This week's edition dives into the hidden costs of the AI revolution, from soaring energy demands and preemptive action by major investors to the fragile stability of global commodity markets. We unpack the geopolitical pressures reshaping oil pricing, the looming risks in private credit, and the surprising disconnect between tech valuations and underlying fundamentals, revealing a ‘system tax’ levied on the entire financial landscape.

Explore the full visual digest at pers-int.com

0:00 - Introduction
1:00 - AI's Energy Appetite & Tech Valuations
4:24 - Iran Geopolitical Conflict & Global Oil Markets
7:19 - US Trade Policy & Presidential Tariffs
10:05 - US Economic & Industrial Resilience
12:28 - Global Energy & Commodity Markets
14:51 - Regional Energy & Commodity Markets
17:08 - Commodity Supercycle Potential: Gold & Energy Focus
19:08 - Private Credit Risks in Energy & Software
21:08 - Financial Market Dynamics & Infrastructure
23:08 - Conclusion

Referenced sources:
Single Best Idea with Tom Keene Chris Verrone & Constantine Courcoulas (Bloomberg Surveillance)
Nvidia Fails to Stoke AI Trade (Bloomberg Surveillance)
Instant Reaction Trump Touts 'Turnaround' in State of the Union (Bloomberg Surveillance)
MacroVoices #521 Jeff Currie The Great Rotation (Macro Voices)
James van Geelen on His Viral AI Doom Scenario (Odd Lots)
Asian refiners weigh impact on crude flows from geopolitical developments (Oil Markets)

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