Bob Elliott
· Nonconsensus
· July 24, 2026 at 12:08
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Summary
The article argues that the US economy faces two intensifying headwinds: escalating Mideast conflict and growing investor skepticism about the return on massive AI capital expenditures. This dual pressure implies increased volatility for energy, defense, and AI-related equities, though the newsletter does not offer explicit positioning.
•The Mideast conflict is heating up as a challenge for the US economy.
•Investors are beginning to question the ROI of extreme capex in artificial intelligence.