In this episode, the team discusses the latest economic indicators, including softer-than-expected inflation data and declining consumer sentiment that continue to shape expectations for upcoming rate cuts. They also examine growing stress in regional banks tied to subprime auto lending and commercial real estate exposures. The conversation shifts to major developments in AI, with Google emerging as a stronger competitor in chips and compute. Finally, the team explores shifting dynamics in rare earth supply chains amid geopolitical tensions and ongoing efforts to diversify resources outside of China.