economy
March 14, 2026
Peruvian stocks: Why they may be an unexpected winner of the AI boom, Iran war
The S&P Peru Total Index has soared 23% in 2026 and is up more than 75% over the past 12 months.
TL;DR
- The S&P Peru Total Index has risen 23% in 2026 and over 75% in the past 12 months, outperforming the S&P 500 and MSCI Emerging Markets index.
- Peru's success is driven by the commodities sector, particularly gold and copper, benefiting from the AI boom and geopolitical uncertainty.
- Demand for copper is increasing due to AI data centers, which require significant power distribution infrastructure.
- Gold and silver prices have surged, with Peru being a major holder of these safe-haven assets.
- Central banks are increasingly diversifying away from the dollar, increasing structural demand for gold.
- A potential pro-market government expected in April could further boost investor confidence and economic growth.
- While rising oil prices due to the Iran war pose a risk, higher copper and gold prices may offset this impact.
- Investors can gain exposure through the EPU ETF, which holds Peruvian stocks and has historically outperformed emerging market ETFs.
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