8 years of no new supply supports looming copper scarcity.
FCX offers a rare copper scarcity setup as electrification demand tightens supply, with charts suggesting upside from the latest cycle.
Copper scarcity is framed as the bottleneck for scaling compute, with the supply side limited by “eight years of no new mining supply coming on the market.” With demand tied to electrification/data-center buildouts, the setup is presented as asymmetric and chart-positive for FCX.
"compute is revenue: publish and be damned"