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Dr Copper is showing ‘structural growth’ symptoms
This week we concentrate our attention on copper. Anthropic’s $1.8bn deal with Akamai & Nvidia’s $2.1bn deal with IREN announced last week for further capacity expansion throws a glaring light on the infrastructure requirements required to drive the AI revolution.In 2026 alone AI related data centre capex announcements amount to $650bn, a 32% increase on 2025. New GW growth capacity implied is a 14% increase on 2025. This means that both data centre copper demand as well as grid expansion to accommodate the DC usage will imply an incremental 650k ton demand by 2030 from a current 260k tons…
The skinny
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