As the AI boom fuels a frantic build‑out of data centres, hyperscalers such as Amazon and Alphabet are pouring hundreds of billions of pounds into new computing capacity. Analysts say this surge is igniting a fresh commodities rally, with copper, iron ore and uranium seeing heightened demand while gold’s defensive allure wanes.

Amazon’s $200 bn 2026 capex plan fuels copper and iron ore demand

Amazon has announced a $200 billion capital‑expenditure programme for 2026, the bulk of which is earmarked for data‑centre construction, according to the source article. This massive outlay translates into a need for vast quantities of copper for wiring and iron ore for steel structures, reinforcing the link between AI‑driven infrastructure and traditional industrial metals.

Alphabet’s $185 bn spend pushes uranium into the spotlight

Alphabet’s projected $185 billion investment in data‑centre capacity also drives demand for power‑intensive energy sources.. The article notes that many tech firms are turning to nuclear solutions, boosting uranium miners and nuclear‑power equities as they seek reliable, low‑carbon electricity for AI workloads.

Gold’s price slump despite Gulf war fears

Gold, long viewed as a safe‑haven, fell from its early‑year peak of around $5 ,500 to roughly $4,300, even as geopolitical tension rose after the Gulf conflict, the source reports. Investor inflows into gold ETFs spiked in January 2025 but collapsed after a 10 percent flash crash, suggesting the metal’s hedge function may be losing credibility.

Uranium and copper mirror each other’s post‑January trajectories

Both uranium and copper experienced sharp January rallies followed by rapid corrections, yet each has staged a modest recovery since the crash, remaining below their peaks. the article highlights that gold’s movement now tracks these economically sensitive commodities, hinting at a convergence of asset class dynamics.

Who will profit from the AI‑powered ‘picks and shovels’ trade?

Thomas McMahon of Kepler Partners points to investment trusts focused on mining and energy infrastructure as the most direct way to capture the AI‑driven commodities boom. He warns that while gold’s allure is fading, assets tied to copper,iron ore and uranium could offer more reliable upside as hyperscalers continue to scale.

What remains uncertain about the AI‑commodity link?

Key unknowns include the exact timeline for tech firms to secure nuclear power contracts and whether renewable‑energy subsidies will keep pace with data‑centre power needs. The source does not provide definitive figures on how much additional copper or uranium will be required, leaving investors to gauge risk based on broader spending trends.