The market is still pricing AI as a software/semiconductor story, but the bottleneck is increasingly physical: copper, power, transformers, and grid capacity. Ivanhoe's talks suggest strategic buyers are locking up future supply early, which tightens the copper market narrative and supports higher long-term copper prices. That is inflationary at the margin and bullish for real-asset and commodity-linked crypto narratives.

Copper

Ivanhoe Electric Inc. is in advanced talks with prospective buyers to sell copper from its Arizona project, driven by demand from data centers and power grids.