Rio Tinto (NYSE: RIO) just delivered a first-half report with numbers that back up a broader thesis rooted in a major shift. Physical assets are entering a multi-year period of outperformance. Higher bond yields, oil supply anxieties, and an artificial intelligence (AI) infrastructure buildout are converging. Rio Tinto sits at the intersection of all three trends.
Rio Tinto posted EBITDA of $14.8 billion, up 28% year-over-year. Free cash flow nearly doubled, jumping 75% to $3.8 billion. Underlying earnings rose 43% to $6.9 billion. The board responded with a $3.4 billion interim dividend, up 43% from a year ago.
