AI Infrastructure, Not AI Hype: Alex Perry on Sharewise's Global Playbook

The Infrastructure Behind AI, not the Headline Names

Rather than chasing well-known AI software and chip stocks, Perry says Sharewise's attention is on what supports the AI build-out: power generation, data centres and the critical minerals that go into them. That's translated into positions across critical minerals on the ASX, quantum computing in the US, and copper companies in Australia tied to electrification.

A Deliberate Bias Toward the US Market

Perry was upfront that Sharewise runs a heavy US weighting, reasoning that the platform simply follows whichever market has performed best over time, and points to the US market's record over recent decades. He used a memorable framing: if an alien with a million dollars were looking down at Earth deciding where to invest, the ASX probably wouldn't be the obvious choice. When pressed on the trade-offs, Perry acknowledged the approach comes with more volatility, and that a simple "follow the leader" philosophy doesn't always pay off.

He also noted that while ETFs have made US market access easier for everyday investors, an ETF is ultimately just a basket of stocks that delivers index-like performance, which is why Sharewise instead runs an active strategy.

Momentum and Order Flow Over Passive Exposure

Asked how Sharewise picks winners, Perry described the process as tracking order flow, favouring stocks where money appears to be flowing in, and avoiding or exiting those where it's flowing out. He was candid that this is, in essence, a momentum-trading approach.

Names Mentioned in the Interview

A handful of specific companies came up:

• Rigetti Computing (Nasdaq: RGTI) - described as a pure-play quantum computing stock and a high-risk, smaller player relative to peers like IonQ and D-Wave. Perry's case rests on quantum computing's long-term potential to perform calculations at a scale classical computers can't match, while acknowledging that kind of claim has been made before.
• St George Mining (ASX:SGQ) - flagged for its Arraias niobium project in Brazil, sitting near CBMM's own deposit. Niobium is used in applications spanning aerospace and defence.
• Cobre (ASX:CBE) - an ASX-listed copper explorer active in Botswana, notable for a roughly A$25 million investment from BHP (ASX:BHP), with copper demand linked back to the broader electrification thematic.
  

Gold and Banks, for Different Reasons

Outside resources and tech, Perry pointed to two income-oriented ideas: gold, after a period of weakness followed by a recent recovery, and Australian bank stocks, favoured by some clients mainly for dividends. On banks, he flagged caution around May's budget changes and pressure in the mortgage market, themes that also came up in Westpac's and CBA's results around the same time, but argued the major banks remain well supported given the concentrated, four-bank structure of the Australian market and the likelihood of federal backing if conditions worsened. He drew a contrast with the US market, where greater competition among lenders creates a different risk picture.

The Takeaway

Perry's comments offer a window into one active manager's current thinking: infrastructure over AI headlines, a deliberate tilt toward the US, and a momentum-driven process rather than passive index exposure. Every strategy and stock mentioned, from an early-stage niobium explorer to a high-risk quantum computing pure play, carries its own risk profile, and a US-heavy approach that has worked well in one period won't necessarily continue to do so. Past performance, including the FY26 figures cited above, is not an indicator of future results.

You can watch the full interview on ausbiz.