Nvidia turmoil tests metals demand boom

AI desk brief

Nvidia CEO Jensen Huang’s reported resignation adds execution risk to AI infrastructure spending, but does not establish an immediate loss of metals demand. The Silver Institute, citing Metals Focus, said industrial silver demand fell 3% in 2025 despite support from AI infrastructure, as solar manufacturers reduced silver use and adopted substitutes. Prolonged financing or construction delays could postpone metal purchases; switching chip suppliers could preserve infrastructure requirements. Customer spending revisions, construction schedules and power contracts would provide stronger demand evidence than Nvidia’s share-price decline; its new chairman said operations and customer commitments should continue uninterrupted.