Today's episode explores the growing tension between a trillion-dollar AI expansion and the intensifying constraints of energy, minerals, and debt. We analyze how the shift from intangible software to massive physical infrastructure is rewriting the rules for central banks, corporate strategy, and global power dynamics.

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0:00 - Introduction
0:58 - Monetary Policy and the Inflation Trap
8:55 - The AI Infrastructure Arms Race
15:51 - Credit Markets and Private Lending Dynamics
18:55 - The New Era of Consumer and Corporate Strategy
21:57 - Conclusion

Referenced sources:
Charles & Chase Koch on How They Quietly Built a $150B Empire (All-In with Chamath, Jason, Sacks & Friedberg)
Anthropic in Talks to Raise $30 Billion at $900 Billion Value (Bloomberg Intelligence)
Bloomberg Surveillance TV May 13th, 2026 (Bloomberg Surveillance)
Private Credit Stress Test as Market Carries On (Bloomberg Surveillance)
Innovation and Inflation Twin Forces Reshaping Portfolios (Exchanges)
Credit Crunch UK Crisis, Private and Middle-Market Credit (FICC Focus)
FX Moment Sterling, UK Politics; What Can Take Dollar-Yen Lower (FICC Focus)
The Fed Is Losing Its Easing Bias While AI Props Up The Economy Neil Dutta (Forward Guidance)
Samanth Subramanian on the Undersea Cables That Keep the Internet Alive (Odd Lots)
Hottest Inflation Report In 3 Years Has One Big Problem (Prof G Markets)
Energy, Minerals, and the Physical Stack Behind AI (The a16z Show)
How Your Body Data Could Reshape Sectors (Thoughts on the Market)
GM100 Central Banks in the Dark Inflation, AI, and the Limits of Control ft. David Beckworth (Top Traders Unplugged)
Credit Snapshot with UBS Asset Management (UBS On-Air: Market Moves)
Top of the Morning CEO Macro Briefing Book - Q2 update (UBS On-Air: Market Moves)

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