Copper Is Priced Like an AI Stock Now. What the Sell-off Means for Freeport-McMoRan.

Copper prices have surged 71% since early 2024 to $6.67 per pound, driven by AI data center expansion and industrial reshoring. Freeport-McMoRan's operating income grew 19% in Q3 with strong copper sales, though the stock has fallen 18% recently. With global copper demand projected to increase 50% by 2040, the recent sell-off may present a buying opportunity for long-term investors despite near-term volatility tied to hyperscaler capital expenditure trends.