Five ASX 300 Plays on AI, Gold and Copper: SKS, MP1, PC2, CBE and MAQ

�We're watching one of the more unusual small cap rotations in years play out on the ASX right now, and it's not the software names getting the love. It's the companie Hi Eason, *Five ASX 300 Plays on AI, Gold and Copper: SKS, MP1, PC2, CBE and MAQ* We're watching one of the more unusual small cap rotations in years play out on the ASX right now, and it's not the software names getting the love. It's the companies laying cable, pouring concrete and switching on substations for the data centres that Australia's AI boom actually runs on. SKS Technologies is the clearest example. The electrical and audiovisual contractor has ridden a wave of data centre electrification work to a share price around $8.65, a level that leaves it up more than 283% over the past year, even after a pullback from recent highs. Megaport tells a similar story from a different angle, having clawed back to around $19 and $20 range a share after completing a $518 million institutional entitlement offer to fund its network-as-a-service expansion, with the stock still sitting below its all-time high of $22.22 struck at the start of July. When contractors and connectivity providers are re-rating like this, we think it's a signal the AI infrastructure spend is showing up in real order books, not just investor imagination. *Gold Is Cooling from Record Highs, but the Floor Is a Lot Higher Than It Used to Be* Gold has had a wild 2026. After tearing through $4,700, then $4,850, and briefly touching the mid-$5,000s in January, the metal has spent the past couple of months digesting those gains, trading around the $4,000 to $4,200 mark in recent sessions as Middle East tensions keep a safe-haven bid under the price even as some of the earlier euphoria fades. For us, the more important point is where gold isn't going. Even after the pullback, spot prices sit dramatically above where they were trading before the 2025 breakout, and central bank buying alongside a capped US dollar continues to underpin demand. That's the backdrop that's let a junior explorer like PC Gold go from IPO in October 2025 to a market that sat up and took notice in mid-2026, after a 25 metre intercept grading 36.8 grams per tonne gold at the newly identified Macau Link Zone sent the stock surging about 18% in a single session and reframed the scale of what's sitting under its Spring Hill project in the Northern Territory. *Copper's "AI Metal" Narrative Just Won't Quit* If gold is the hedge, copper is fast becoming the growth trade, and the numbers explain why. Copper has been trading three-month prices above US$12,000 a tonne and briefly spiking to all-time highs near US$14,500 a tonne earlier in 2026, with UBS pointing to a supply deficit of more than 400,000 tonnes this year as AI data centres, grid upgrades and electrification all compete for the same wire and cathode. J.P. Morgan's own numbers suggest data centre copper demand alone could hit 475,000 tonnes throughout this year, a significant jump on the prior year. Cobre Limited sits right in the middle of this thematic, exploring the Kalahari Copper Belt in Botswana, and its share price has outperformed the broader market as copper sentiment has improved and the company has extended potential strike length at its Ngami project. We think that's the kind of exploration-stage leverage to the copper story that's hard to get anywhere else on the ASX right now. *Enjoy my Research and Stock Picks?* Follow me on LinkedIn for more updates ( https://linkedin.com/in/markelzayed ) *Five ASX 300 Names We'd Put Next to the AI Metal Thematic* Putting the small caps to one side for a moment, we think there's a strong case for rounding out a portfolio with some larger, more liquid names that are riding the exact same AI, gold and copper currents, and doing it with genuine bullish price action behind them. *SKS Technologies (ASX: SKS): Building the Backbone of the AI Infrastructure Boom* *Enjoy my Research and Stock Picks?* Follow me on LinkedIn for more updates ( https://linkedin.com/in/markelzayed ) SKS Technologies is emerging as one of Australia's most compelling ways to gain exposure to the AI and hyperscale data centre buildout without investing directly in software or semiconductor companies. The group specialises in electrical, communications and audiovisual infrastructure, with a growing reputation for delivering mission-critical systems for hyperscale data centres across Australia and New Zealand. Momentum continues to build, with the company recently securing another $28 million in early works for a major data centre project, adding to a rapidly expanding pipeline. Earlier this year, SKS also expanded a flagship Melbourne hyperscale data centre contract to $210 million, reinforcing its position as a preferred partner for large-scale digital infrastructure projects. The investment case is underpinned by exceptional execution. At its FY26 half-year result, SKS delivered revenue of $132 million while profit before tax climbed 52.8% to $9.7 million, supported by stronger margins, healthy cash generation and disciplined project delivery. Management subsequently upgraded FY26 guidance to around $340 million in revenue with a 10% profit before tax margin after securing additional contract wins. Importantly, its work on hand has expanded to around $350 million, with a meaningful portion extending into FY27, providing excellent earnings visibility. The company's competitive moat comes from its specialist engineering expertise, proven capability in complex mission-critical environments and long-standing relationships with leading developers and hyperscale customers that create high barriers to entry. From a technical perspective, we continue to like the overall setup. The stock remains within a well-established long-term uptrend, supported by consistent institutional buying following each major contract announcement. While periods of consolidation are healthy after a strong run, buyers have repeatedly stepped in at higher levels, suggesting confidence in the earnings outlook. As Australia's AI infrastructure investment accelerates and demand for new data centre capacity continues to expand, we believe SKS remains well positioned to benefit from a multi-year structural growth theme. *Megaport (ASX: MP1): Powering the Global AI Cloud Revolution* Megaport is transforming the way enterprises connect to cloud, compute and data centre infrastructure through its Network-as-a-Service platform. Instead of relying on traditional telecommunications networks, customers can provision secure, high-speed connectivity to leading cloud providers within minutes through a software-defined platform. The investment story has become even more compelling as AI workloads increasingly require distributed computing and low-latency networking. During 2026, Megaport accelerated this strategy through the acquisitions of Latitude.sh, a GPU and cloud compute platform, and Extreme IX, while also securing approximately $459 million of strategic AI infrastructure contracts to support its vision of building a globally distributed AI inference cloud. The company's latest FY26 half-year result demonstrated that demand remains exceptionally strong. Revenue reached a record $134.9 million, while annual recurring revenue expanded to more than $338 million with over 37,000 services deployed across more than 1,100 enabled locations globally. Customer retention also remained impressive, with net revenue retention of 111%, highlighting the sticky nature of the platform as customers continue expanding their usage over time. Although statutory earnings reflected acquisition-related costs, the underlying business continues to generate healthy recurring cash flows. Management also updated FY26 guidance following the acquisitions, reflecting confidence that network, compute and AI services will become increasingly integrated across its global platform. This combination of recurring subscription revenue, global scale and a software-defined network creates a powerful competitive moat that would be difficult and costly for competitors to replicate. From a technical perspective, we continue to see encouraging signs following a powerful multi-month breakout that has been supported by improving trading volumes and renewed institutional participation. The longer-term trend remains constructive, with buyers consistently defending higher support levels after periods of consolidation. As enterprises continue investing in AI infrastructure and demand grows for private, high-performance cloud connectivity, we believe Megaport is well positioned to benefit from one of the strongest structural growth themes in global technology over the coming years. *Enjoy my Research and Stock Picks?* Follow me on LinkedIn for more updates ( https://linkedin.com/in/markelzayed ) *PC Gold (ASX: PC2): Striking Gold at the Right Time* PC Gold has rapidly emerged as one of the more exciting gold development stories on the ASX, with its flagship Spring Hill Gold Project in the Northern Territory continuing to deliver impressive exploration success. The latest catalyst came this month with an interim Mineral Resource Estimate increasing by 84% to 1.51 million ounces of gold, significantly strengthening the project's development credentials. This follows a string of high-grade drilling results, including standout intercepts from the Macau Link Zone, while the company has also completed the acquisition of the Territory Iron camp to support future construction and operational activities. With gold prices remaining near record highs and a pre-feasibility study targeted later this year, Spring Hill is steadily progressing from an exploration asset towards a potential producing mine. Unlike many junior explorers that rely purely on discovery potential, PC Gold already controls a large, granted mining lease with existing environmental approvals and substantial infrastructure in place. The latest resource update not only expanded total ounces but also lifted higher-confidence Indicated resources materially, providing a stronger foundation for mine planning and future reserve conversion. Recent drilling continues to identify new high-grade zones outside the existing resource, suggesting there is still considerable exploration upside across a largely underexplored land package. The company's competitive advantage lies in combining a growing resource base with advanced permitting, existing site infrastructure and multiple high-grade targets capable of supporting both open-pit and underground mining scenarios. From a technical perspective, we continue to like the overall setup. The stock remains in a strong long-term uptrend, supported by increasing trading volumes following successive exploration updates and resource upgrades. Rather than showing signs of exhaustion, each period of consolidation has been followed by renewed buying interest as investors gain confidence in the project's growing scale and quality. With further drilling, resource updates and the upcoming pre-feasibility study expected over the coming months, we believe PC Gold remains well positioned to benefit from both a supportive gold market and continued project de-risking. *Cobre (ASX: CBE): Unlocking a New Copper Frontier* Cobre is positioning itself at the centre of one of the world's most prospective emerging copper districts through its exploration portfolio in Botswana's Kalahari Copper Belt. The company is targeting sediment-hosted copper-silver deposits in a region that has attracted growing global attention following several significant discoveries by larger mining companies. The latest catalyst came from the Kitlanya West Project, where recent drilling intersected broad zones of copper mineralisation that extended the footprint of the system and reinforced the project's large-scale potential. During 2026, Cobre also expanded its exploration program with additional geophysical surveys and drilling campaigns aimed at defining multiple high-priority targets, supported by robust long-term demand for copper from electrification, renewable energy and artificial intelligence infrastructure. As an exploration company, Cobre is not yet generating production revenue, making exploration success and balance sheet strength the key drivers of value. The company has maintained a disciplined approach to capital management while directing funding towards systematic drilling across its highly prospective land package. What makes Cobre stand out is the scale of its tenement position in the Kalahari Copper Belt, where it has secured exposure to a geological setting that has already delivered globally significant copper discoveries. Its strategic partnerships and use of advanced geophysical targeting techniques improve the probability of identifying additional mineralised systems, while its first-mover advantage across several underexplored licences creates a competitive moat that would be difficult to replicate. From a technical perspective, we continue to see encouraging signs as the stock maintains strong upward momentum supported by expanding trading volumes, often an indication of increasing institutional participation. The broader trend remains constructive, with higher highs and higher lows suggesting buyers continue accumulating on periods of consolidation rather than taking profits aggressively. With multiple drilling programs underway, regular exploration news flow expected over the coming months and copper remaining one of the most strategically important metals for the global energy transition, we believe Cobre offers investors compelling leverage to exploration success and a favourable long-term structural demand story. *Macquarie Technology Group (ASX: MAQ): Australia's Sovereign AI Infrastructure Champion* Macquarie Technology Group is becoming one of Australia's most compelling infrastructure plays as demand for sovereign cloud services, cybersecurity and AI-ready data centres continues to accelerate. Through its portfolio of government-certified cloud platforms, managed services and high-security data centres, the company has built a strong position serving both enterprise and government customers. The biggest catalyst remains the development of its flagship IC3 SuperWest campus in Sydney, representing more than $350 million of investment and significantly expanding capacity for hyperscale and AI workloads. As organisations increasingly prioritise data sovereignty and domestic AI infrastructure, Macquarie is well positioned to capture a growing share of this structural demand. The latest FY26 first-half result highlighted the strength of the underlying business. Revenue continued to grow, while EBITDA and net profit reached record levels as utilisation across its data centre portfolio improved and cloud services maintained solid momentum. The company also reported healthy operating cash flow and continued investing in future capacity without compromising financial discipline. A key competitive advantage is its integrated ecosystem that combines sovereign cloud, cybersecurity, telecommunications and premium data centres under one platform. This creates sticky customer relationships, particularly among government agencies and regulated industries where security, compliance and reliability are critical. Combined with long-term customer contracts and high barriers to entry in developing new data centre capacity, the business enjoys a durable competitive moat. From a technical perspective, we continue to like the setup as the stock builds on a well-established long-term uptrend with improving accumulation after recent consolidation. Buying interest has remained resilient near key support levels, suggesting investors continue to focus on the company's expanding earnings base rather than short-term market noise. With the IC3 SuperWest expansion progressing, demand for AI infrastructure continuing to rise and sovereign cloud becoming increasingly important, we believe Macquarie Technology Group remains one of the highest-quality ways to gain exposure to Australia's digital infrastructure growth story. *Bringing It All Together* What stands out to us is that this isn't a collection of isolated stock ideas, but a portfolio built around three powerful structural themes that are increasingly intersecting. On one side sit the AI infrastructure beneficiaries, from SKS Technologies, Megaport and Macquarie Technology Group, all helping build the physical and digital backbone that powers Australia's data centre expansion. On another are the gold names, where PC Gold offers exploration upside while the broader gold backdrop remains supported by elevated prices, central bank buying and ongoing geopolitical uncertainty. Completing the picture is copper, with Cobre providing leveraged exposure to what is rapidly becoming the defining industrial metal of the AI and electrification era. Rather than chasing a single narrative, we think investors are better served owning different parts of the same structural transition. AI cannot scale without electricity, networks and data centres. Those projects cannot be built without copper. At the same time, a world investing trillions into new infrastructure while navigating geopolitical uncertainty continues to support demand for gold as a portfolio hedge. For us, these are not short-term market fads but long-duration investment themes that should continue shaping the ASX well beyond 2026. *Enjoy my Research and Stock Picks?* Follow me on LinkedIn for more updates ( https://linkedin.com/in/markelzayed ) **Free Disclaimer:* The base platform has no monthly fees, however, brokerage fees apply when buying or selling stocks through the platform. 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