PODCAST: Why This Recession is Different

Russia Condemns US Attack On Iran, Warns Of Possible 'Radiological Catastrophe' As fully predictable, Moscow has blasted the major overnight and early morning US-Israeli strikes on Iran, calling the attack "a preplanned and unprovoked act of armed aggression against a sovereign and independent U.N. member state" and has demanded an immediate halt to the military campaign and a return to diplomacy. The Foreign Ministry in a statement on Telegram accused Washington and Tel Aviv of "hiding behind" concerns about Iran’s nuclear program while actually pursuing regime change, as also cited in...

Trump Announces US To Cover Insurance For All Ships Traveling Through Gulf, Will Provide US Navy Escorts Update (1440ET): Moments ago President Trump announced that the United States will provide insurance for "ALL Maritime Trade" via the US Development Finance Corporation (DFC), and will provide Navy escorts, "if necessary." Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf. This will be available to all Shipping Lines....

Three Key Constraints That Could Derail The Data Center Buildout Story The data center investment macro story centers on hyperscalers such as Microsoft, Alphabet, Meta, and Amazon Web Services, whose massive cloud computing services are becoming the backbone for AI workloads, including ChatGPT and others. However, as we've previously noted, the data center buildout has run into supply-chain snarls, including memory chip shortages, power-grid constraints, and even a shortage of turbine blades for natural-gas generators. The data center boom powering the AI revolution is certaintly impressive to watch unfold, but it...