TECH - AI Boom Can Lead To 'Potential Demand Growth' For This Metal Wall Street Turns Bullish | Benzinga
Wall Street is demonstrating an increased interest in copper, a trend driven by the metal’s growing use in data centers, which are essential for artificial intelligence (AI) operations.
What Happened: A note from Jefferies, predicts that global copper demand from data centers will jump from 239 thousand tons in 2023 to at least 450 thousand tons annually by 2030, reported CNBC.
“Our analysis shows that this potential demand growth will exacerbate an underlying copper market deficit, ultimately leading to higher prices,” Jefferies analysts stated.
Additionally, Morgan Stanley forecasts that copper prices will hit $10,500 per ton by the end of this year, a 12% increase. This prediction is based on the rising demand for copper in AI and data center operations, along with a limited supply.
See Also: Original Trump NFT Collection Trading Volume Plunges 99% in Past 30 Days Ahead of Criminal Trial
The report suggests that investors interested in this sector consider stocks in the Global X Copper Miners ETF (NYSE:COPX), particularly those ...