The dominant framing of AI as a productivity story (supporting the rates outlook at points this year) is likely right on the destination but doesn’t place enough weight on the journey...
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...markets reconcile ambition with economic scarcity...
...generative AI is no longer the science project... It is the P&L...
Consensus themes crushed, China controls over AI, and Crack spreads vs Crude...
Correlations to Brent are back at the highs... making for a very hard trading environment where conviction is hard to find...
The danger is not that AI fails to deliver... it is that America regulates away both the capacity required to remain at the…
AI is likewise becoming one big short correlation trade...
