Freeport-McMoRan

Copper at ~$6/lb. Hormuz cut ~40k tonnes cathode/month. Defence + AI + electrification demand stacking. Grasberg restart is the risk.

Freeport-McMoRan. Copper for the $1tn US grid expansion needed to power AI datacentres. Datacentres are copper-intensive (substations, transmission, cooling systems). Thesis holds even in a capex pause because the grid build is already permitted and underway.

Copper for Ukraine reconstruction grid + Eastern European defence buildup. Different angle from AI Capex thesis (which is about US datacentre grid). Compounds with that thesis — both rely on copper supply remaining tight.