Cameron Gleeson

Yep.

So copper is, well, actually the most conductive element in terms of both electricity and heat is silver that we have, but it's very expensive.

Copper is new to it and much more affordable.

And so copper is basically, you know, if you want to think of electrification, you want to think about copper.

And if you look at a data center, they've got those sort of things that look like cupboards that basically have the AI racks in them, the GPUs and the cooling systems.

And those things for an AI rack, you're probably talking about 60 to 70 kilograms of copper going to that in terms of the wiring.

Interesting.

The energy consumption from them is intense.

So the wires you need to have are thicker, for example.

The way that the GPU technology has evolved is that we previously used to use air to cool the GPUs because they generate a lot of heat from that electricity demand.

So, you know, you've got your laptop, you've got the little fan that whirs around, you can hear it.

So that's evolved, and they now use water to cool GPUs because they generate so much heat.

Now, to do that, you want copper as the interface so you can transfer that heat energy from the GPU to the water.

So copper is used in both cooling and in terms of the supply of power.

So a hyperscale sort of data center just uses an enormous amount of copper.

And then, of course, you've got to be able to provide that energy

Whether that's coming, you know, through the network or indeed, you know, the generation, that's really important.

You know, almost adjacent to that, obviously, that results in increasing demand for any form of energy.

We can talk about, for example, rare earths.

They use magnets to, you know, for wind farms.