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No new show. Repeat of September 14, 2026.

The hyperscalers are replacing copper with fiber-optics cable. Also, rising interest rates hurt commodities, though the impact could take time.  Comparing the valuation of copper vs. the dollar index, we now see overvalued levels, which tends to trigger a copper sell-off. Lately, small speculators have become heavy buyers of copper, and the last few times that happen, it triggered serious declines. Meanwhile, the commercial hedgers have the largest net short positions in years, because they're betting copper prices will decline--and past history says they're right.

Some of it was funded internally, because the hyperscalers had huge cash reserves. But they've also tapped bond markets and private equity players. At the same time, we have these huge financing obligations from government. So it's evolving.

The price of that financing could be telling you that there are concerns around fiscal and monetary uncertainty. It also could be telling you there are just really good projects to be done and they need to be financed.