JUL 24 CLOSE

CU 78.37 -0.14% LI₂CO₃ 69.02 -0.29% NdPr 69.53 -1.5% U₃O₈ 41.13 +0.61% AU 371.52 -0.23% FE 14.83 +0.2% OIL 139.49 +0.7% NG 10.61 -0.19% TAI 105.1 -2.05% SOV50 120.9 -2.18% SDX 99.5 -1.29% CU 78.37 -0.14% LI₂CO₃ 69.02 -0.29% NdPr 69.53 -1.5% U₃O₈ 41.13 +0.61% AU 371.52 -0.23% FE 14.83 +0.2% OIL 139.49 +0.7% NG 10.61 -0.19% TAI 105.1 -2.05% SOV50 120.9 -2.18% SDX 99.5 -1.29%

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Power & grid

The AI Buildout Has the Money. It Cannot Buy Enough Transformers.

Google lifted 2026 capex to as much as $205 billion this week. The binding constraint is no longer capital, it is copper, electrical steel, and the transformers made from them. Brazil sits on both ends of that squeeze.

Tantalum Strategy Desk · July 24, 2026 · 6 min

Tantalum Strategy

The AI Buildout Has the Money. It Cannot Buy Enough Transformers.

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