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Core Viewpoint - Nvidia significantly revised its data center copper demand estimates, reducing the copper busbar requirement per gigawatt from 500,000 tons to 200 tons, leading to a downward adjustment in market expectations for future copper demand [1][2][3]. Group 1: Nvidia's Revision Impact - Nvidia's correction indicates that previous market expectations regarding severe copper shortages due to data centers were overly aggressive [1][2]. - The adjustment suggests that the total copper demand for data centers, if global capacity reaches 219 gigawatts, would only require approximately 44,000 tons of copper, which is just 0.15% of annual copper production [3]. Group 2: Market Reactions - Following Nvidia's announcement, copper prices on the London Metal Exchange (LME) dropped significantly, with a decline of 2.84% on the day of the news [2]. - Analysts from Goldman Sachs warned that most of the copper price increases may have already occurred, and future price corrections are likely [1][3]. Group 3: Broader Industry Context - The copper market has seen a 40% increase over the past year due to rising demand from AI data centers and tightening global supply [5]. - Rio Tinto's agreement to supply copper to Amazon for its AI data centers highlights the competitive landscape for critical mineral resources, although the projected output from their new extraction technology may only meet a small fraction of Amazon's needs [5]. Group 4: Future Demand Projections - Standard & Poor's forecasts that copper demand will grow from 28 million tons annually in 2025 to 42 million tons by 2040, with AI and data centers contributing a relatively small portion of this demand [3].