Wall Street just found about $26.5B for another AI trade.
SK Hynix completed the largest foreign U.S. listing, even while people keep debating whether the AI cycle is getting crowded.
That makes me think about the physical side instead of the software side.
More chips still mean more data centers, more power infrastructure, more substations, more transmission lines and more electrical equipment. None of that gets built without copper somewhere in the chain.
That is why I split my copper watchlist by stage.
BHP is the global production name.
FCX gives more direct copper exposure.
CAM.V is a junior with drilled copper mineralization that can be evaluated through exploration results.
CSE: NRED is a different bucket. It is still an early-stage explorer. Wilmac covers about 16.1k hectares in BC, the company has an option to earn 70%, and MetalCore has grown to more than 4.1M records with 920 of the first 1k early-access spots already filled. The exploration story still depends on fieldwork, geophysics and drilling, not production.
Wall Street can raise billions for AI in a day. Building new copper supply usually takes much longer.
NFA. Which part of the AI supply chain do you think the market is still underestimating, chips or the metals behind the infrastructure?