Metals

The proliferation of AI-driven data centers has generated unprecedented structural demand for certain metals, including steel and galvanized (zinc-coated) steel used in framing and security structures, stainless steel and aluminum used in thermal management and server rack enclosures, and copper used in wiring, grounding, and transformers. As AI data centers require substantial, continuous electricity, oil country tubular goods (“OCTG”) demand is rising to support natural gas production for related power plants. U.S. spending on data center construction reached a preliminary seasonally adjusted annual rate of $68.3 billion in June 2026, jumping 46% yearover- year and soaring 265% from June 2023, according to the U.S. Census Bureau.