Research
Research on macroeconomics, markets and structural themes — written against consensus, not for it.
01
The AI trade has been all about chips, models and hyperscaler capex. But the real bottleneck — and the real winners — may sit upstream, in the uranium and copper needed to power it all.
12 min
02
I know the title sounds provocative. That's intentional. Hear me out. Once we connect the dots, I think the argument becomes much more compelling. The AI boom has been one of the defining investment stories of the past few years.
14 min
03
A follow-up to “Can Crude Oil Trigger the AI Bubble Pop?” My previous article looked at how a prolonged oil shock could threaten the AI boom through inflation and higher interest rates. But there is another domino that I think investors should be watching closely: Japan.
12 min
04
Gold has broken out of a multi-year base. What would it take for the next leg to reach five figures, and why the move may not be what consensus expects.
11 min