Flash note following the FOMC meeting 29 July 2026
When the world's largest asset manager predicts a futures market for computing power and an exchange launches one within a week, the signal seems clear: compute has become the AI era's scarce commodity. Yet the same industry straining against that shortage is engineering its way out of it, targeting cost reductions of up to two orders of magnitude.
From tightening oil chokepoints to mounting AI-related debt and a widening credit-market divide, energy, capital and geopolitics are telling a single story of scarcity and strain. Each week, the Syz investment team takes you through the last seven days in seven charts.
How China is building a digital belt and road for Artificial Intelligence. Xi Jinping's first appearance at the World Artificial Intelligence Conference marks the beginning of a new phase in the AI race, one defined less by superior models than by the ability to build the world's dominant ecosystem.
Slow food for thought
Insights and research on global events shaping the markets
When the world's largest asset manager predicts a futures market for computing power and an exchange launches one within a week, the signal seems clear: compute has become the AI era's scarce commodity. Yet the same industry straining against that shortage is engineering its way out of it, targeting cost reductions of up to two orders of magnitude.
How China is building a digital belt and road for Artificial Intelligence. Xi Jinping's first appearance at the World Artificial Intelligence Conference marks the beginning of a new phase in the AI race, one defined less by superior models than by the ability to build the world's dominant ecosystem.
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Flash note following the FOMC meeting 29 July 2026
Brent oil price passed $100/barrel last Thursday, pushing global government yields to year-to-date highs
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