European Central Bank President Christine Lagarde recently pointed out that the United States currently controls about 75% of the world's AI computing power, while Europe accounts for only about 5%. If Europe is determined to close this huge gap, it will need far more than just chips and software—it will also require large-scale construction of data centers, power grid expansion, substations, and supporting electrical infrastructure. If we follow the physical infrastructure story, catching up in computing power will ultimately come down to physical metals such as copper, aluminum, and silver; these metals may therefore indirectly benefit Europe's AI development.
