Are we in an AI bubble, or are capital markets correctly funding the largest infrastructure build-out in human history? In this episode of The Master Investor Podcast, Wilfred Frost sits down with Jan van Eck, CEO and owner of global asset management giant VanEck. Managing over $225 billion in assets, Jan has spent his career looking past daily market noise to focus on what he calls "10-year macro" trends. Today, he pulls back the curtain on the massive structural shifts that will define the global economy through 2036. Wilfred and Jan dive deep into the staggering performance of VanEck’s flagship Semiconductor ETF (SMH) – which has surged to $65 billion in AUM on a jaw-dropping 29% annualized return since inception in 2011. Jan explains why the construction of the ETF is different from some rivals, allowing the likes of Nvidia to rise to up to 20% of the fund, and why he thinks Nvidia holds a generational moat protecting it, but issues a stark, timely warning for investors chasing the recent "bubblicious" frenzy in memory stocks. Beyond technology, Jan sounds the alarm on massive government deficit spending in the US, UK, and Japan, detailing why a breakdown in bond market confidence could leave investors with nowhere to hide. He lays out the high-conviction case for why gold is re-emerging as the world's number one global currency; why India is his number one long term country pick; explains the explosive, bipartisan policy shift that sent VanEck’s nuclear and uranium fund from $20 million to $4.7 billion AUM; and breaks down the upcoming multi-billion dollar SpaceX IPO. Recorded on 26th May 2026. Timestamps: 0:00 Intro 2:55 $SMH ETF (Semiconductors) extraordinary performance 5:30 Nvidia’s long term moat $NVDA 7:10 Structuring $SMH to win long term 8:30 Can recent strong performance continue? 10:06 There are bubbles within AI, including Memory stocks 12:58 TSMC has defensible moat $TSM 14:32 When to take profits 16:30 Van Eck company evolution 19:37 ETFs – passive vs active 23:12 Concentration risk coming from ETFs 25:22 US government debt my number one fear 28:35 If yields spike everything sells off 30:16 Gold miners are gushing cash 33:19 Gold correlations from here 35:25 Nuclear ETF has taken off in last 5 years 37:41 The case for India 40:03 The importance of a wide competitive moat 42:50 Crypto winter here to stay $BTC $ETH 46:45 Opportunities from US crypto legislation 48:14 SpaceX IPO 51:16 Conclusion For more content like this, subscribe to The Master Investor Podcast Youtube Channel - https://www.youtube.com/@TheMasterInvestorPodcast And follow @WilfredFrost on X - https://x.com/wilfredfrost?lang=en And Linked In - https://www.linkedin.com/in/wilfred-frost-279667374/ Sponsored by BNY Investments, World Gold Council, London Stock Exchange Group (LSEG) and Interactive Brokers - ibkr.com/masterinvestor. The Master Investor Podcast is produced by Paradine Productions and Master Investor Ltd in association with Bird Lime Media. This podcast is for information purposes only. It does not constitute an invitation or inducement to engage in any investment activity. It is not a financial promotion as defined under section 21 of the Financial Services and Markets Act 2000 (FSMA). The views expressed by the presenter of this podcast are those of the presenter and are provided in the course of journalism. This podcast benefits from the exemption under Article 20 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO), It does not require approval by a person authorised under the FSMA. Generic information, not identifying any specific investment, fund, provider or service, about a class of investments such as shares, bonds, derivatives and cryptoassets, might be provided and/or discussed during this podcast. Such discussion falls within the generic promotions exemption (Article 17 of the FPO). Such discussion is not a financial promotion requiring approval by an authorised person under section 21 of the FSMA. Investing involves risk. You should consult a suitably qualified adviser who can assess your individual circumstances before making any investment decision