In r/wallstreetbets, a macro buildout narrative frames steel as a second-order beneficiary of hyperscaler data-center capex, with an ETF already up sharply but argued to still have room for trades.
Hyperscalers are committing anywhere between $600-700B in Capex for 2026.
Most of this money will be spent on infrastructure build-out, specifically data-centers (DC).
Every DC before it ever touches a GPU or rack, needs steel.
It's estimated that each DC will need >20,000 tons of steel.
SLX, a pure global steel ETF already ran up +34% in the past year
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