Today's episode examines the widening gap between the rapid scaling of artificial intelligence and the physical limitations of the global supply chain, from the silicon bottleneck to energy constraints. We analyze how the shift toward sovereign AI, the rising volatility in levered equity markets, and the strategic disruption of energy corridors are fundamentally redefining the era of frictionless globalization.

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0:00 - Introduction
0:36 - The AI Arms Race and the Compute Gap
7:08 - The Great Debt Reset and Market Structure
12:58 - Central Bank Shadows and Interest Rate Volatility
18:25 - Oil, Iron, and the New Geopolitics
22:56 - Conclusion

Referenced sources:
Open Source Wins, AGI Is Here, and Scorsese's AI Toolkit with CEOs of Cerebras & Black Forest Labs (All-In with Chamath, Jason, Sacks & Friedberg)
Global Commodities A sense of déjà vu (At Any Rate)
Bloomberg Surveillance TV July 10th, 2026 (Bloomberg Surveillance)
Markets Price in AI and Geopolitics (Bloomberg Surveillance)
Eastern Data, Western Compute is Fake (ChinaTalk)
Does Mythos change cyber risk on Chinese hardware (ChinaTalk)
Sources and Methods (Doomberg)
State of Distressed Debt C Street CEO Henes on Board Dynamics (FICC Focus)
Macro Matters Stanford's Duffie on Fed Balance-Sheet Limits (FICC Focus)
Invites Live briefings on Iran, AI & Geopolitics (Geopolitical Dispatch)
Making a killing (Geopolitical Dispatch)
Alternative Realities How do you boost returns in a concentrated market (Insights Now)
MacroVoices #540 Adam Parker Beyond the AI Bubble Diversifying Portfolios in an Earnings-Driven Market (Macro Voices)
The Korean Levered ETFs Shaking Markets All Around the World (Odd Lots)
Netflix Chases YouTube, Meta's AI Photo Grab, and Disney Fights the FCC (Pivot)
This Is How OpenAI Goes Broke - ft. Sebastian Mallaby (Prof G Markets)
Ukraine strikes Russian ships near Crimea, escalating attacks on fuel supplies (The Best of BBC News Russian - in English)
The Fed's silent treatment (Unhedged)

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