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Artificial intelligence may be powered by code, but it is constrained by physics. Data centers require enormous amounts of electricity, and electricity requires copper. As hyperscale operators race to secure power capacity for AI workloads, utilities are accelerating grid upgrades, transformer deployments, and transmission expansions. That surge in infrastructure demand is quietly reshaping the copper market.

For years, copper's investment narrative revolved around electric vehicles and renewable energy. Today, AI infrastructure is adding a layer of demand that did not meaningfully exist five years ago. The result is a tightening supply picture while permitting timelines remain long and new large-scale discoveries remain scarce. In commodity cycles, it is often not the headline demand story that drives returns, but the lag between demand acceleration and supply response.

Hyperscalers Are Signaling a Structural Shift

When Amazon Web Services (NASDAQ: $AMZN ) signed a two-year agreement in January to secure copper directly from Rio Tinto's (NYSE: RIO) Nuton venture at an Arizona mine, the deal signaled something beyond standard procurement. It marked the moment hyperscalers acknowledged that copper - not just chips, power, or real estate - could constrain the AI buildout. "Securing access to lower-carbon materials produced close to home strengthens our operational resilience," noted Amazon's Chief Sustainability Officer Kara Hurst. Amazon subsequently announced plans to spend $200 billion in capital expenditures in 2026 (double its 2025 figure) with the majority directed to AWS data center expansion. CEO Andy Jassy told investors the company is "monetizing capacity as fast as we can install it."

Microsoft (NASDAQ: $MSFT ) reported $34.9 billion in capital expenditures during its first quarter of fiscal 2026, the largest single-quarter outlay in technology history. Roughly half funded GPUs and CPUs; the remainder went to long-duration infrastructure including data centers, power systems, and finance leases securing land and electricity for 15 to 20 years. CEO Satya Nadella described the approach as "maximizing tokens per dollar per watt," a metric encapsulating how AI economics now revolve around energy and materials as much as software. Microsoft expects to double its data center footprint within two years, with its 2-gigawatt Fairwater campus in Wisconsin coming online in early 2026 as what the company calls "the world's most powerful AI datacenter."

Oracle (NYSE: $ORCL ) is pursuing equally aggressive expansion through its partnership with OpenAI. The company announced plans to raise up to $50 billion in 2026 through debt and equity to fund AI infrastructure as part of the $300 billion Stargate project. Chairman Larry Ellison described one U.S. facility as "sized to fit eight Boeing 747s nose-to-tail." Oracle's cloud infrastructure revenue grew 68% year-over-year in its most recent quarter, with remaining performance obligations surging to $523 billion—a pipeline requiring physical copper to convert into operational capacity.

The Supply Equation

These capital commitments are colliding with a mining industry struggling to keep pace. A conventional data center uses between 5,000 and 15,000 tonnes of copper. A hyperscale AI facility can require up to 50,000 tonnes per campus. UBS forecasts copper deficits exceeding 400,000 tonnes by 2026 as mine disruptions intersect with accelerating demand. S&P Global projects that AI, defense, and electrification combined could boost copper demand by 50% by 2040.

The challenge extends beyond the data centers themselves. BMO Capital Markets analyst Colin Hamilton observed that while facilities are becoming incrementally less copper-intensive internally, "getting the electricity to them—that is copper-intensive." Existing mines are aging, grades are declining globally, and major new discoveries have become rarer. When incremental demand accelerates, price response can be sharp because the industry cannot rapidly add multi-million-tonne projects.

Doubleview's Strategic Position

Against this backdrop, Doubleview Gold Corp. (TSX-Venture: DBG) (OTC: $DBLVF ) is advancing its 100%-owned Hat Polymetallic Project in British Columbia's Golden Triangle, where the updated mineral resource estimate reported on February 25, 2026 outlined 609 million tonnes of measured and indicated resources at 0.43% CuEq, containing 5.82 billion pounds of copper equivalent, including 2.42 billion pounds of copper, 3.22 million ounces of gold, 80.1 million pounds of cobalt, and 5.05 million ounces of silver, plus 503 million tonnes of inferred resources at 0.41% CuEq, containing 4.57 billion pounds of copper equivalent, including 1.72 billion pounds of copper, 2.77 million ounces of gold, 66.2 million pounds of cobalt, and 4.19 million ounces of silver.

In January 2026, the Company reported finalized metallurgical recoveries of 85% copper, 89% gold, 78% cobalt, 68% silver, and 75% scandium. The 2025 drilling campaign completed 13,290 metres in 19 holes, and December 2025 results from hole H099 returned 438.0 metres of 0.40% CuEq, including 52.0 metres of 1.02% CuEq.

The Hat Project is located in northwestern British Columbia, about 10 kilometres north of the Golden Bear Road, with current access by fixed-wing aircraft or helicopter, and Highways 37 and 51 approximately 95 kilometres to the east.

The Investor Equation

The copper story unfolding today differs from past cycles. It is not driven solely by emerging markets construction or commodity supercycle speculation. It is increasingly tied to structural infrastructure needs spanning AI computing, renewable power, and grid hardening.

If AI infrastructure continues accelerating power demand as expected, copper may become one of the most consequential inputs in the digital economy. For investors scanning the sector, the question is not whether copper matters. It is which projects are far enough along to matter when the market begins pricing scarcity rather than abundance.

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Disclosure and Cautionary Statements:

Information regarding Doubleview Gold Corp. and the Hat Project in this article is based on the Company's public disclosures, including its January 14, 2026 metallurgical update, its February 25, 2026 updated mineral resource estimate for Hat, and its March 2, 2026 Preliminary Economic Assessment, as clarified on March 23, 2026. The Preliminary Economic Assessment for Hat is preliminary in nature and includes inferred mineral resources. Its economic analysis is based on assumptions including metal prices, foreign exchange rates, metallurgical recoveries, and capital and operating cost estimates. Actual results may differ materially from those projected, and readers should not place undue reliance on the PEA or on forward looking information. Scandium disclosure should be read in the context of Doubleview's current technical disclosure. The Company states that the full scandium content has not been taken into economic evaluation at this time because current scandium market pricing lacks sufficient transparency and firmness to support a reliable valuation. Under the current metallurgical design, scandium tonnages used in the economic evaluation reflect 12.5% of the mineralized material expected to be processed through a dedicated scandium recovery circuit. Metallurgical recoveries cited by Doubleview in January 2026 were 85% copper, 89% gold, 78% cobalt, 68% silver, and 75% scandium. Doubleview's March 23, 2026 clarification also updated Scenario B PEA economics related to the scandium recovery circuit and corrected a summary table cobalt grade typo to 78 g/t Co, while stating that the overall conclusions of the PEA did not change. Readers should review Doubleview's full SEDAR+ filings and news releases for the complete technical assumptions, qualifications, and risk factors.