Surging copper demand sent Freeport-McMoRan to a new all-time closing high Friday, based on data back to 1995. Share prices closed at $76.66, up 7.6%. Year-to-date, shares are up 51%.

Copper has surged as a must-have for the AI buildout and because of U.S. tariffs restricting supply. The Phoenix copper and gold miner gained about 16% over a three-day winning streak; its shares were the fourth best performer in the S&P 500 today.