Gold moved back above US$5,000 an ounce as investors reassessed risk across asset classes, with growing unease over massive AI-related capital spending weighing on technology stocks. Rising volatility and questions around returns on investment are driving renewed interest in defensive assets.
BNN Bloomberg spoke with Rebecca Teltscher, portfolio manager at Newhaven Asset Management, about mounting investor concerns over AI capital expenditures, shifting expectations for the tech sector and why gold is benefiting from the rotation.
Key Takeaways
- Investor scrutiny of AI-related capital spending is increasing as technology firms struggle to clearly link massive investments to revenue growth.
- After years of strong performance and valuation expansion, the tech sector is facing higher volatility as capital discipline becomes a priority.
- The scale of AI capex is transforming traditionally asset-light companies into capital-intensive businesses, raising risk for investors.
- Concerns about returns from AI spending are accelerating rotation away from high-multiple growth stocks.
- Gold is benefiting as investors seek alternatives amid uncertainty over AI profitability, fiscal stability and traditional safe havens.
Read the full transcript below:
ANDREW: We did see gold move back above US$5,000 an ounce, with dip-buyers returning to a choppy market. Let’s get more on the latest performance for bullion from Rebecca Teltscher, portfolio manager at Newhaven Asset Management. Rebecca, great to see you. Thanks for joining us.
REBECCA: Thanks for having me.
ANDREW: The proverbial roller-coaster ride for gold. A lot of money has gone into the metal, and perhaps buyers are a bit scarcer now.
REBECCA: Yeah, you know, it’s so funny. I was on vacation last week in Mexico and had very spotty internet, so I wasn’t as up to date with the markets. And wow, what a week to miss. What we saw in commodity prices, whether it was gold or silver, and in the broader markets — there was a lot of volatility, particularly in the metals, and that translated to the TSX.
Now we’re seeing a bit of a reversal, with gold moving back above US$5,000 after dipping below that level last week. At the end of the day, gold is a neutral asset. What we’re seeing is investors pulling money away from risky assets — whether that’s the tech sector, which we saw last week, Bitcoin, which is down about 20 per cent year to date, or even the U.S. dollar and Treasuries — and searching for a safe haven. Right now, gold is one of the few areas providing that.
ANDREW: Gold has become highly volatile itself, though. I guess there’s no true safe haven in investing. Maybe government bonds come close.
REBECCA: Government bonds used to be a safe haven. But as we’re seeing government shutdowns and debt levels climb to record highs, with U.S. deficits not coming down, that perception has changed. Last year, the spread between corporate bonds narrowed — not because corporate bonds were trading at a discount, but because government bond yields were rising as investors worried the U.S. might struggle to pay back its debt.
So as you say, there really is no risk-free asset anymore. With interest rates coming down, that’s creating more opportunity for assets like gold.
ANDREW: On tech stocks, I’m looking at a list of big U.S. names hitting 52-week lows this morning. Adobe, Salesforce and ServiceNow — classic software names — all under pressure in early trading.
REBECCA: Software has its own issues, with concerns that AI could take over parts of their businesses. But even among the large hyperscalers — the so-called Magnificent Seven — those stocks have really outperformed over the past two years since the introduction of ChatGPT.
AI is a new technology, and it was very exciting. I do think AI is here to stay — I’m not questioning that. But the question now is how that translates into revenue. What we saw last week with earnings is Amazon planning roughly US$200 billion in capital expenditures in 2026, Google around US$175 billion and Meta about US$115 billion.
These companies were once asset-light and are now becoming very asset-heavy. We don’t invest in that sector because valuations are too high, there’s no dividend yield to support share prices and the risk is elevated. If I were an investor in those stocks, I would absolutely be concerned about how much money is being spent without clear indications of how it translates into revenue or income growth.
ANDREW: You’ve described this as a race to the bottom. It’s almost a mirror image of a race to the top — spending more and more. Amazon spending US$200 billion suggests they believe profits will follow. But who pays for that? Consumers?
REBECCA: That’s why we’re seeing Amazon’s stock under pressure. Investors aren’t necessarily buying into that story yet. Google is a bit different — they’re spending almost as much but haven’t seen the same share price weakness, perhaps because investors see more revenue translation from that capex.
In 2023 and 2024, any company investing in AI received a very high trading multiple. Now, when you’re priced to perfection, you need to deliver perfection. If investors start questioning where all this capex is going, you’re going to see weakness.
I think in 2026, investors are paying closer attention. They’re scrutinizing where capital is going and whether it actually translates into growth.
ANDREW: I’m not sure if you saw this, but Anthropic says it won’t include ads in AI-generated answers. Sam Altman has pushed back on that, which raises questions about monetization.
REBECCA: That brings up another point. There are many AI tools right now, but in five to 10 years, how many do we actually need? Twenty years ago, did we really need multiple search engines? Probably not. One dominant player was enough.
With AI, do we really need Google, OpenAI, Anthropic and others all doing the same thing? If consolidation happens, a lot of this capital spending could ultimately be wasted.
ANDREW: Specialists may always exist, but everyday users probably don’t need multiple AI platforms.
REBECCA: Exactly. AI is a powerful tool and it’s here to stay, but for our investors it’s still too early. There’s a huge amount of capital going into the sector with questionable results so far. Maybe it becomes attractive later, but right now, with high multiples, no dividend growth and elevated risk, it’s not a sector we’re willing to invest in.
ANDREW: Rebecca, thanks very much for your time.
REBECCA: Thank you.
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This BNN Bloomberg summary and transcript of the Feb. 9, 2026 interview with Rebecca Teltscher are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
