Nvidia(US:NVDA) Sou Hu Cai Jing·2026-01-19 15:35Core Viewpoint - The erroneous data from Nvidia's technical report led to widespread panic about copper shortages due to the anticipated demand from artificial intelligence data centers, despite the actual copper requirement being significantly lower than reported [2][5][8]. Group 1: Nvidia's Report and Its Impact - Nvidia's report mistakenly stated that a 1 GW data center would require 50,000 tons of copper, which is 2,500 times higher than the correct figure of 200 tons [2][7]. - The report's miscalculation was initially accepted without scrutiny, leading analysts and investment banks to predict a significant increase in copper demand due to AI [4][5]. - The narrative surrounding AI's resource consumption gained traction, influencing investor behavior and driving up copper prices throughout the year [6][8]. Group 2: Market Reactions and Price Movements - Following the report, copper prices surged from $8,000 per ton at the beginning of the year to over $11,000 by year-end, marking a significant increase [7]. - The demand for copper was further fueled by trends in electric vehicles and renewable energy, with projections indicating a 60% increase in copper demand for grid upgrades by 2030 [5][8]. - Speculative trading in copper futures increased dramatically, with record inflows into copper ETFs as investors reacted to the perceived shortage [7][8]. Group 3: Correction and Aftermath - In January 2026, Thunder Said Energy published a review clarifying the copper requirement, revealing the original report's error and causing market shock [7][8]. - Despite the correction, the overall market sentiment remained optimistic about copper demand driven by electric vehicles and renewable energy, with Goldman Sachs maintaining its bullish outlook for the future [8].