For the first time, Will Brown and Adam Eagleston are actually sharing the same room, complete with real tea, real crumpets, and plenty to unpack. Against a backdrop of continued geopolitical uncertainty, they start with the energy markets, where disruptions to shipping, refining capacity, and global oil inventories are creating increasingly unusual dynamics between crude oil, diesel, and other refined products.

From there, the conversation turns to what higher energy costs could mean beyond the pump. Will and Adam explore the potential ripple effects on inflation, wages, transportation costs, interest rates, and the bond market, while examining how government borrowing and enormous amounts of hyperscaler debt issuance are competing for capital. They also discuss why equity markets have remained remarkably resilient despite higher rates, energy prices, and persistent economic uncertainty.

Finally, the discussion shifts to artificial intelligence and the enormous investment boom surrounding it. Will and Adam question how much of recent technology-sector earnings growth reflects traditional operating performance versus rising valuations of private AI investments, while also examining the capital intensity of AI, the economics of frontier models, and the massive power requirements still ahead. With only a fraction of planned data center capacity built, the AI story may increasingly become an energy, infrastructure, and capital-allocation story as much as a technology one.

In this episode:

• Why diesel and crude oil prices have diverged so dramatically
• The potential inflationary impact of higher energy and transportation costs
• What shrinking global oil inventories could mean for markets
• Why bond yields remain under pressure despite efforts to contain rates
• How private AI investments are affecting reported technology earnings
• The enormous capital and power requirements behind the AI buildout

Learn more about Formidable Asset Management, Will Brown, and Adam Eagleston by visiting www.formidableam.com.