Copper is essential to energy infrastructure and increasingly to data centers, where AI clusters can require up to 10 times the electrical power of traditional cloud infrastructure. Because copper stocks such as Freeport-McMoRan (FCX) are tied to the power grid and data center hardware, they have moved in step with AI stocks; the stock is down 18% from its recent high but still up 30% year to date. Spot copper prices have risen 71% since the start of 2024, from $3.90 per pound to $6.67 per pound, as hyperscalers invest heavily in data centers. In the third quarter, Freeport's operating income grew 19% to $2.4 billion on sales of 749 million pounds of copper at an average realized price of $6.54 per pound, and the company expects copper sales to rise another 17% in the fourth quarter. Freeport targets annual copper sales of 4.5 billion to 5 billion pounds by 2030, and the article says the company should keep benefiting from data center growth and grid build-out, though volatility may persist as investors scrutinize hyperscaler capital expenditures.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
commoditiesdata centersminingAI investment
Open a keyword to see other news on the same topic.
Related news
- Bitcoin miners face widening AI financing costs as lenders scrutinize deals
Bitcoin miners expanding into AI and high-performance computing face sharply different borrowing costs as lenders grow more selective about data center loans, according to BlocksBridge Consulting. IREN secured a $3.65 billion GPU financing package at a blended 6% rate in June and a separate $2.4 billion deal at a fixed 9% in August, although the two cover different projects. Financing can also carry equity costs, as Google agreed to backstop $1.4 billion in Cipher Digital lease obligations in exchange for warrants representing 5.4% of its equity. A June 2026 estimate citing VanEck data put publicly traded miners' funding needs near $50 billion, with gaps of $21.1 billion at IREN, $7.2 billion at Riot Platforms and $4.6 billion at HIVE Digital.
- 4 Critical Minerals Stocks That Could Benefit as the U.S. Reduces Reliance on China
The U.S. push to cut reliance on China for critical minerals is benefiting related stocks, backed by government support such as grants, loans and tax credits. Freeport-McMoRan posted third-quarter revenue of $7.5 billion, up 8%, and EPS of $0.81, up 76%, with shares up more than 29% this year. MP Materials, the only large-scale U.S. rare-earth processing site, lifted NdPr sales 127% to 1,006 metric tons, but its shares are down more than 19% this year. USA Rare Earth, which has about $1.6 billion in U.S. Commerce Department funding, is still unprofitable and building out facilities, with shares down more than 12%. TMC The Metals Company, which is not yet producing minerals, is the riskiest of the four, with shares down more than 55% this year.
- 5 Non-Ferrous Metal Mining Stocks to Watch in a Challenging Industry
Zacks says prospects for the Mining - Non Ferrous industry remain challenged by volatile metal prices, rising costs, labor shortages and supply-chain issues, though demand is expected to be supported by the energy-transition trend. Copper futures slipped toward $6.50 per pound for a second straight session, gold fell below $4,000 per ounce, silver dropped below $51, and uranium stayed near six-month highs around $90 per pound. Miners face higher electricity, water, materials and freight costs, so they are focusing on cost reduction and digital innovation, while demand is driven by electric vehicles, renewable energy and the U.S. Infrastructure Investment and Jobs Act. The industry carries a Zacks Industry Rank of #188 out of 247, placing it in the bottom 24% and indicating dull near-term prospects. The article highlights Southern Copper (SCCO), Freeport-McMoRan (FCX), First Quantum Minerals (FQVLF), Lundin Mining (LUNMF) and Centrus Energy (LEU) as companies to watch.
- Largo Begins Copper, Gold and PGM Production in Q3 2026, Revises Vanadium Guidance
Largo began producing copper, gold, platinum and palladium concentrates in Q3 at its Maracás Menchen Mine in Brazil, with output of 108 tonnes of copper, 289 ounces of gold, 166 ounces of platinum and 291 ounces of palladium. Vanadium pentoxide (V₂O₅) production fell to 2,093 tonnes from 2,636 tonnes a year earlier, though the first nine months of 2026 rose 23% to 7,609 tonnes. The company cut its 2026 V₂O₅ production guidance to 9,500 to 10,500 tonnes from 10,500 to 12,000 tonnes, kept its sales guidance at 7,500 to 9,500 tonnes and raised its adjusted cash operating cost guidance to $5.00 to $6.00 per pound. Largo also signed a debt restructuring agreement with Banco Santander (Brasil), bringing about 58.4% of its commercial bank senior debt under restructuring arrangements, with a final maturity of March 2030.
- Largo Reports Q3 2026 Production and Sales Results Reflecting Vanadium Diversification with First Production of Copper, Gold and Platinum Group Metals; Advances Commercial Bank Debt Restructuring
Largo reported Q3 2026 V₂O₅ production of 2,093 tonnes, down from 2,636 tonnes a year earlier as it reduced inventories and focused on higher-margin products, while sales held steady at 2,428 tonnes. Year-to-date production of 7,609 tonnes was up 23%. The company recorded its first production of copper (108 tonnes), gold (289 ounces), platinum (166 ounces) and palladium (291 ounces) as by-products of its vanadium operations. Largo maintained its V₂O₅ sales guidance of 7,500–9,500 MT but lowered production guidance to 9,500–10,500 MT from 10,500–12,000 MT. It also executed a restructuring agreement with Banco Santander (Brasil), bringing agreements to cover approximately 58.4% of its commercial bank senior debt.
- Emerita Announces Positive IBW Pre-Feasibility Study Results Highlighting US$776 Million After-Tax NPV (8%), 23.51% IRR and 21-Year Mine Life
Emerita announced positive pre-feasibility study (PFS) results for its 100%-owned Iberian Belt West (IBW) project in Spain, with an after-tax NPV (8%) of US$776 million and an IRR of 23.51% in real terms. The initial probable mineral reserve is 23.4 million tonnes, supporting a 21-year mine life with average run-of-mine production of 1.2 million tonnes per year. Initial capital cost is US$567 million, with an after-tax payback of 1.9 years from the start of production. The project would produce four saleable concentrates: precious metals-bearing pyrite, zinc, lead and copper. The company notes that permitting, development timelines, capital requirements and commodity prices remain subject to material risks.
Related markets
Latest news
- Apple to report Q4 earnings Monday, with iPhone 18 sales in the spotlight
Apple (AAPL) reports fourth-quarter earnings after the bell on Monday, with early iPhone 18 Pro sales in focus, though the iPhone Duo went on sale after the fiscal quarter ended and is not reflected. Analysts polled by Bloomberg expect EPS of $2 on revenue of $113.46 billion, versus EPS of $1.85 and revenue of $102.46 billion a year earlier, with iPhone sales projected at $56.48 billion, up 15% year over year. It will be the first earnings call under new CEO John Ternus, who took over from Tim Cook. Apple shares are up roughly 30% over the past 12 months, and its market cap passed $5 trillion earlier this month, a milestone only Nvidia has also reached.
- Why Netflix Stock Could Double From This Dip
Netflix shares hit a 52-week low on Oct. 27, 2026, down 33% year to date, as revenue growth slowed for three straight quarters from 18% in Q4 2025 to 12% in Q3 2026, with the U.S. the weakest region. Co-CEO Greg Peters said management is focused on improving the U.S. content slate, while every region still grew revenue by double digits and Q3 churn improved year on year, even after recent price increases. Netflix generated nearly $16 billion in trailing-12-month operating income on $50 billion of revenue. The stock trades at about 17 times 2026 earnings estimates, a slight discount to the S&P 500's forward multiple of 19, and analysts expect earnings to grow about 21% annually. The author sees content execution as the main risk and does not expect a quick rebound, but views the stock as undervalued for patient investors.
- Should You Sell Your Stocks Right Now? Here's What a Century's Worth of History Suggests.
The S&P 500 is up 13% this year and hit a record on Oct. 6, with tech stocks making up 39.7% of the index. The CAPE ratio is near 41, its second-highest ever, compared with a record 44 in 2000 before the market crashed, and the article notes the AI build-out resembles the dot-com bubble. Capital Group research found that over the 20 years ended Dec. 31, 2025, investors who bought at each year's low and at each year's high earned annualized gains of 14.65% and 12.64%, so staying invested tends to pay off more than trying to time the market. The article notes two exceptions: retirees or investors who may need their funds soon could sell some stocks now, and those whose holdings have grown too large in their portfolio could trim to rebalance.
- Here's What $6,000 Invested in Micron Could Be Worth in 2028
Micron's stock is up more than 200% this year as AI-driven memory demand surges, and the company has secured 16 strategic customer agreements running three to five years. Diluted EPS was over $74 in fiscal 2026, and S&P Global Market Intelligence consensus projects over $172 for fiscal 2027 and over $212 for fiscal 2029. If the current 5.65x forward earnings multiple is held, the stock would trade around $1,197 in 2028, about 23% upside, turning a $6,000 investment into $7,380. A 10x forward multiple would imply about $2,120 per share, in line with D.A. Davidson analyst Gil Luria's view that investors are early in understanding Micron's value, or roughly $12,940 for a $6,000 investment. The author questions how sustainable these earnings are given concerns over a new Chinese memory chip and expected heavy supply in 2029, and says owning some stock is fine while cautioning against a heavy position given its volatility.
- Here are 3 big things we're watching in the stock market in the week ahead
The article outlines three key points to watch in the coming week: Tuesday's U.S. midterm elections, which will determine which party controls the House and Senate for the next two years; the jobs data; and a busy stretch of third-quarter earnings. Apple reports after the close on Monday, with expected revenue of $113.4 billion and EPS of $1.99, and investors are focused on gross margins as memory costs rise. Eaton (revenue of $8.5 billion, EPS of $3.54) is being watched for manufacturing capacity and margin expansion, while DuPont (revenue of $1.84 billion, EPS of $1.87) is in focus for organic sales growth and the effects of the war in Iran and oil and gas inflation on EBITDA margins. Qnity Electronics reports Wednesday, after its shares fell almost 20% since its early August earnings report.
- 1 Reason to Buy Microsoft Stock for 10 Years
Microsoft has long charged businesses per worker for its software under seat-based pricing, but the article says its Copilot AI assistant is shifting to usage-based pricing, which could significantly affect growth not yet reflected in the stock price. The number of Copilot customers actively consuming credits through usage-based billing grew over 75% during the quarter, and daily users rose fivefold year over year. Revenue from agents and infrastructure (Azure, 365 cloud, productivity and server licensing, and industry solutions) grew 25% to nearly $77 billion, while 365 commercial cloud revenue rose 17% on a reported basis even though paid seats grew only 5%. The stock trades at about 27 times forward earnings, and analysts expect earnings to grow about 16% annually over the next several years.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.