AI rollout to boost metals-rich EM currencies, Barclays says

Currencies of emerging market nations that produce the metals and minerals key to artificial intelligence are set to get a boost in the coming years, according to Barclays Plc.

Chile, Peru, Brazil, Indonesia and China are among the developing nations that stand to benefit as the AI construction boom feeds into commodities prices, Barclays strategists wrote in their 2026 Equity Gilt Study, which analyzed the possible impact of AI and humanoid robotics.

Drawing a comparison with the China-led commodity boom in the early 2000s, those countries “should particularly benefit from this momentum, experiencing an increase in exports, improving terms of trade and rising investment,” they wrote.

Among the emerging markets cited in the report, Chile and Peru are big exporters of copper, which is critical for AI-related electrification due to its heavy use in power grids, transmission infrastructure and data center wiring. Indonesia is the top producer of nickel, a key input for the batteries and energy storage needed to support rising electricity demand from AI.

China, meanwhile, has a grip on rare earth magnets that are vital for chip-making equipment, data center infrastructure, robotics and many other areas.

(By Georgia Hall)