Hyperscaler Copper Demand for AI Infrastructure Could Triple by 2028, Trafigura Warns

Artificial intelligence infrastructure buildouts are placing unprecedented demands on global copper supplies, with industry analysis suggesting data center deployments could require as much as 3 million metric tons of the metal by 2028—triple current usage levels. Trafigura Group, one of the world's largest commodity traders, projects that hyperscaler spending on cloud and AI infrastructure would drive copper consumption to between 2.5 million and 3 million tons in 2028, compared to roughly 1 million tons estimated for 2026. The five largest hyperscalers—Amazon, Microsoft, Google, Meta, and Oracle—are collectively spending $602 billion to $800 billion on capital expenditures in 2026, with the majority directed at AI infrastructure buildout.