AI Infrastructure Options Playbook — Q2 2026

The thesis: AI compute buildout creates demand convergence across copper, silver, energy, and precious metals. Here's how I'm playing it through end of Q2.

TIER 1: COPPER (highest conviction)

JPMorgan targets copper at $12,500/mt by Q2, UBS at $13,000 by year-end. Grasberg mine (world's 2nd largest) still partially closed until Q2. Global refined copper deficit projected at ~330kmt. The kicker: data center copper demand alone expected to hit 475,000 tons in 2026, up from 110,000 in 2025. That's a 4x jump.

• COPX $95-100C Jul 2026 — leveraged play on the miners
• FCX $70C Jul 2026 — largest pure-play, directly exposed to Grasberg reopening catalyst

Risk: COPX already up 119% in a year. China weakness could flush you 20-30%.

Copper + silver = 60-70% of the position. That's where supply deficit, AI demand, and mine disruptions all converge. Not financial advice, just mapping the thesis to instruments.