Freeport-McMoRan (FCX)

Copper + gold major (Freeport) — the largest US-listed copper producer for the AI grid

AI exposure 5% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Critical Minerals & Base Metals · figures rebased to Q2 2026, reported 2026-07-23

Copper mining (Grasberg, Morenci, Cerro Verde) — for data-center power, grid, electrification leads 2 businesses in this sub-tier that together are 100% of revenue, so Critical Minerals & Base Metals is effectively the whole company rather than one leg of it.

Reported segments

Copper — 76.2% of revenue
Molybdenum — 10.4% of revenue
Gold — 9.2% of revenue
Silver and other — 4.3% of revenue

Freeport-McMoRan ($7,029M Q2 2026 consolidated revenues). From the 10-Q product-revenue table, gross product revenues of $6,985M split: copper 76.2% ($5,320M — cathode $2,647M, rod and refined $1,533M, concentrate $976M, purchased $164M) = primary B4 Critical Minerals & Base Metals; molybdenum 10.4% ($728M, up from $479M); gold 9.2% ($640M, down sharply from $1,833M as PTFI moved to fully integrated refining); silver and other 4.3% ($297M). Royalties, treatment charges and export duties are netted off separately and are not in this mix.

How the 5% is built

Copper — 76.2% of revenue × 6% AI-driven (disclosed). Copper is essential to data-centre power distribution and grid build-out, but as an undifferentiated commodity that serves every electrical use
Molybdenum — 10.4% of revenue × 0% AI-driven (disclosed). A steel-alloying agent with no AI linkage
Gold — 9.2% of revenue × 0% AI-driven (disclosed). No AI linkage
Silver and other — 4.3% of revenue × 0% AI-driven (disclosed). No AI linkage

Investment read

Moat. Tier-1 copper orebodies (Grasberg, Morenci, Cerro Verde) with ~25 years of copper reserve life and Bagdad beyond 80 — assets that cannot be replicated, which is the entirety of the advantage. Freeport remains a price-taker sitting on top of them.

Bottleneck / pricing power. No price-setting power, but an unusually wide cost-price spread: Q2 2026 unit net cash cost of $1.97/lb against $6.17/lb realized copper generated $2.0B of quarterly operating cash flow even with Grasberg impaired. Costs are drifting (FY2026 guide raised to ~$1.95/lb from $1.75), and the spread is as much a copper-price story as a cost story.

Role in the AI stack. The copper-supply layer for the AI grid + electrification.

Connected companies

Eaton Corporation (ETN) — FCX supplies: copper for electrical equipment
Hubbell (HUBB) — FCX supplies: copper feedstock
Caterpillar (CAT) — FCX is supplied by: mining equipment
GE Vernova (GEV) — FCX supplies: copper for turbines + grid equipment
Siemens Energy (ENR) — FCX supplies: copper feedstock for power generation equipment
Hitachi (HTHIY) — FCX supplies: copper for transformers + grid equipment
Schneider Electric (SU) — FCX supplies: copper for grid/electrical equipment
Meta Platforms (META) — FCX supplies: copper feeding Meta's DC/grid buildout indirectly via wire, cable and busbar makers
Alphabet (GOOGL) — FCX supplies: Indirect: Freeport copper flows to the AI/grid buildout via fabricators and contractors, not a direct Google supply relationship
Amazon (AMZN) — FCX supplies: copper as an upstream commodity input to AMZN data-center power and cooling build (commodity flow, not a direct supply contract)
Oracle (ORCL) — FCX supplies: copper feedstock for the grid/cabling behind ORCL AI data centers (commodity exposure, not a direct supply relationship)
Southern Copper (SCCO) — FCX competes with: copper — Southern Copper vs Freeport (the two largest pure-play copper majors)
Amphenol (APH) — FCX supplies: Copper (via cathode-to-mill commodity chain) is the dominant raw input for connector contacts and busbars; no direct FCX-Amphenol supply named
TE Connectivity (TEL) — FCX supplies: Copper alloy (via commodity cathode chain) is TE's largest raw-material exposure; no direct FCX-TE supply named

Others in Critical Minerals & Base Metals

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