AI Power Demand & Energy Security Boom: Major Tailwinds for Canadian Copper, Uranium & Critical Minerals Stocks

Goldman Sachs' global head of custom equity baskets, Louis Miller, highlights the Power theme as one of the strongest performing strategies in 2026, driven by AI electricity needs and intensifying energy security concerns. Here's how this impacts Canadian copper, uranium, rare earths, and critical minerals miners listed on the TSX and TSXV.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy, sell, or hold any securities, commodities, or mining equities. All facts, figures, dates, prices, and other information are based on publicly available sources, including the Goldman Sachs analysis reported April 25, 2026, and market data as of April 25, 2026, and are believed to be accurate at the time of writing. However, commodity prices, geopolitical events, exploration results, permitting timelines, and company performance are dynamic and subject to rapid change. Investing in mining stocks involves substantial risk, including the potential for significant loss of principal due to price volatility, operational risks, regulatory changes, and global economic factors. Past performance is not indicative of future results. Investors should conduct their own due diligence, review all relevant regulatory filings (including NI 43-101 technical reports), consult with qualified financial, tax, and legal advisors, and consider their individual risk tolerance, investment objectives, and financial situation before making any investment decisions. No guarantees or assurances of future performance, price appreciation, or achievement of any specific return are implied or expressed. This article complies with SEC regulations regarding forward-looking statements and promotional content. The author and publisher assume no liability for any losses incurred from the use of this information.

Introduction: AI Power Demand and Energy Security Are Driving Mining Themes in 2026

On April 25, 2026, Goldman Sachs’ global head of custom equity baskets, Louis Miller, published his latest “Weekly Mash” note, highlighting the AI thematic as “too big to ignore.” He notes that indices are increasingly reflecting AI exposure in both expected and unexpected places — Taiwan and Korea now make up 42% of MSCI Emerging Markets, and the Russell 2000 is now 17% AI (with the index 9-10% lower ex-AI).Miller identifies several themes that are “working” and “not working” in 2026, with the Power theme (driven by AI electricity demand and energy security) emerging as one of the strongest performers across regions. National Sovereignty, Global Rare Earths, Japan Economic Security, and Onshoring/Friend-shoring dynamics are also gaining traction. For Canadian mining investors on the TSX and TSXV, these themes have direct and potentially transformative implications. Canada is a Tier-1 jurisdiction with world-class deposits of copper, uranium, rare earths, and other critical minerals — all of which are essential for power infrastructure, energy security, and friend-shoring strategies. This article examines Goldman Sachs’ key findings and translates them into practical insights for Canadian copper, uranium, rare earths, and critical minerals miners.

The Power Theme: AI Data Centers and Energy Security Drive Copper and Uranium Demand

The Power theme is one of the clearest winners in Goldman Sachs’ analysis. Miller notes that Power baskets in the US (GSX1POW1), Europe (GSXEPOWR), and Asia (GSXACPOW) are rallying strongly due to two structural drivers: the explosive electricity demand from AI data centers and heightened energy security needs globally.Why this matters for Canadian mining stocks:

• Copper: Data centers, grid upgrades, renewable energy integration, and EV charging infrastructure all require massive amounts of copper for transmission lines, transformers, and power infrastructure. Canada has significant copper assets and exploration projects that could benefit from sustained higher demand.

• Uranium: Reliable baseload power is essential for AI data centers and energy security. Nuclear power is increasingly viewed as a critical part of the solution, creating a strong tailwind for Canadian uranium assets in the Athabasca Basin.

• Silver: Solar and power grid applications use significant silver, adding another layer of demand for Canadian silver exposure.

This Power theme is not a short-term cyclical move — it is structural and multi-year, aligning perfectly with Canada’s strengths in copper and uranium production.

National Sovereignty and Rare Earths: Friend-Shoring Creates Opportunities for Canadian Critical Minerals

Goldman Sachs highlights National Sovereignty themes as another strong performer. Baskets such as US Strategic National Interest (GSXUNATL), Global Rare Earths (GSXGRARE), and Japan Economic Security (GSXAJESC) are gaining traction as governments prioritize secure, Western-aligned supply chains.Implications for Canadian mining:

• Canada is a leading Western supplier of critical minerals, including rare earth elements, nickel, lithium, and graphite.

• Friend-shoring and onshoring trends favor Canadian assets over higher-risk jurisdictions.

• Canadian critical minerals companies with advanced projects in stable provinces are well-positioned to attract institutional capital and government support.

This theme reinforces the long-term bullish case for Canadian critical minerals stocks and rare earths projects in 2026.

Onshoring and Bonus Depreciation: Support for Domestic Mining Capex

Bonus Depreciation Beneficiaries (GSXU100D) are breaking out relative to Small Caps ex-AI, reflecting policy support for capital investment and domestic manufacturing.

Relevance to Canadian mining industry:

• Onshoring trends encourage investment in North American supply chains, including Canadian mining and processing.

• Policy support for capex (through bonus depreciation or similar incentives) could accelerate development of Canadian copper, uranium, and critical minerals projects.

• Canadian mining companies with domestic or North American assets benefit from this environment.

What’s Not Working: Stagflation and Defense Themes

Goldman Sachs notes that the Stagflation trade and Defense are underperforming. The Defense debate is shifting toward “new vs old warfare,” while Energy Equities and Stagflation have lost momentum as investors traded de-escalation.

Implications for mining:

• Short-term easing of stagflation fears could reduce safe-haven flows into gold, temporarily pressuring gold mining stocks.

• However, the Power and Energy Security themes are likely to dominate over the longer term, limiting the negative impact.

Practical Implications for Canadian Mining Investors on TSX/TSXV

1. Copper and Power Infrastructure — Strong tailwinds from AI data centers and grid upgrades.

2. Uranium and Nuclear — Energy security and baseload power needs support Canadian uranium producers and explorers.

3. Rare Earths and Critical Minerals — Friend-shoring and national sovereignty themes favor Canadian projects.

4. Gold — Short-term pressure from reduced stagflation fears, but structural safe-haven demand remains intact.

5. Exploration and Juniors — High-quality junior miners with Tier-1 assets in Canada are well-positioned to benefit from increased capital flows into strategic minerals.

Risks and Balanced View

While the Power, Energy Security, and National Sovereignty themes are constructive, risks remain:

• Rapid de-escalation in the Middle East could reduce energy security urgency.

• A sharper-than-expected economic slowdown could temporarily weigh on industrial demand.

• Policy execution on onshoring and friend-shoring is not guaranteed.

Canadian miners with strong balance sheets, clear permitting paths, and high-grade assets are best positioned to navigate these risks.

Conclusion: AI Power Demand and Energy Security Are Structural Tailwinds for Canadian Mining

Goldman Sachs’ April 25, 2026 analysis confirms that the AI thematic is reshaping markets in profound ways. The Power theme, driven by AI electricity demand and energy security needs, is one of the strongest performing strategies this year. National Sovereignty, Rare Earths, and Onshoring themes are also gaining traction. For Canadian mining companies on the TSX and TSXV, these trends create significant opportunities in copper, uranium, rare earths, and critical minerals. Canada’s Tier-1 jurisdiction status, rich mineral endowment, and stable regulatory environment position it to capture a meaningful share of the capital flowing into these strategic themes. Investors focused on the mining sector should closely monitor companies with exposure to power infrastructure, energy security, and friend-shoring. The combination of AI-driven demand and national sovereignty priorities could drive a multi-year tailwind for high-quality Canadian mining stocks.This article is based on Goldman Sachs’ analysis reported April 25, 2026, and is for educational purposes only. It is not investment advice. Mining stocks are volatile; conduct your own research and consult professionals.