differences that can materially shape superannuation outcomes over time.
Sep 6, 2026 · 23 min