AI needs data centers. What this means for metals.

Artificial Intelligence is all the rage these days.

Equity investors are enamored by AI and have, until recently, aggressively bid up names in the space. In fact, three-quarters of the gains in the S&P 500 since the launch of ChatGPT have come from AI-related stocks, led by shares of Nvidia—the maker of advanced chips powering the sector and the first firm to briefly hit a whopping $5 trillion valuation in early November. OpenAI, the company that kicked off the trend three years ago, is worth an estimated $500 billion, making it the most valuable start-up in the world. Anthropic, OpenAI’s competitor, is worth nearly $200 billion, while Thinking Machines Labs, which started only this year, is worth several billion dollars already.