關於近期市場上流傳的「英偉達引發銅市黑天鵝」傳聞，其實核心問題並非英偉達的需求不存在，而是源自對英偉達GB200系統中銅纜需求數據的誤讀與誇大，並進一步被部分投資人或媒體在市場情緒中放大，形成不小的市場波動。

事件的起因可以追溯到一段錯誤資訊的擴散。市場上曾經廣泛流傳一個說法，指出英偉達GB200架構的資料中心機櫃在連接GPU時，所需銅纜量極其龐大，甚至有報告誤將「單個機架約需200磅（約91公斤）銅」的數據，誤讀或故意放大為數萬噸甚至更誇張的量級。這種數據一旦在金融市場被放大解讀，就很容易形成「銅需求會爆發式上升」的預期，進而帶動銅價出現非理性的上揚。更有甚者，甚至出現「英偉達把數據寫錯」的陰謀論，讓事件在社群與投資圈中迅速擴散，形成所謂的「黑天鵝」傳聞。

然而，當我們回到英偉達官方公開資料時，情況就顯得截然不同。根據英偉達在GTC 2024以及後續技術說明中提供的數據，一個完整的GB200 NVL72機架內，用於連接GPU的銅纜總長約為2英里（約3.2公里），其涉及的銅含量約為200磅左右。換句話說，單機櫃的銅用量確實存在，但其規模遠低於市場曾經傳播的「50萬噸」或「需求增長2000倍」等極端數據。這也代表所謂「銅市黑天鵝」更多是市場情緒與數據誤讀所造成的誤導，而非基於實際供需結構的突發性變化。

在市場層面，這段「數據烏龍」在2024年至2025年間確實造成一波波動。部分資金利用此類誤導性預期進行交易，造成銅價短期出現明顯的波動。直到 2026 年初，隨著英偉達對供應鏈與技術細節的透明化逐步提升，市場對相關需求的預期才逐步修正，銅價也回歸較為理性的走勢。這段過程也凸顯出，在高科技產業供應鏈與原材料市場之間，資訊透明度不足時，往往會催生過度樂觀或過度悲觀的投資情緒。

值得注意的是，即便單機櫃的銅需求被修正，銅在AI資料中心中的總體使用仍然呈現穩定增長的趨勢。原因在於資料中心的擴建與電力配電、散熱系統的規模不斷擴大，銅仍然是配電線路、變壓器、散熱組件以及伺服器機箱內部線材的核心材料。只是相比於傳聞中的「爆發式需求」，目前的增長更像是穩健且可預期的上升，反映出產業擴張與材料需求之間的合理對應，而非一夜之間的市場黑天鵝。

Regarding the recent market rumors about “NVIDIA triggering a black swan event in the copper market,” the core issue is not that NVIDIA’s demand does not exist, but rather that the data on copper cable demand in NVIDIA’s GB200 system was misinterpreted and exaggerated. This was further amplified by some investors or media in a highly emotional market, resulting in significant price fluctuations.

The origin of the incident can be traced back to the spread of incorrect information. There was a widely circulated claim that the NVIDIA GB200 architecture required an extremely large amount of copper cables to connect GPUs in data center racks. Some reports mistakenly interpreted or deliberately exaggerated the data “about 200 pounds (approximately 91 kilograms) of copper per rack” into tens of thousands of tons or even more extreme levels. Once such data is magnified in financial markets, it easily creates expectations of “explosive copper demand,” which in turn drives copper prices upward irrationally. Some even spread conspiracy theories suggesting that NVIDIA “miswrote the data,” allowing the story to quickly spread through social media and investment circles, forming the so-called “black swan” rumor.

However, when we return to NVIDIA’s official public information, the situation is entirely different. According to data provided by NVIDIA at GTC 2024 and subsequent technical briefings, the total copper cable length used to connect GPUs within a complete GB200 NVL72 rack is approximately 2 miles (about 3.2 kilometers), with a copper content of around 200 pounds. In other words, the copper usage per rack does exist, but its scale is far lower than the extreme figures previously circulated, such as “500,000 tons” or “a 2000-fold increase in demand.” This means that the so-called “copper market black swan” was more a result of market sentiment and data misinterpretation than a sudden structural change in actual supply and demand.

At the market level, this “data error” did cause some volatility between 2024 and 2025. Some capital players used this misleading expectation for trading, resulting in noticeable short-term copper price fluctuations. By early 2026, as NVIDIA gradually increased transparency regarding its supply chain and technical details, the market’s expectations were corrected, and copper prices returned to a more rational trajectory. This process also highlights how, in the intersection between high-tech industry supply chains and raw material markets, insufficient transparency can often foster overly optimistic or pessimistic investment sentiment.

It is important to note that even though the copper demand per rack was corrected, the overall use of copper in AI data centers still shows a stable growth trend. This is because the expansion of data centers and the scaling of power distribution and cooling systems continue to grow, and copper remains the core material for power wiring, transformers, cooling components, and internal cabling in server chassis. Compared to the rumored “explosive demand,” the current growth appears to be steady and predictable, reflecting a reasonable correlation between industry expansion and material demand rather than an overnight market black swan.