Below are some of the most interesting things I came across this week. Click here to subscribe to our free weekly newsletter and get this post delivered to your inbox each Saturday morning.
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“We believe the world is more vulnerable to an oil shock today than it was in 1973, not less,” writes Jeff Currie.
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Moreover, as Goehring & Rozencwjag argue, “Rather than signaling the end of a commodity boom, the data suggest the opposite. The commodity bull market may not yet have truly begun.”
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The ripple effects could be serious. “Ask investors what they fear most, and they’ll probably mention a prolonged Iran crisis or a popping of the artificial-intelligence bubble. Yet the scariest possibility, which looks increasingly likely, is that the former will lead to the latter,” writes Jon Sindreu.
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And, as Paul Kedrosky points out, this may already be underway: “The US data center building boom slowed sharply in the fourth quarter of 2025. New project announcements dropped by nearly half compared to the prior quarter, not because demand dried up but because getting a power connection has become nearly impossible.”
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Finally, as Rick Bookstaber writes, “In this tightly connected system, the weakening of private credit strains the A.I. investments of the tech Goliaths, which in turn threatens the stock portfolios, the retirements and the pensions of tens of millions of people.”
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