NVIDIA significantly reduced its copper demand. Goldman Sachs: Most of the rise in copper prices may already be past, and copper prices are likely to experience more and more frequent pullbacks in the future.

Nvidia has revised the data center copper demand data in a technical paper, significantly reducing the usage of copper busbars per gigawatt rack from "500,000 tons" to 200 tons. Following the adjustment, market expectations for future copper demand may be lowered. On the market front, today, the price of London copper plunged in a straight line, dropping nearly 3% at one point during the day. Some analysts point out that Nvidia's significant revision may indicate that market expectations of data centers causing a severe shortage of copper were too aggressive. Goldman Sachs analysts warned that most of the price increase in copper may have already passed, making it easier for copper prices to experience a pullback in the future.