The development of AI infrastructure has spurred a boom in the "computing power metal" market. The supply side "hard constraints" have become the core logic.

With the continuous escalation of the global artificial intelligence competition, a new wave of investment around computing power infrastructure is sweeping the globe. From overseas technology giants continuing to increase investments in data centers, to the accelerated advancement of the "East counting and West calculating" project in China, to the explosive demand for AI servers, optical modules, and advanced packaging, a number of previously niche metal varieties are experiencing a revaluation of their worth. This year, copper, tin, indium, germanium, gallium, and other varieties collectively strengthened, under the concept of "computing power metals". Among them, the main Shanghai tin contract has accumulated a nearly 40% increase, copper prices have steadily risen, and the prices of indium, germanium, and other rare metals have even doubled. On June 3, the main Shanghai tin contract price reached 45,000 RMB per ton during trading hours, hitting a new high in nearly three months. Compared to demand growth, the market is more concerned about the long-term bottlenecks on the supply side. Gu Fengda, chief analyst of Guosen Futures, believes that the core logic behind this round of "computing power metals" market is not the AI concept itself, but the scarcity premium brought about by the continuous tightening of the supply side.