Matthew Michalewicz runs Complexica, an Australian company that sells AI software to businesses. He has spent his working life in the industry, and grew up in university lecture theatres listening to his father teach artificial intelligence.
On this week’s Switzer Show, Peter Switzer tried to get a stock recommendation out of him. He got something more useful instead.
“If your time horizon is ten years, buy infrastructure, buy ports, you know, Dalrymple Bay and so forth where they have a 99 year lease,” Michalewicz said. “It’s physical coal. Real businesses.”
“Where an artificial intelligence agent can’t… Claude is not going to build a coal vessel for you.”
Switzer finished the thought. “It won’t dig copper up either, will it?”
“That’s right.”
Geoscience Australia ranks Australia second in the world for economic resources of copper, holding about 11% of the global total, on data to December 2024. On actual mine production the country ranks eighth with about 3%, and it is the fifth largest exporter of refined copper.
The federal government’s Resources and Energy Quarterly projects copper export earnings rising from A$14.6 billion in 2025-26 to A$18.4 billion in real terms by 2030-31.
Those are commodities an agent can model, price and trade. It cannot produce them.
Where he would put money inside technology
Asked to choose between the big American names, Michalewicz refused to pick one.
“They’re very three different companies, Amazon, Nvidia and Microsoft. We’ll throw Apple in there as well,” he said. “And to answer the question, you’d probably buy a basket, like, you know, from investing one-on-one, you have The Magnificent Seven, because they’re not all exactly the same thing.”
His reason is scale and control rather than any particular product.
“I think they’re in a much better position than everybody else. They have scale. They’re building frontier models,” he said. “They’re vertically integrated. And they’ve got the best people in the world.”
“So not only are they in the best position to weather whatever is coming, but they’re in the best position with their scale, kind of entrepreneurial culture and the people that they have to
be on the front foot and actually make the future happen rather than react to the future.”
The losers in his framework are not the giants. They are everyone underneath.
“Who’s going to have a very tough time is the smaller and medium sized companies,” he said. “You are, by definition, a recipient of somebody else’s technology. Who’s not to say that somebody else is not going to eat your lunch, go after your sector?”
