Growth Stocks Are “So 2021”: 3 Defensive Plays That Could Shine as 2026’s Biggest Winners
Growth Stocks Are “So 2021”: These Stocks Could Be the Biggest Winners in 2026
After several years in which high-growth, high-momentum stocks dominated headlines and portfolios, a different mood is starting to take hold in early 2026. Many investors are still optimistic about innovation, but they’re also paying closer attention to inflation, interest-rate uncertainty, geopolitical tension, and commodity-driven trends. In that kind of environment, the market often rewards companies tied to “real-world” constraints like energy security, hard assets, and strategic resources.
A recent market commentary from 24/7 Wall St. highlighted a theme that’s getting louder: “defensive upside”—stocks that may hold up better in volatility while still offering room for gains if their underlying tailwinds strengthen. The article pointed to three names that fit this narrative: Cameco (uranium), Agnico Eagle (gold), and The Metals Company (deep-sea battery minerals). Below is a detailed, rewritten and expanded news-style breakdown of that thesis, including what’s driving interest in these areas and what risks investors should keep in mind. (This is informational content, not personal investment advice.)
Why “Growth at Any Price” Is Losing Some Shine in 2026
From roughly 2020 through 2024, many of the market’s biggest winners were companies priced for rapid future growth—often based on expectations rather than current cash flow. That strategy can work extremely well when:
interest rates are low (so future profits are “worth more” today),
liquidity is abundant,
risk appetite is high, and
investors believe the economic runway is long and smooth.
But 2026 is shaping up to be a year where the runway may not feel smooth at all. Market watchers are juggling multiple cross-currents:
Inflation that remains a concern, keeping pressure on policy decisions and borrowing costs.
Rate-path uncertainty, because central banks may need to respond quickly to data that changes direction.
Geopolitical and trade-related noise, which can affect supply chains, commodity prices, and corporate confidence.
A growing energy demand story, especially linked to data centers and electrification.
When investors feel less certain about the future, they often rotate into areas that have historically been viewed as more resilient: energy infrastructure, commodities, profitable cash-flow businesses, and “store-of-value” assets like gold. The 24/7 Wall St. piece argues that this backdrop could keep lifting certain commodity-linked equities that still have strong narratives behind them.
Theme #1: Energy Security and the Return of Nuclear
One of the most important “big picture” ideas in the article is that energy demand is not only rising—it’s changing shape. Electrification pushes more load onto power grids, while massive computing needs (including AI-related data centers) can create steady, high-volume electricity demand. Renewables continue to expand, but they also bring challenges related to intermittency and storage. In that discussion, nuclear power frequently reappears as a possible solution for reliable baseload electricity.
This doesn’t mean nuclear is “easy.” Building plants can be expensive and slow, and public policy matters a lot. Still, the market often trades the fuel cycle—especially uranium—based on expectations of longer-term supply and demand. The 24/7 Wall St. article notes that uranium prices have been very strong over the past several years, and referenced data suggesting a multi-year rise. One widely followed benchmark source, Trading Economics, shows uranium pricing trends and recent moves (example reference: Trading Economics uranium page).
With that context, the article’s first highlighted stock is a large, well-known uranium producer:
Cameco Corporation (CCJ): A Blue-Chip Uranium Lever
Cameco is often described as one of the most recognizable names in uranium. The company’s appeal in a commodity-linked category comes from a few core points investors typically focus on:
Scale and asset quality: larger producers can sometimes manage cycles better than smaller peers.
Contracting and utility relationships: long-term supply agreements can reduce revenue volatility compared to purely spot-market exposure.
Operating leverage to uranium prices: if uranium trends higher, producers may benefit meaningfully—though not always instantly.
The 24/7 Wall St. commentary framed Cameco as a potential defensive way to participate in a nuclear fuel upcycle. The argument goes like this: if the world pushes for more reliable, low-carbon baseload power, and if utilities try to lock in long-duration supply, companies sitting on production capacity and relationships could look increasingly valuable.
At the same time, the article acknowledged a key nuance: Cameco has already enjoyed strong momentum, and valuation can become a debate. Commodity-linked stocks can look “cheap” one moment and “expensive” the next depending on how investors model long-term prices, contract coverage, and future production. In other words, this isn’t a sleepy utility stock—it can move quickly when sentiment changes.
News-style takeaway: Cameco is positioned at the center of the nuclear fuel conversation, and if the market continues treating nuclear as a serious baseload solution for grid stability and data center demand, uranium suppliers may remain in focus through 2026.
Theme #2: Gold’s Comeback as a “Fear Gauge” (and More)
The second major theme in the article is the power of gold during periods of uncertainty. Gold is famous for doing two things well:
Holding attention when confidence falls (safe-haven behavior), and
Reacting to real rates and currency expectations (especially when people question purchasing power).
24/7 Wall St. referenced gold reaching a major milestone—crossing $5,000 per ounce—and used that as a signal that the macro environment is supporting precious metals. Multiple news outlets reported gold’s surge above $5,000 in late January 2026 amid heightened uncertainty and demand for safe havens.
In that setting, the article spotlighted a miner rather than the metal itself:
Agnico Eagle Mines (AEM): A Gold Miner with Margin Momentum
Agnico Eagle is a well-established gold producer. The article’s main point wasn’t simply “gold is up.” It emphasized that miners can sometimes offer a different kind of upside because:
Operating margins can expand when gold prices rise faster than costs.
Management decisions matter, including discipline around spending, mine planning, and efficiency.
Cash flow can accelerate, allowing for balance-sheet improvement or shareholder returns.
The 24/7 Wall St. piece highlighted that Agnico posted very strong cash flow in a recent quarter and suggested the market may still be underestimating the company’s earnings power if high gold prices persist. It also pointed to strategic optionality, including actions related to holdings and capital allocation, as a reason investors might view the stock as having a margin of safety compared with more speculative areas of the market.
However, gold miners also carry special risks that pure gold ownership doesn’t. A miner can be affected by:
cost inflation (labor, diesel, equipment),
operational disruptions,
jurisdiction and permitting challenges, and
company-specific execution mistakes.
So the bullish case typically depends on two questions: Will gold stay elevated? and Will the company execute well enough to convert that into reliable free cash flow? The article’s framing suggests Agnico is one of the better-positioned operators to do that if the gold cycle stays hot.
News-style takeaway: Gold’s surge has revived interest in miners, and Agnico is being watched as a high-quality operator that could translate strong metal prices into expanding margins and financial flexibility through 2026.
Theme #3: Critical Minerals and the High-Risk, High-Reward Deep-Sea Bet
The third pick in the article is the most speculative—and arguably the most controversial: deep-sea mining. The Metals Company (TMC) is positioned as a potential future supplier of minerals used in batteries and electrification, using technology designed to collect polymetallic nodules from the sea floor.
The bull story here is big and simple: if electric vehicles, grid storage, and global electrification continue to grow, demand for certain minerals can surge. If land-based mining faces constraints—environmental concerns, political limits, supply bottlenecks—then alternative sources may attract more attention.
But the bear story is just as clear: deep-sea mining raises intense questions about regulation, environmental impact, and social acceptance. Even if the technology works, policy decisions could slow or stop commercialization. This is why the article describes it as an “asymmetric” opportunity—meaning the outcome distribution is wide, with the potential for both big gains and big losses.
The Metals Company (TMC): A Battery-Minerals Moonshot
According to the 24/7 Wall St. commentary, TMC’s shares have already shown how dramatic the swings can be, noting a surge that the article described as roughly 10x over a past period tied to 2024–2025 momentum. That kind of move typically signals intense speculation, shifting expectations, and news-driven trading.
The investment narrative presented in the article rests on a few pillars:
Enormous potential market size if deep-sea nodules prove commercially viable and widely accepted.
Technology progress, including test operations and engineering milestones.
Timing optionality: if commercialization starts sooner than expected, sentiment can flip quickly.
But it also flagged a reality common to early-stage industrial plays: cash burn. Building specialized equipment, ships, processing systems, and compliance frameworks can be expensive. If financing conditions tighten, speculative companies can feel pressure.
News-style takeaway: TMC is a high-volatility bet on a new mineral-supply pathway. Supporters see a future-defining supply opportunity; critics and skeptics see regulatory and environmental barriers that could delay or derail the model.
What Could Make These Three Names “Winners” in 2026?
Although these companies operate in very different corners of the market, the article ties them together through one key idea: they are linked to “constraint assets”—resources that matter more when uncertainty rises.
Here are the key catalysts implied by the 24/7 Wall St. framing:
1) A Commodity-Sensitive Market Mood
If investors continue shifting away from pure growth narratives and toward tangible cash flow and hard-asset exposure, uranium and gold can stay in the spotlight. In that scenario, miners and producers often remain active trading targets.
2) Energy Demand from Data Centers and Electrification
If grid stress and electricity demand accelerate, nuclear may remain a politically and economically relevant option. That can support uranium supply chains—benefiting companies positioned as reliable producers.
3) Continued Safe-Haven Demand
If macro uncertainty persists, gold can remain elevated, which may support miners’ margins—especially operators with strong discipline and stable production.
4) Strategic Resource Nationalism
Governments and industries often react to supply risk by encouraging domestic or friendly-source supply. That can reshape incentive structures for mining, processing, and long-term contracts.
Key Risks Investors Should Not Ignore
Even in a news article that highlights “winners,” it’s important to recognize risks—especially with commodity-linked equities.
Commodity Price Risk
If uranium prices drop meaningfully, producer optimism can cool fast. If gold retreats sharply, miners can fall even if they remain profitable, simply because the market reprices future margins.
Policy and Regulation
Nuclear policy is highly political, and timelines can change. Deep-sea mining is even more sensitive; regulations and environmental standards may tighten or evolve in ways that impact feasibility.
Execution and Operational Risk
Mining is hard. Costs rise, projects slip, equipment fails, and geology can surprise. Strong operators reduce risk, but they can’t erase it.
Valuation and Momentum Risk
When a stock runs up quickly, expectations can become fragile. Any disappointment—earnings, guidance, policy headlines—can trigger sharp pullbacks.
Important note: This content is for general information and news-style analysis. It is not a recommendation to buy or sell any security.
Frequently Asked Questions (FAQs)
1) Why are investors rotating away from classic “growth stocks” in 2026?
Because when inflation and interest-rate uncertainty rise, markets often place a higher value on current cash flow and balance-sheet strength. High-growth stocks can still perform, but they may face more scrutiny when the economic outlook is less stable.
2) Why does uranium matter so much to the nuclear investment story?
Uranium is a key fuel input for nuclear power. If nuclear power expands or if utilities lock in longer-term supply, uranium demand and contracting behavior can influence prices and the outlook for producers.
3) Is Cameco a “safe” way to invest in uranium?
No single stock is truly “safe,” but Cameco is often viewed as more established than smaller uranium names. It may still be volatile because it’s tied to commodity cycles and market sentiment.
4) Why buy a gold miner like Agnico Eagle instead of gold itself?
Gold offers direct exposure to the metal’s price. A miner can offer leveraged upside if gold prices rise and the company keeps costs under control—because margins may expand. But miners also add operational and company-specific risks.
5) What makes The Metals Company (TMC) so controversial?
Deep-sea mining raises environmental and regulatory questions, and the industry is still early. Supporters believe it could reduce pressure on land-based mining; critics argue it may harm ocean ecosystems and should be restricted.
6) What should readers watch in 2026 if they’re following these themes?
Key items include uranium and gold price trends, central bank policy signals, nuclear policy developments, mining cost inflation, and any regulatory updates affecting deep-sea mining. Company earnings, guidance, and project milestones also matter.
Conclusion: A 2026 Playbook Built on “Defensive Upside”
The core message from the 24/7 Wall St. article is that the “best winners” in 2026 may not look like the heroes of 2021. Instead of pure growth narratives, investors may reward companies tied to energy security, safe-haven demand, and strategic resources—especially if volatility stays elevated.
In that framework, Cameco represents the nuclear fuel angle, Agnico Eagle represents the gold-and-cash-flow angle, and The Metals Company represents a speculative but potentially transformative bet on future mineral supply. Each has a different risk level, and none are guaranteed winners—but together, they paint a picture of where attention is shifting as 2026 unfolds.
If you want to read the original reference article for context, see: 24/7 Wall St. (Jan 27, 2026).
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