The ultra-rare metal ruthenium has jumped to become a star commodity amid the artificial intelligence boom.

On July 17, Jin10 reported that due to the booming development of artificial intelligence, a super-rare element has become one of the best-performing commodities this year. According to data from metal refiner market maker Zhuang Xinwanfeng, the price of Ruthenium has nearly doubled over the past year, reaching $800 per ounce, matching the peak in 2021 and just a step away from the historical high of $870 set 18 years ago, with a rise that surpasses other commodities. Mining consultancy SFA stated that the recent price increase is mainly driven by artificial intelligence, especially in the hard disk sector. “With the popularization of AI and the growing demand for data storage, we need a technology that is cost-effective, efficient, and capable of storing large amounts of data,” analyst Sandeep Kaler said. She pointed out that technologies reliant on other elements remain very expensive, and unless cheaper alternatives are found, the demand for Ruthenium will continue to rise. The supply of Ruthenium is also extremely limited, as this mineral is mainly extracted as a byproduct of platinum, with only 30 tons produced last year.