The energy transition is also a metals demand story that many equity investors underweight. Desk note: Electrification and renewables require copper, lithium, nickel and rare earths at scale. The supply chains for these metals are geographically concentrated and slow to expand. Why investors care: That creates a structural tension where green policy ambitions can collide with physical supply constraints for years. Translate it into behavior: A single large-scale wind farm can require hundreds of tonnes of copper. Multiply that by global climate targets and the tonnage math gets serious. Where people usually get tripped up: The mistake is treating the energy transition as a purely software and intellectual-property story when the bottleneck is often in the ground. Keep this nearby on the next review: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. A lot of confusion disappears once you separate the headline from the mechanism.