Despite all the AI hype, general mining stocks, as represented by XME, have massively outperformed the tech-heavy NASDAQ 100 ETF since late 2024.
XME approximately doubled relative to QQQ from its December 2024 low to its January 2026 high.
Three of the past four cyclical upswings in the XME/QQQ ratio have lasted at least 2.5 years, suggesting that the current upswing won’t end any sooner than mid-2027.
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Editor's Note: Originally published at tsi-blog.com on May 4, 2026
[This blog post is an excerpt from a commentary posted at www.speculative-investor.com last week.]
Despite all the AI hype, general mining stocks, as represented by
