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Source: SocialCapital (X)

BREAKING: The AI infrastructure boom isn't slowing down. It's supply-constrained.Nokia CEO Justin Hotard just said customers would build data centers 2x faster if they could get the chips and power.This isn't a demand problem.It's a scarcity problem.Memory chip shortages and energy limits are the bottleneck, not appetite.Nokia's stock is up 130% in a year betting exactly on this.The 'AI bubble' narrative assumes demand is softening.This flips that argument completely.The infrastructure wave is bigger than it looks. The constraint is supply, not conviction.Who gets rich when the bottleneck finally breaks?

Source: Izabella Kaminska on X, quoting John Kemp

Oil prices have fallen in Asian trading as markets continue to weigh the reliability of Middle East crude exports against concerns about supply disruptions amid ongoing fighting. Brent crude fell 0.75 percent to $99.57 a barrel at the time of reporting. US West Texas Intermediate crude also fell 1.2 percent to $88.37 a barrel, according to data from Oilprice.com.

Kind of sounds like 2008... right before Lehman Brothers failed. The Federal Reserve Bank of New York has been visiting big banks to review their loans to private credit firms, with Fed officials going into J.P. Morgan, Wells Fargo, Barclays, and Morgan Stanley with questions about exposure, risk management, and collateral quality. This doesn’t happen unless there is noise coming from the repo desks. There’s a major financial institution at the threshold of not being able to fund itself on the Street. First check for the NY Fed is to identify which other institution(s) have material counterparty exposure.