AI Is More Than A Technology Story, Metals Are Also Winning

AsiaAI Is More Than A Technology Story, Metals Are Also WinningByTim Treadgold,Contributor.Forbes contributors publish independent expert analyses and insights. Tim Treadgold is an Australian journalist specializing in miningFollow AuthorMay 29, 2026, 04:07am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Going up. Metals used to build artificial intelligence date centers are on the risegettyThe rush to build artificial intelligence (AI) data centers is more than a technology investment story, it’s also about the metals to build them and the power to drive their servers.That’s why Olivia Markham, one of the world’s most important resource investors sees a budding mining boom.BlackRock's New York headquarters (Photo by Michael M. Santiago/Getty Images)Getty ImagesPortfolio manager, alongside Evy Hambro, of the $10 billion BlackRock World Mining Fund and World Mining Trust, Markham told a mining conference in the Australian city of Perth earlier this week that mining companies were struggling to keep up with demand for their minerals and metals.“Commodity demand is simply accelerating, and the commodity intensity of gross domestic product growth continues to rise,” she said.'The AI story is as much a power and metal story as it is a technology story."But Markham believes not enough investors recognize the direct link between AI and the commodities world.MORE FOR YOUGoldman Sachs AgreesA similar point was made a few days earlier by investment bank Goldman Sachs in a research report into the demands of Agentic AI.“Current digital infrastructure is unlikely to sustain Agentic AI in our view,” Goldman Sachs said.“These autonomous, always-on systems are 60-to-130 times more energy intensive than AI chatbots, necessitating a total rebuild of the physical architecture beyond just data centers.”Rolls of sheet copper at Revere Copper Products in Rome, New York. Photographer: Lauren Petrac...