Copper miner, data center landlord cash in on $700B AI build-out

Big technology companies are on track to spend close to $700 billion（約110兆円） this year constructing AI data centers, a flood of capital that extends well beyond the chipmakers typically spotlighted in AI coverage. Two companies that reported earnings this week—Freeport-McMoRan Inc., a global copper mining company, and Digital Realty Trust, a data center owner and landlord—illustrate how diverse businesses are profiting from the buildout.

Freeport-McMoRan reported earnings of 74 cents per share (excluding one-time costs), beating the 59 cents analysts expected. Regular net income came to $984 million（約1600億円）, or 68 cents per share, up from 53 cents a year earlier. However, the company actually mined 18.2% less copper this quarter. The beat came from price, not volume: the average price of copper rose 41.5% from a year earlier, driven by supply concerns and strong demand from China. Copper's value stems from its superior electrical conductivity; it is used worldwide in motors, computers, batteries, and wiring—all essential components of AI infrastructure. Freeport's production declined because its Grasberg mine in Indonesia, the world's second-largest copper mine, is still recovering from a deadly mud flow disaster last September that killed seven workers and forced a multi-week closure. Repair costs alone totaled about $363 million（約580億円） this quarter. CEO Kathleen Quirk stated the mine's recovery is "on track" and the company still expects it to reopen fully by end of year. A potential upside exists: the Trump administration has been expected to announce tariffs on copper, which would likely boost Freeport's profits further, though no decision has yet been made. The stock fell 2.3% the morning results came out, roughly in line with the broader market that day.

Digital Realty Trust demonstrates a more direct link to AI spending. The company owns and leases data center buildings to tech companies and other tenants. This quarter, revenue jumped 29% to $1.92 billion（約3100億円）, significantly exceeding the $1.66 billion（約2700億円） analysts forecast. Core FFO (funds from operations) came in at $2.65 per share against the $1.86 expected, though that figure includes $188 million（約300億円） in one-time income from a joint-venture development deal; the more comparable figure was $2.13 per share, still up from $1.87 a year earlier. The company raised its full-year guidance to $8.15–$8.20 per share, up from $8.00–$8.10, and lifted its revenue forecast. New leases signed in July alone are worth $410 million（約660億円） a year in rent at full value; Digital Realty's own share of those leases, given that some properties are jointly owned, is $205 million（約330億円）. When existing tenants renewed their leases this quarter, Digital Realty raised rents by over 25%, illustrating its pricing power in the current market. The company also just closed a $3.5 billion（約5600億円） deal to acquire a larger stake in three data centers located in Northern Virginia, which is the world's largest data center market.

The article illustrates how the $700 billion（約110兆円） annual AI data center build-out creates profit opportunities far beyond the semiconductor industry. Freeport-McMoRan's earnings reveal a supply-side benefit: copper, essential for electrical wiring and motors in any large infrastructure project, is benefiting from the construction surge and from broader geopolitical demand (particularly from China). Though Freeport's own production fell due to the Indonesian mine disaster and repair costs of about $363 million（約580億円） this quarter, the company still beat expectations because copper prices have risen sharply—a dynamic that may persist if tariffs on copper are announced under the Trump administration. Digital Realty's results show even more direct exposure: the company is leasing data center space at sharply higher rates, with rent increases of over 25% on renewals signaling acute demand and strong pricing power. The firm's decision to spend $3.5 billion（約5600億円） to expand its stake in Northern Virginia data centers, already the world's largest data center market, underscores the conviction that AI infrastructure spending will sustain demand for years.

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