The AI revolution has a hardware problem: We are running out of the wire.
While Nvidia prints fresh highs, the physical layer of the AI build-out is hitting a wall.
Data centers need massive amounts of copper. But the world’s largest producer, Codelco, just cut its 2025 guidance again following a collapse at El Teniente.
The 2026 deficit is no longer a forecast. It is a mathematical certainty.
Long the metal. Short the grid.
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The AI revolution has a hardware problem: We are running out of the wire.
While Nvidia prints fresh highs, the physical layer of the AI build-out is hitting a wall.
Data centers need massive amounts of copper. But the world’s largest producer, Codelco, just cut its 2025 guidance again following a collapse at El Teniente.
The 2026 deficit is no longer a forecast. It is a mathematical certainty.
Long the metal. Short the grid.