英伟达报告，出现低级错误？

Core Viewpoint - The article discusses the potential copper shortage due to increasing demand from data centers, but recent findings suggest that the projected copper gap may be overestimated [2][4]. Group 1: Copper Demand Projections - McKinsey estimates that by 2030, global data center capacity demand will reach 219 GW, requiring over 100 million tons of copper, while global copper reserves were only 980 million tons as of last year [4]. - S&P predicts an annual addition of 30 GW capacity in data centers by 2030, translating to a copper demand of approximately 15 million tons, while last year's copper production was only 28.63 million tons [4]. Group 2: Reassessment of Copper Requirements - A recent investigation indicates that NVIDIA's report may have contained a significant error, leading to an exaggerated copper gap. A 1 GW rack should require 200 tons of copper, not the 50,000 tons previously stated [4]. - Thunder Said Energy suggests that the correct figure for 50,000 tons should actually be 50,000 pounds, equivalent to 226 tons, significantly reducing the estimated copper demand for data centers [4]. Group 3: Market Outlook and Supply - Goldman Sachs reported that the copper spot market is not currently facing a supply shortage and anticipates a slight surplus by 2026, with copper prices expected to average $10,710 per ounce in the first half of this year [5]. - S&P Global notes that high electricity consumption from data centers, the transition to electric vehicles, and the installation of 2 billion air conditioners will drive significant copper demand, projecting an increase from 28 million tons in 2025 to 42 million tons by 2040 [5].