Investors Capitalize on Metals Bottlenecks in AI

Eric Fry argues in an essay ahead of his FutureProof 2026 event on March 18 that metals shortages during the late-1990s internet buildout produced outsized mining gains and that similar bottlenecks are emerging with AI. He cites Y2K remediation costs of $300–$600 billion and examples—Antofagasta, Freeport-McMoRan, Cameco, Impala—where early investors realized returns between roughly 193% and 778%.