Silver posted a strong rebound this week, rising from roughly $48/oz at the start of the period to a mid-week peak near $53 before easing back toward the $51 level. Over the past year, precious metals have seen a notable surge in value, with silver specifically rising more than 67.1% YoY, outperforming gold (59.3%) and platinum (65.0%). Current pricing has silver trading near $51/oz, which follows a solid recovery from the brief dip observed in mid-late October, though a minor pullback in pricing is currently underway.

Driven by persistent cost reductions and the explosive surge in AI-related electricity demand—projected by McKinsey to grow at a 41% CAGR through 2030—the transition toward renewable energy has reached a critical inflection point. First Solar (FSLR) is uniquely strategically positioned to capture this tailwind, as management continues to scale its domestic infrastructure and advance its thin-film technology to meet the specific reliability needs of hyperscale data centre operators. Unlike its international counterparts, the company’s vertically integrated, 100% U.S.-based supply chain provides a significant geopolitical moat,

The market currently values EDP as a capital-intensive utility whose renewables expansion adds balance-sheet risk rather than equity value. The last investment cycle demonstrated this concern: net debt grew from €13.5bn in 2018 to €19.0bn in 2024 (€19.6bn long-term debt), while returns lagged Iberdrola and ROIC remained below WACC. Consensus still frames EDP’s renewables exposure as “volume growth with financing risk,” leading the stock to trade with a risk discount instead of a growth multiple.

Prometheus Capital is the leading student managed investment fund operated by students of the University of Amsterdam. This is our Year-in-Review.

U.S. equities extend gains on stable inflation and improved liquidity, while China softness and AI-driven momentum create sharp divergence across sectors. • Fed-cut expectations fuel broad risk-on sentiment, with small caps outperforming and tech, communication services, and consumer discretionary leading advances. • Sector rotation accelerates into growth and cyclicals as energy and technology outperform, while defensives such as utilities and healthcare lag on rising-rate sensitivity. • Divergent stock-level performance highlights widening dispersion: Tesla rebounds despite weak China sales, while Philips falls on tariff risks and muted healthcare demand in China.