Critical Minerals

Every other theme here — AI data centers, defense, electrification, robotics — is physically bottlenecked on metals. A single large AI data center can require up to 50,000 tonnes of copper, and the supply side is structurally short.

The wrinkle that makes this vertical different: the U.S. government is now an equity holder and price-setter in several of these names (a strategic-reserve push, NdPr price floors). De-risked demand, politicized equity. We track copper, rare earths and magnets, lithium, specialty/defense metals, and the royalty financiers.