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Big Tech’s Margins Are Shrinking — Gold Miners Have the Opposite Problem

Sep 3, 2026

The creator contrasts the shrinking margins of capital-intensive Big Tech companies with the expanding margins of mining companies. They suggest that mining companies, with their current high margins, will need to find ways to return capital to shareholders through buybacks or increased dividends.

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Mining companies now have huge margins and will need to return capital to shareholders.

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