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7IM Short Thoughts: Silicon Chips or Chocolate Chips?

Chris Justham, Managing Director, Intermediary Solutions12 Jul 2023

Don’t forget about the cookies.

We’re not talking about computer cookies which follow you around the internet. Although, given the world’s obsession with AI at the moment, you’d be forgiven for thinking that.

It’s chocolate chip cookies at the centre of this week’s Short Thoughts, where Chris Justham looks at the demand for cocoa, especially in his household.


The world has been going absolutely insane this year over the demand for computer chips. Technology has continued to dominate, and certainly from an investment point of view, it seems like everyone just is obsessed with talking about price earnings and relating it all the way back to the tech companies. I sort of get it, but equally, I'm a bit bored by it. So I'm here to talk about something a bit different.

Another chip, and it's not a bag of McCains. I've just got to quickly put that in there now, so you don’t think I’ve completely lost the plot. It is the chips you find in cookies. This is chocolate chips, a very strong segue I'm sure you'll agree. Now, the key component of chocolate is cocoa. Cocoa futures are up by 31% year to date.

That, believe it or not, is the same amount as the Nasdaq index. Now, cocoa futures are up largely because of a price imbalance, supply and demand. So there has been supply impacted by poor weather in different parts of the world, but also demand has been off the chain, particularly in Europe. I've got to say the Justham household has been contributing to that very, very strongly indeed.

So whilst the world continues to be incredibly interested in all things AI and all things computer chip related, I'm here to say that it doesn't monopolise absolutely everything. Don't forget about the cookies.

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