The AI Boom Has a Fatal Flaw
Спикеры
Jeff Currie
— Директор по стратегии (энергетические пути), Carlyle Group
Steven Feldman
— Сооснователь, Wealthion
Jeff Currie argues that a commodity supercycle began in 2020 and is accelerating due to underinvestment (revenge of the old economy) and demand from deglobalization, electrification, and debasement. He recommends a meaningful allocation to commodities, expresses extreme bullishness on precious metals, sees AI/tech as overvalued, and highlights the attractive roll yield in oil futures. Host Steven Feldman adds that pipeline equities offer a dividend-rich way to gain oil exposure.
- Commodity supercycle started October 2020 and is gaining momentum.
- Supply shortage from years of underinvestment in energy, metals, and refineries.
- Demand driven by deglobalization, electrification/data centers, and debasement.
- Broad commodity indices should keep trending higher.
- Precious metals (gold, silver) extremely bullish due to fiat debasement.
- AI/tech sector is overvalued; energy/hard assets are undervalued.
- Oil futures can deliver strong returns through backwardation roll yield, even with flat spot prices.
- Host Steven Feldman favors pipeline/midstream stocks for oil exposure with dividends and lower volatility.
Идеи
Commodities in multi-year supercycle accelerating.
A commodity supercycle started in October 2020 and is accelerating. Supply-side underinvestment in old economy capacity (revenge of the old economy) after a decade of low prices and capital flowing to tech created scarcity. On the demand side, deglobalization (reshoring, defense spending, critical minerals, just-in-case inventories), electrification (data centers, renewables, nuclear), and debasement (rising debt, income-driven redistribution) are all boosting commodity demand. Broad commodity indices have shown a persistent upward trend, and the supercycle is now entering a stronger phase.
Pipeline stocks provide oil exposure with dividends.
Pipeline and midstream energy companies provide exposure to oil with lower volatility, dividend income, and some latency to commodity price swings, making them suitable for a permanent portfolio.
Bullish precious metals on debasement.
Fiat currencies have only existed since 1971, making them a short experiment. As gold prices rise, central bank reserves effectively become gold-backed. Debasement is the core driver for precious metals, and the outlook is extremely bullish.
Далее
This Wealthion video, published July 08, 2026, features Jeff Currie, Steven Feldman discussing DBC, AMLP, SILVER, GLD. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Jeff Currie, Steven Feldman · Tickers: DBC, AMLP, SILVER, GLD