This week's edition examines the structural shift from frictionless global trade toward a landscape defined by localized, high-cost bottlenecks in energy and commodities. We analyze how escalating fiscal friction, maritime chokepoints, and the massive power requirements of the AI revolution are fundamentally decoupling global supply from traditional trade assumptions.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:46 - Fiscal Friction: Debt, Tariffs, and the New Macro Regime
6:30 - Chokepoints and Crises: The Geopolitics of Global Energy
11:48 - The High Cost of Progress: AI, Data Centers, and the Grid
15:07 - Cracks and Commodities: Navigating the Chemicals and Metals Market
17:48 - The New Frontier: Bioeconomies and Battery Breakthroughs
19:59 - Conclusion

Referenced sources:
A Follow-up Conversation with David Brandes (Agriculture Commodity Newsletter)
Chemical Conversations Global Polymers Market Evaluation Turkey August 2026 (Argus Media)
Biofuels Forecasting in a Policy-Driven Market (Argus Media)
Strait Talk Scylla and Charybdis (Argus Media)
Chemical Conversations Hormuz Supply Shifts, 2026 Demand Decline & Asia and Atlantic Pricing (Argus Media)
Metal Movers Can lithium be produced without consuming water (Argus Media)
Chemical Conversations Can pyrolysis scale in time for PPWR (Argus Media)
Bloomberg Surveillance TV August 24th, 2026 (Bloomberg Surveillance)
Bloomberg Money Bond Moves, Social Security and the US Open (Bloomberg Surveillance)
Bloomberg Surveillance TV August 21st, 2026 (Bloomberg Surveillance)
Week of Whiplash in Treasuries Is Closing With Traders on Pause (Bloomberg Surveillance)
Bloomberg Surveillance TV August 20th, 2026 (Bloomberg Surveillance)
Bessent Launches Treasury Bid to Tame Yields (Bloomberg Surveillance)
Bloomberg Surveillance TV August 19th, 2026 (Bloomberg Surveillance)
Bond Traders Look to Hedge Risk of Fed Cuts (Bloomberg Surveillance)
Bloomberg Surveillance TV August 18th, 2026 (Bloomberg Surveillance)
Central Bank Policy Pivots & Macro Sensitivity Risks (Bloomberg Surveillance)
🌎 Volts meet midterm votes #310 (CTVC by Sightline Climate)
Matthew Yglesias on Abundance and the Politics of Energy (Columbia Energy Exchange)
Over Target (Doomberg)
Balcony solar and EVs are giving consumers a greater role in grid flexibility (Energy Evolution)
State of Distressed Burian, Stark on the Preordained Bankruptcy (FICC Focus)
Macro Matters Mariner CIO E.G. Fisher on Liquidity and Credit (FICC Focus)
Masters of the Muniverse JPMorgan and the Muni SMA Revolution (FICC Focus)
Ben Harris on AI, Fiscal Sustainability, and the Resilience of the U.S. Economy (Macro Musings with David Beckworth)
MacroVoices #546 Darius Dale Darius Dale for POTUS 2028 (Macro Voices)
Jasmine Sun on What the AI Industry Got Wrong About the Public Backlash (Odd Lots)
243. From EVs to BESS Why capital is flowing to batteries - Aug26 (Redefining Energy)
EP226 End of Summer Macro Thoughts (Super-Spiked)
Trapped in Hormuz Total War or a New World Disorder with Jeff Currie (The HC Commodities Podcast)
Does the market know anything about oil (Unhedged)
Inside Iran's Wartime Regime (War on the Rocks)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the widening rift between global credit cycles and the physical availability of essential resources. We analyze how the migration of debt into private markets, alongside mounting bottlenecks in energy refining and resource nationalism, is fundamentally rewriting the playbook for global commodity stability.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:31 - The Great Liquidity Shift and Credit Dynamics
8:02 - Cracks, Crude, and the Middle East Volatility
14:19 - The New Resource Nationalism and Metal Scarcity
17:05 - Powering the AI Revolution: From Microreactors to the Grid
19:24 - Logistics Bottlenecks and Supply Chain Fragility
21:37 - Conclusion

Referenced sources:
Navigating PE & PP Markets in South and West Africa (Argus Media)
Metal Movers Critical Minerals Scrap - The New Resource Nationalism (Argus Media)
The Crude Report Europe eyes cheap and ample Saudi crude (Argus Media)
How US Olefins Markets Shape Price Discovery (Argus Media)
Metal Movers Can lithium refining keep pace with Europe's mining ambitions (Argus Media)
Bloomberg Surveillance TV August 17th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV August 17th, 2026 (Podcast) (Bloomberg Surveillance)
Oil Edges Higher With Hormuz Risks and Lebanon Tensions in Focus (Bloomberg Surveillance)
Bloomberg Surveillance TV August 14th, 2026 (Podcast) (Bloomberg Surveillance)
Rising Equities and Bond Yields (Bloomberg Surveillance)
Bloomberg Surveillance TV August 13th, 2026 (Bloomberg Surveillance)
Equity Bull Case and Commodity Outlook (Bloomberg Surveillance)
July CPI and Market Melt Up (Bloomberg Surveillance)
🌎 Micro-reactor funding goes macro #309 (CTVC by Sightline Climate)
Best of Pre-Mortem Analysis Gary Klein (Capital Allocators – Inside the Institutional Investment Industry)
A Minor Detail (Doomberg)
Credit Crunch Barings' Yan on Outlook for Portfolio Finance (FICC Focus)
Credit Crunch New Fed Watch as Rates, Not Spreads Drive Credit (FICC Focus)
Bill Nelson on Shrinking the Fed's Balance Sheet and Reviving Interbank Markets (Macro Musings with David Beckworth)
MacroVoices #545 Michael Howell Warsh vs. The Markets (Macro Voices)
A Historic El Niño Is Coming That Could Cost the World Trillions (Odd Lots)
Trucking Is Booming Again, And Drivers Aren't Happy About It (Odd Lots)
Oil earnings divide Producers grow, refiners thrive (Oil Markets)
242. HVDC & the Grid of the future - Michael Barnard - Aug26 (Redefining Energy)
EP225 Long-Takes From The Road Countering Consensus Corporate Strategy Narratives (Super-Spiked)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the widening divergence between market expectations and the structural realities of global supply chains, from the energy bottlenecks driving the AI hardware era to the unpriceable risks in maritime trade. We analyze how geopolitical tensions and infrastructure constraints are replacing predictable liquidity with a landscape defined by localized energy autonomy and systemic volatility.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:49 - Macro Headwinds: Inflation, Interest Rates, and the Global Labor Market
8:57 - The Great Energy Pivot: From Hyperscalers to High-Voltage
15:07 - Chokepoints and Chaos: Navigating the New Maritime Risk
18:37 - Crude Volatility and the New Oil Order
21:14 - The Commodity Transition: Advanced Biofuels and Chemical Shifts
23:17 - Conclusion

Referenced sources:
Weight of Freight The cost of maritime uncertainty in June-July (Argus Media)
Advanced HVO markets Introducing class V price assessment (Argus Media)
Bloomberg Surveillance TV August 10th, 2026 (Bloomberg Surveillance)
Sustaining S&P Rally amid Market Pressures (Bloomberg Surveillance)
Bloomberg Money Credit Card Indicators and Golf's Changing Fanbase (Bloomberg Surveillance)
Bloomberg Surveillance TV August 7th, 2026 (Bloomberg Surveillance)
July Jobs Report (Bloomberg Surveillance)
Bloomberg Surveillance TV August 6th, 2026 (Bloomberg Surveillance)
Commodity and Market Prices (Bloomberg Surveillance)
Bloomberg Surveillance TV August 5th, 2026 (Bloomberg Surveillance)
Market Rally and Warnings (Bloomberg Surveillance)
Bloomberg Surveillance TV August 4th, 2026 (Bloomberg Surveillance)
🌎 Long duration energy storage finds its buyer #308 (CTVC by Sightline Climate)
Interdisciplinary Skills Interviewing - The Art of the Interview (Capital Allocators – Inside the Institutional Investment Industry)
Javier Blas on Lessons from Closing Hormuz (So Far) (Columbia Energy Exchange)
Endangered Specious (Doomberg)
Grid operator PJM juggles reforms as power auction results hit price cap again (Energy Evolution)
Credit Crunch Principal's Goosay on Credit Relative Value Setup (FICC Focus)
EM Lens GMO's Courmes Steers EM Local Bond Bulls (FICC Focus)
FX Moment Dollar-Yen Bearish Push Needs US Data Validation Next (FICC Focus)
Gianluca Benigno on Central Bank Balance Sheets, Stablecoins, and Nonlinear Inflation (Macro Musings with David Beckworth)
MacroVoices #544 Viktor Shvets How Markets Survive Disruption (Macro Voices)
Brad Setser on the US's Unusual Japanese Yen Intervention (Odd Lots)
When the river runs dry how low Rhine water levels are reshaping Europe's oil market (Oil Markets)
241. The Great Oxford Debate Energy and Aristotle - Aug26 (Redefining Energy)
EP224 Mini-Dives New vs Old Europe (Super-Spiked)
The Coming El Niño with Michael Ferrari (The HC Commodities Podcast)
On Sizing Options, The Fed and The JPY (The Macro Trading Floor)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the breakdown of predictable market equilibrium as bond vigilantes and geopolitical choke points override traditional supply-demand metrics. We analyze the structural convergence of rising long-end yields, energy supply chain fragmentation, and the massive capital expenditure requirements of the AI revolution.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:36 - Monetary Policy and the Bond Vigilantes
6:13 - Choke Points and Crude Volatility
12:50 - The New Oil: Semiconductors and AI
17:14 - The Shifting Landscape of Private Credit and Real Assets
19:58 - Critical Minerals and Resource Sovereignty
22:00 - Conclusion

Referenced sources:
Roadblocks and Resilience Americas Asphalt Outlook (Argus Media)
Strait Talk Conflation in the Gulf (Argus Media)
Hormuz conflict Impact on Oil Supply & Freight Rates (Argus Media)
Strait Talk Conflation Impact on Oil Supply & Freight Rates (Argus Media)
Driving Discussions Fuel Oil in an Era of Geopolitics & Alternative Fuels (Argus Media)
Oil in Focus episode 3 - Crazy Water. (Argus Media)
From the Economist's Chair Oil in Focus episode 3 - Crazy Water. (Argus Media)
The Crude Report Europe faces CPC Blend loadings disruption (Argus Media)
Bloomberg Surveillance TV August 3rd, 2026 (Bloomberg Surveillance)
Yen Intervention and Market Drivers (Bloomberg Surveillance)
Bloomberg Money 'Fed Needs Clear Inflation Target and Messaging' (Bloomberg Surveillance)
Bloomberg Surveillance TV July 31st, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV July 30th, 2026 (Bloomberg Surveillance)
Reacting to PCE, GDP, and Kevin Warsh (Bloomberg Surveillance)
Instant Reaction Fed Chair Kevin Warsh's News Conference (Bloomberg Surveillance)
Bloomberg Surveillance TV July 29th, 2026 (Bloomberg Surveillance)
Markets Ready for Fed and Tech Earnings (Bloomberg Surveillance)
Bloomberg Surveillance TV July 28th, 2026 (Bloomberg Surveillance)
Market Choppiness Ahead of Fed and Earnings (Bloomberg Surveillance)
Building Durable Real Estate Portfolios at Morgan Stanley - Lauren Hochfelder (EP.514) (Capital Allocators – Inside the Institutional Investment Industry)
Credit Crunch Park Square's Doumar on Junior Debt and BDC Angst (FICC Focus)
Macro Matters BE's Anna Wong on Warsh and Fed Communication (FICC Focus)
EM Lens Identifying Alpha Opportunities in EM Equities (FICC Focus)
MacroVoices #543 Jim Bianco Who Solves Inflation The FED or The Market (Macro Voices)
The Tungsten Market Is Warning of an Upcoming War (Odd Lots)
Why Private Credit Got Entangled With Insurance (Odd Lots)
How the Iranian Economy Actually Works (Odd Lots)
Real-Ekonomik The Iran War's Longevity with Nick Kumleben (The HC Commodities Podcast)
Chip War how semiconductors became the new oil with Chris Miller (summer repeat) (The HC Commodities Podcast)
Warsh Woke Up The Bond Vigilantes (The Macro Trading Floor)
Is the Fed the referee or the best player (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the breakdown of predictable global supply chains, from the maritime bottlenecks in the Strait of Hormuz to the massive electricity demands of the AI boom. We analyze how the convergence of fiscal dominance, economic nationalism, and energy volatility is fundamentally rewriting the global industrial map.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:35 - Energy Volatility and the Strait of Hormuz Crisis
6:45 - The AI Power Crunch and Grid Bottlenecks
13:16 - Monetary Policy and the Era of Fiscal Dominance
18:24 - Economic Nationalism and the New Trade Order
21:27 - Commodity Supply Chains and Agricultural Shifts
23:24 - Conclusion

Referenced sources:
Fertilizer Matters EP56 Brazil's Phosphate Market (Argus Media)
Chemical Conversations Methanol Market - Geopolitics, Hormuz & China Q4 Outlook (Argus Media)
Falando de Mercado alta nos fertilizantes da soja (Argus Media)
Strait talk From Bab to worse (Argus Media)
Bloomberg Surveillance TV July 27th, 2026 (Bloomberg Surveillance)
Markets Face Central Bank and Earnings Volatility (Bloomberg Surveillance)
Tariffs and Geopolitics and the Market Intersection (Bloomberg Surveillance)
Instant Reaction Intel's Revenue Shatters Wall Street Estimates (Bloomberg Surveillance)
AI Spending Spooks the Market (Bloomberg Surveillance)
Bloomberg Surveillance TV July 22nd, 2026 (Bloomberg Surveillance)
Bonds Price in Iran Risks (Bloomberg Surveillance)
Bloomberg Surveillance TV July 21st, 2026 (Bloomberg Surveillance)
Markets Price In Earnings and the Fed (Bloomberg Surveillance)
🌎 Summer reading for energy nerds #306 (CTVC by Sightline Climate)
Tom Moerenhout and Tomasz Nadrowski on Fixing the Mineral Supply Chain (Columbia Energy Exchange)
El Nino and agriculture How are Asian rice markets navigating the weather risks (Commodities Focus)
Demand Push (Doomberg)
Moving beyond the grid bottleneck with smart technology (Energy Evolution)
David Wessel on the Fed's Current Inflection Point (Macro Musings with David Beckworth)
Branko Milanovic on What Comes After Globalization (Odd Lots)
Asian refined products markets in focus as Strait of Hormuz uncertainty returns (Oil Markets)
EP222 SoH Crisis Takeaways Sector Performance (Super-Spiked)
The Price of Money with Edward Chancellor (Summer Repeat) (The HC Commodities Podcast)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the intensifying collision between unprecedented computational demand and the fragile constraints of global energy grids and maritime chokepoints. We analyze how the surge in AI capital expenditure is driving structural inflation, reshaping commodity landscapes, and forcing a fundamental reassessment of energy security from the Strait of Hormuz to the European carbon markets.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:39 - The AI Power Hunger
8:16 - Macro Trends and Monetary Policy
14:31 - Chokepoints and Crude Volatility
18:38 - The Natural Gas and LNG Crunch
20:54 - Renewable Transitions and Carbon Markets
22:48 - Conclusion

Referenced sources:
SAF Insights Jet Fuel, SAF and the Middle Distillate Squeeze (Argus Media)
Falando de Mercado químicos de pinus e petróleo (Argus Media)
How ISO is shaping the future of pyrogenic biocarbon (Argus Media)
Fertilizer Matters EP55 Market sentiment after IFA's Annual conference (Argus Media)
Bloomberg Surveillance TV July 20th, 2026 (Bloomberg Surveillance)
Credits Risks and the Market Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV July 17th, 2026 (Bloomberg Surveillance)
Chipmaker Rout Deepens Plunge From Record (Bloomberg Surveillance)
Bloomberg Surveillance TV July 16th, 2026 (Bloomberg Surveillance)
The Equity Bull Case (Bloomberg Surveillance)
Bloomberg Surveillance TV July 15th, 2026 (Bloomberg Surveillance)
June PPI and the US Eco Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV July 14th, 2026 (Bloomberg Surveillance)
June CPI and Kevin Warsh (Bloomberg Surveillance)
🌎 The EU's cap and trade-offs #305 (CTVC by Sightline Climate)
Senior Decision Makers Luis Laboy, Hewlett Foundation (EP.512) (Capital Allocators – Inside the Institutional Investment Industry)
Roadmap for Private Credit from Australia - Frank Danieli of MA Financial Group (EP.511) (Capital Allocators – Inside the Institutional Investment Industry)
Suzanne Maloney on Whether Perpetual Conflict is New Normal for the Gulf (Columbia Energy Exchange)
Asian LNG under pressure what comes next for prices amid the Middle East conflict (Commodities Focus)
Asia LNG under pressure what comes next for prices amid the Middle East conflict (Commodities Focus)
Artificial Bloom (Doomberg)
The summer stress test How heat waves are rewiring Europe's power markets (Energy Evolution)
EM Lens William Blair's Assalin Remains Bullish on EM Outlook (FICC Focus)
Macro Matters BI's Adelberg on Housing, MBS and Prepay Risk (FICC Focus)
Sam Lyman on the Digital Payments Race Between the US and China (Macro Musings with David Beckworth)
MacroVoices #541 Dr. Anas Alhajji Bab el-Mandeb The Next Oil Chokepoint Nobody's Watching (Macro Voices)
Lev Menand and Nathan Tankus on Why Fed Independence Is Now Hanging by a Thread (Odd Lots)
Why Soccer Analytics Works Like Volatility Arbitrage Trading (Odd Lots)
NY Governor Kathy Hochul on Her One Year Data Center Moratorium (Odd Lots)
How have plummeting Russian diesel exports affected cracks across the European middle distillates space (Oil Markets)
238. Revealed CIP's Playbook (Live from DLA Piper) - Jul26 (Redefining Energy)
SoH Crisis Takeaways Obliterating Peak Oil Demand, SoH Edition (EP221) (Super-Spiked)
Should private credit be public (Unhedged)
Everything is awesome for banks (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural decoupling of global credit markets from long-standing macroeconomic assumptions, focusing on how energy and infrastructure constraints are becoming the primary bottlenecks for the AI revolution. We analyze the widening risks in the US high-yield sector, the escalating maritime shadow war in the Strait of Hormuz, and the intensifying competition for the power-endowment models required to sustain the next era of computing.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:34 - Global Credit Markets and Macroeconomic Shifts
6:30 - Geopolitical Volatility in the Strait of Hormuz
12:11 - The Energy Transition and Data Center Demand
18:18 - The High Stakes of AI and Tech Valuations
20:39 - Oil, Gas, and the New Era of US Production
22:41 - Conclusion

Referenced sources:
Strait talk O(h)man - not again... (Argus Media)
Bloomberg Surveillance TV July 13th, 2026 (Bloomberg Surveillance)
Market Jitters Amid Geopolitical and Tech Uncertainty (Bloomberg Surveillance)
Bloomberg Surveillance TV July 10th, 2026 (Bloomberg Surveillance)
Markets Price in AI and Geopolitics (Bloomberg Surveillance)
Bloomberg Surveillance TV July 9th, 2026 (Bloomberg Surveillance)
Markets and Geopolitical Swings (Bloomberg Surveillance)
Bloomberg Surveillance TV July 7th, 2026 (Bloomberg Surveillance)
The Market Rally and NATO Summit (Bloomberg Surveillance)
🌎 H1'26 climate tech funding up 55% to $26bn, thanks to data centers (CTVC by Sightline Climate)
Economic Growth, Governance, and Capital Allocation - Dambisa Moyo (EP.410) (Capital Allocators – Inside the Institutional Investment Industry)
WTT 5.5 Lessons at 55 (Capital Allocators – Inside the Institutional Investment Industry)
Iran Conflict Brief How Renewed Strikes Impact Global Energy (Columbia Energy Exchange)
Alice Yake on Planning for a Reliable, Cleaner Grid (Columbia Energy Exchange)
Artificial Bloom (Doomberg)
The summer stress test How heat waves are rewiring Europe's power markets (Energy Evolution)
Credit Crunch Xponance's McElreath on Credit Inefficiencies (FICC Focus)
State of Distressed Debt C Street CEO Henes on Board Dynamics (FICC Focus)
Macro Matters Stanford's Duffie on Fed Balance-Sheet Limits (FICC Focus)
Credit Crunch Investor Survey 3Q - Rates, IG vs. HY, US vs. EU (FICC Focus)
MacroVoices #540 Adam Parker Beyond the AI Bubble Diversifying Portfolios in an Earnings-Driven Market (Macro Voices)
The Korean Levered ETFs Shaking Markets All Around the World (Odd Lots)
US oil and gas M&A activity slows despite high prices and favorable regulatory regime (Oil Markets)
237. Datacenters Let's get Physical with Quinbrook - Jul26 (Redefining Energy)
EP220 SoH Crisis Takeaways Top Surprises and Non-Surprises (Super-Spiked)
The Orange Variable (The Macro Trading Floor)
The Fed's silent treatment (Unhedged)
Software stocks got crushed. Did they have it coming (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural shift from asset-light software scaling to a hardware-intensive era defined by massive capital expenditures in power and silicon. We analyze the mounting tensions in the global energy transition, the fragmentation of commodity pricing, and the emerging risks to the US dollar's role in a multipolar, resource-constrained economy.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:37 - The AI Infrastructure Build-out and the Tech Rotation
7:28 - Oil, Pipelines, and the Strait of Hormuz
12:20 - The Great Energy Transition: From Renewables to SAF
16:26 - Commodity Trading and Market Microstructure
19:07 - Global Monetary Shifts and the Future of the Dollar
21:10 - Conclusion

Referenced sources:
Global Polymers Market Evaluation Turkey July 2026 (Argus Media)
Strait Talk Vance more with feeling (Argus Media)
Falando de Mercado SAF avança no Brasil e México (Argus Media)
Market Talks SAF advances in Brazil and Mexico (Argus Media)
Hablando de Mercado SAF avanza en Brasil y México (Argus Media)
Bloomberg Surveillance TV July 6th, 2026 (Bloomberg Surveillance)
Tech Rises as Iran War Looms Over NATO Summit (Bloomberg Surveillance)
Bloomberg Surveillance TV July 2nd, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV July 1st, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 30th, 2026 (Bloomberg Surveillance)
The US Macroeconomic Picture (Bloomberg Surveillance)
Doug Arent and Robin Millican on What's Really Driving Electricity Prices (Columbia Energy Exchange)
What California's launch of an extended day-ahead market means for the western US (Energy Evolution)
Credit Crunch Wellington's Fitzgerald on Convexity Over Carry (FICC Focus)
Barry Eichengreen on the History of Global Currencies (Macro Musings with David Beckworth)
MacroVoices #539 Rory Johnston Hormuz Crisis, is it Really Over (Macro Voices)
These Are the Sharps Actually Making Money on Prediction Markets (Odd Lots)
How have European fuel oil markets responded to the Middle Eastern conflict (Oil Markets)
236. The Bankability of Energy Storage (Solar Power Summit) - Jul26 (Redefining Energy)
Episode 34 - with Harold de Boer (Strong Source)
De-Dollarization, Debasement & Diversification Precious Metals with Nicky Shiels (The HC Commodities Podcast)
Halftime for the markets (Unhedged)
New UK prime minister, same bond market (Unhedged)
How a Team of Marines Built the Corps' FPV Drone Training Program from a Cold Start (War on the Rocks)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural shift from software-driven scaling to a battle for physical capacity, focusing on the energy and hardware bottlenecks defining the AI era. We analyze the growing tension between global computational demand and grid stability, alongside the systemic risks embedded in rising credit markets and volatile maritime chokepoints.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:34 - The Power Bottleneck: Can the Grid Handle the AI Boom?
7:09 - Monetary Policy and the Global Credit Crunch
12:28 - Crude Volatility and the Geopolitics of Chokepoints
16:32 - The AI Arms Race: Silicon, Software, and Sovereignty
19:38 - The New Energy Frontier: From NGLs to Nuclear
21:43 - Conclusion

Referenced sources:
Falando de Mercado gasolina importada no SulSudeste (Argus Media)
From the Economist's Chair - Oil in Focus podcast series Episode 2 (Argus Media)
Power Dispatch Bottlenecked - Pushing Grids to the Limit (Argus Media)
Bloomberg Surveillance TV June 29th, 2026 (Bloomberg Surveillance)
Markets and Fed Uncertainty (Bloomberg Surveillance)
Bloomberg Surveillance TV June 26th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 25th, 2026 (Bloomberg Surveillance)
PCE Reaction and US Eco Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV June 24th, 2026 (Bloomberg Surveillance)
Making Sense of the Tech Selloff (Bloomberg Surveillance)
Bloomberg Surveillance TV June 23rd, 2026 (Bloomberg Surveillance)
Michael Cembalest Does the Math on the Energy Transition (Columbia Energy Exchange)
Peak Not Oil (Doomberg)
Credit Crunch Around the World of Global Credit in 60 Minutes (FICC Focus)
Macro Matters Huw Worthington on ECB, Gilts and Rate Outlook (FICC Focus)
MacroVoices #538 Lyn Alden Is The War Really Over and What's Next For Markets (Macro Voices)
Baidu's CFO on How It Became a Full-Stack AI Player (Odd Lots)
How Lenovo's CFO Is Allocating Capital During One of History's Biggest Booms (Odd Lots)
Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right (Odd Lots)
Chokepoint geopolitics Implications for Asia's downstream and upstream sectors (Oil Markets)
235. European Sovereign Neocloud - Jun26 (Redefining Energy)
EP219 Sentiment Check AI, Crude Oil, Price Gouging (Super-Spiked)
Data Centers aren't the bubble with Eugene McGrane (The HC Commodities Podcast)
The Rebasement Trade (The Macro Trading Floor)
How to surf turbulent markets (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the fundamental collision between the rapid scaling of artificial intelligence and the structural limitations of the global energy and mineral supply chains. We analyze how supply-side inflation, volatile maritime chokepoints, and the intensifying race for critical minerals are rewriting the playbook for global commodities and infrastructure investment.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:35 - Macro Shifts: Interest Rates, Inflation, and the Fed
8:02 - Chokepoints and Crude: Navigating Middle East Volatility
13:29 - The Power Bottleneck: Can the Grid Keep Up with AI?
16:33 - The New Energy Frontier: Nuclear, Renewables, and Carbon Removal
19:44 - Metals in the Machine: The Race for Critical Minerals
21:42 - Conclusion

Referenced sources:
From the Economist's Chair - Oil in Focus podcast series Episode 2 (Argus Media)
Power Dispatch Bottlenecked - Pushing Grids to the Limit (Argus Media)
Strait Talk Hormuz Movie (Argus Media)
Metal Movers Minor metals in the age of Artificial Intelligence (Argus Media)
Bloomberg Surveillance TV June 25th, 2026 (Bloomberg Surveillance)
PCE Reaction and US Eco Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV June 24th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 23rd, 2026 (Bloomberg Surveillance)
Market Pullback and Alan Greenspan's Legacy (Bloomberg Surveillance)
Bloomberg Surveillance TV June 22nd, 2026 (Bloomberg Surveillance)
Equity Rally Post-FOMC (Bloomberg Surveillance)
Special Report Alan Greenspan Dies at 100 (Bloomberg Surveillance)
The Global Economic Outlook (Bloomberg Surveillance)
🌎 Pushing the Frontier for carbon removal #301 (CTVC by Sightline Climate)
Michael Cembalest Does the Math on the Energy Transition (Columbia Energy Exchange)
Cameco makes the case for large nuclear reactors (Energy Evolution)
Macro Matters Huw Worthington on ECB, Gilts and Rate Outlook (FICC Focus)
Credit Crunch BlackRock's Rosenberg on Systematic, AI Impacts (FICC Focus)
Jeffrey Lacker on What a New Fed Treasury Accord Might Look Like (Macro Musings with David Beckworth)
Jeffery Lacker on What a New Fed Treasury Accord Might Look Like (Macro Musings with David Beckworth)
MacroVoices #538 Lyn Alden Is The War Really Over and What's Next For Markets (Macro Voices)
Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right (Odd Lots)
Chokepoint geopolitics Implications for Asia's downstream and upstream sectors (Oil Markets)
234. Engie, the remarkable turn around (live from Eurelectric Power Summit) - Jun26 (Redefining Energy)
EP218 WWLRD and the Strait of Hormuz Crisis (Super-Spiked)
Data Centers aren't the bubble with Eugene McGrane (The HC Commodities Podcast)
Tech shares zigzag (Unhedged)
How to surf turbulent markets (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.