AI Bubble Warnings Mirror Dot-Com Crash as Altius Minerals Royalty Portfolio Provides Contrast

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1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Altius Minerals Corp. 
2. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Warnings that AI enthusiasm is echoing the dot-com bubble, with investors taking profits and debt-fueled spending potentially contributing to a market correction, were featured in an October 17, 2026, New York Post column by Charles Gasparino. The column argued that investors should be wary of valuations driven by excitement rather than demonstrated business performance, particularly as AI infrastructure spending competes with government borrowing for capital.

Against that backdrop, Altius Minerals Corp. (ALS:TSX; ATUSF:OTCQX) offers a different business model: royalty and streaming interests tied to mineral production, alongside renewable electricity royalties. The company's portfolio spans base metals, potash, lithium, iron ore, and electricity, providing exposure to several industries rather than a single technology investment theme.

On August 10, 2026, Altius reported CA$30 million in attributable royalty revenue for Q2 2026, more than double the CA$12.7 million reported a year earlier.

Then, on October 20, 2026, the company also announced that it expects Q3 attributable royalty revenue to reach approximately CA$33.2 million, which would represent another quarterly record. 

Key Investor Takeaways

• An October New York Post column warned that AI investment enthusiasm may mirror the dot-com bubble, citing elevated valuations, profit-taking by sophisticated investors, rising interest rates, and debt-fueled infrastructure spending as potential risks for a market correction.
• Altius, a diversified mining and renewable-energy royalty company, could offer investors exposure to electricity-related opportunities in the technology market.
• The company expects record Q3 2026 attributable royalty revenue of approximately CA$33.2 million, according to its October 20 preliminary announcement.
• Its portfolio spans base metals, potash, lithium, iron ore, and electricity royalties, diversifying its exposure across multiple commodity and energy markets.
• Finniss, Mariana, and Neves represent potential sources of future lithium royalty growth, although development and production timelines remain subject to change.

AI Bubble Parallels the Dot-Com Era

Gasparino's column drew parallels between today's AI investment boom and the late-1990s internet-stock mania. In both periods, enthusiasm about a potentially transformative technology helped drive investor expectations, sometimes beyond what current financial performance can justify.

The column warned that investors may be placing too much confidence in the promise of AI while overlooking the risks associated with elevated valuations, ambitious spending plans, and uncertain returns. Gasparino also pointed to signs of profit-taking by sophisticated investors, arguing that the market's enthusiasm may be approaching a point where expectations become difficult to sustain.

Another concern is the financing behind the AI buildout. Companies are investing heavily in data centers, computing capacity, and related infrastructure, while the U.S. government must also finance substantial borrowing needs. Competition for capital could put upward pressure on longer-term interest rates, increasing financing costs for businesses and potentially weighing on valuations.

Debt can amplify the consequences if anticipated returns fail to materialize. Companies that borrow heavily to fund expansion may face greater pressure if revenue growth falls short, financing costs increase, or investors become less willing to fund ambitious projects. These risks are reminiscent of the dot-com period, when even the revolutionary creation of the internet did not prevent many highly valued businesses from collapsing.

Gasparino's argument is not that AI lacks long-term commercial potential. Rather, he cautioned that a technology can ultimately prove transformative while investors who pay too much for its near-term prospects still suffer losses. Gasparino cautioned that investors should avoid becoming complacent about valuations and consider taking profits rather than assuming the rally can continue indefinitely.

Altius Minerals' Diversified Royalty Portfolio

As a potentially diversifying asset still related to the sector, Altius operates differently from companies whose valuations depend primarily on expectations for future tech adoption. Its royalty portfolio provides exposure to revenue generated by producing mines and renewable power projects, while its project-generation business develops mineral projects that can be sold to other companies in exchange for royalties and other interests.

The company's October 13, 2026, investor presentation outlines this diversified approach. Its commodity exposure includes copper and other base metals, Saskatchewan potash, lithium, iron ore, and electricity royalties. The acquisition of Lithium Royalty Corp (LIRC:TSX), completed in March 2026, expanded its exposure to lithium projects at different stages of development and production. 

BMO Capital Markets: Analyst Joel Jackson reiterated a "Hold" rating and price target of CA$55 on October 20, 2026.

Altius' latest preliminary revenue figures illustrate the potential contribution from multiple business lines. In its October 20 announcement, the company reported expected Q3 attributable royalty revenue of CA$33.2 million, compared with CA$21.4 million in the same period of 2025. The preliminary breakdown included CA$8.45 million from base metals, CA$4.57 million from potash, CA$4.24 million from lithium, CA$1.56 million from iron ore, and CA$13.24 million from electricity, plus CA$1.14 million in interest and other revenue. The company attributed the increase in electricity revenue to increased ownership of Altius Renewable Royalties, the ramp-up of operating projects, and CA$9 million in interest and investment income, mostly related to financing interconnection deposits.

The electricity component of this revenue is particularly relevant to the AI investment debate. Data centers require substantial and reliable power, so continued growth in AI infrastructure could support electricity demand. However, Altius' renewable power royalties may provide exposure to that trend without requiring investors to buy AI software or semiconductor stocks directly. That connection should not be overstated: the company's electricity royalty revenue depends on the performance of its underlying projects and contractual arrangements, not solely on AI-related demand.

Multiple Analysts Weigh In

Altius is covered by several Canadian investment firms, including BMO Capital Markets, Cormark Securities, TD Securities, Raymond James, Canaccord Genuity, National Bank Financial, and Scotiabank, according to the company's official analyst-coverage page.

Recent coverage includes the following, from multiple sources:

• BMO Capital Markets: Analyst Joel Jackson reiterated a "Hold" rating and price target of CA$55 on October 20, 2026.
• Raymond James: Analyst Brian MacArthur maintained a "Buy" rating and raised the price target to CA$69 from CA$66 on August 27, 2026.
• Canaccord Genuity: Analyst Carey MacRury raised their target to CA$70 from CA$60 on August 11, 2026.
• Scotiabank: Analyst Orest Wowkodaw raised the target to CA$65 from CA$59 while maintaining a "Hold" rating on July 23, 2026.
• TD Securities: Analyst Craig Hutchison initiated coverage with a "Hold" rating and a CA$60 target on July 22, 2026.
• National Bank Financial: Analyst Shane Nagle raised their target to CA$70 from CA$62.50 and maintained an "Outperform" rating on July 14, 2026.
• Cormark Securities: Analyst Richard Gray's target increased to CA$79 from CA$68 on July 14, 2026.

Lithium Growth and Upcoming Project Catalysts

Lithium represents a newer source of royalty revenue for Altius following its acquisition of Lithium Royalty Corp. The addition expanded the company's exposure to lithium assets across different development stages, and Altius has identified several developments that could influence future lithium royalty receipts. Its corporate presentation identifies the Finniss, Mariana, and Neves projects among its lithium portfolio's growth opportunities.

At Finniss in Australia, operator Core Lithium is in the process of a restart. The August 10, 2026, company press release stated that spodumene concentrate from stockpiles has been sold, and mining at Grants has begun. Further, underground development at BP33 has begun. At Mariana in Argentina, operator Ganfeng Lithium has advanced the project toward production, with initial product shipments reported in early 2026. Future output and any expansion could affect the associated royalty stream. Meanwhile, the Neves project in Brazil is a development-stage asset for which project materials have outlined a planned mine start-up in 2027.

Ownership & Share Information¹

Altius Minerals Corp. has a market capitalization of approximately CA$3.13 billion, with 58.75 million shares outstanding. The company's 52-week range is CA$34.67-CA$69.55.

Institutions own 39.52% of shares, while Strategic Investors own 11.35%. Management & Insiders own 4.72% of shares, and the remaining 44.41% of shares are held by Retail.

Common Questions from Investors

What did the October 17 New York Post article say about the AI bubble?

Charles Gasparino's column argued that AI investment enthusiasm resembles the dot-com boom, warning about stretched valuations, profit-taking, debt-financed infrastructure spending, and potential upward pressure on interest rates. It did not establish that a crash is certain.

How does Altius Minerals differ from speculative AI stocks?

Altius receives royalty revenue tied to mineral production and renewable electricity projects rather than relying exclusively on expectations for future technology growth. Its revenue can still fluctuate with commodity prices, production levels, project performance, and other factors.

How much royalty revenue did Altius report in Q2 2026?

Altius reported CA$30.0 million in attributable royalty revenue for Q2 2026, compared with CA$12.7 million a year earlier. It also reported adjusted earnings of CA$7.6 million. 

What was Altius' expected Q3 2026 royalty revenue?

On October 20, 2026, Altius announced that it expected approximately CA$33.2 million in attributable royalty revenue for the quarter, compared with CA$21.4 million in Q3 2025. This was a preliminary estimate ahead of the company's scheduled release of full results in November. 

Which lithium projects could contribute to Altius' future revenue?

Finniss, Mariana, and Neves are among the projects identified in Altius' corporate materials as potential sources of lithium royalty growth. Their contribution will depend on operator decisions, construction or restart progress, production, and lithium prices.

Does AI data-center growth benefit Altius Minerals?

Potentially. AI data centers require electricity, and Altius has renewable electricity royalty interests. Continued data-center expansion could support electricity demand, but the effect on Altius depends on the performance and contractual economics of its underlying projects.