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...
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...
AI is likewise becoming one big short correlation trade...
Regardless of your view on how much lower oil can fall, the key part is the shift in distributions and the reduction in tails for…
European companies are failing to profit from the pivot to an AI-led economy...
