Episode 2 of our 5-part Davos 2026 Special series.

Mark Carney declares "a rupture, not a transition" in the most talked-about speech at Davos — more than Trump's own address. Finland's Stubb calls the Greenland standoff "the biggest transatlantic crisis since Suez." Germany commits 5% of GDP to defense and 500 billion euros to infrastructure. China's He Lifeng reveals WTO most-favored-nation trade collapsed from 80% to 72% in a single year. We unpack US unilateralism fracturing alliances, the definitive end of efficiency-driven globalization, and Europe's urgent scramble for strategic autonomy — from Macron's "vassalization" warning to Zelenskyy's call for united European armed forces. Coming next: Money, Markets, and the Macro Machine.

Gold surges past $5,500 as geopolitical flashpoints multiply and the dollar weakens. Plus: US-Iran tensions escalate oil markets, European tech faces headwinds, Meta's $115B AI capex bomb, and young Americans question US power.

Trades: long gold, long energy, short European bonds.

The One Number: $115 billion.

Trump declares dollar's 4-year low "great for business" as gold surges past $5,300 and the Fed faces politicization. Plus: US consumer confidence crashes to 2014 lows, USS Lincoln deploys to Iran, EU-India seal landmark trade pact, and AI valuations explode.

Trades: long gold, short US discretionary, long EU defense/semis.

The One Number: 24 months.

Gold smashes through $5,100 as a US government shutdown looms — this time over federal agents shooting civilians, not spending limits. Plus: China's AI video platform hits 12 million users, Europe's IPO market starts 2026 at record pace, and Anthropic's CEO warns superhuman AI will "test us as a species."

Trades: long gold (reiterating), long European AI infrastructure, short US federal contractors.

The One Number: 10,000 — ISIS fighters back in Syria.

New format: deeper analysis, more chain effects — let us know what you think.

This is Episode 1 of our 5-part Davos 2026 Special series — where we unpack 130+ sessions into five thematic deep dives.

First up: the intelligence race. Dario Amodei confirms Nobel-level AGI by 2027, Musk predicts AI surpasses all humanity by 2030, and Jensen Huang calls it the largest infrastructure buildout in human history. We explore the collapsing AGI timelines, the trillion-dollar compute arms race, and the geopolitical scramble for AI sovereignty. Plus: Larry Fink's warning on white-collar jobs, Abu Dhabi's 100-crane AI campus, and why China is winning the Global South with open-source models.

Coming next: The New World Order.

Trump secures an Arctic security framework for Greenland at Davos, ending a week of tariff threats — but pivots to openly politicizing the Fed with plans for a new chair. Plus: US House greenlights Venezuela military action, China showcases 200-drone AI swarms, Intel posts a GAAP loss, and gold nears $5,000.

Trades: long gold (reiterated), long US defense, short French OATs.

The One Number: $2.4 trillion — nature destruction vs. $220 billion for preservation.

Four days of Greenland tariff threats end with a full 180 — markets soar, gold dips from $4,800. Plus: Asia's export woes as Japan and Korea wobble, China's fixed-asset investment plunges 3.8%, and Japan suspends the world's largest nuclear plant hours after restart. Supreme Court skeptical on Fed independence challenge.

Trades: long US defense (four days running), short French bonds, long AI infrastructure.

The One Number: 3,117 — Iran's tragic protest toll.

Trump backs Greenland demands with F-35s as Denmark stockpiles food and the EU threatens €100B in tariffs. Plus: Supreme Court hears Fed independence challenge, China's property investment plunges 17%, and Alphabet hits $4 trillion.

Trades: long European defense, short French bonds, long gold.

The One Number: 112 years.

Trump threatens 100% tariffs on 8 NATO allies over Greenland, sending gold to  $4,700 and markets into freefall. Plus: Fed independence under Supreme Court siege, Japan's fiscal fantasy triggers record JGB yields, and Musk plans orbiting AI data centers.

Trade ideas: long gold, short EU autos, long Nvidia.

The One Number: 3.2% — record low cash among fund managers. Everyone's all-in.

Trump hits NATO allies with tariffs over Greenland, China's  population shrinks for the fourth year, and AI pivots from efficiency to innovation. Plus: three trade ideas — long gold, long European defense, short high-duration European bonds. Gold just hit $4,700.