On the surface, markets still look remarkably durable. Underneath, Will Brown and Adam Eagleston see a much more complicated picture. In Episode 107 of Tea & Crumpets, they start with the forces keeping interest rates elevated, including persistent inflation, heavy government borrowing, rising oil and diesel costs, and a global bond market that is showing increasing signs of strain.

From there, the conversation turns to what may be hiding beneath strong index-level performance. Will and Adam dig into narrow market leadership, weakness across financials, widening high-yield spreads, and the possibility that credit markets could provide the first real warning if conditions begin to deteriorate. They also examine how higher Treasury yields are changing the relative appeal of corporate debt and putting more pressure on companies that have borrowed aggressively.

AI remains a major part of the story, but the discussion shifts from the technology itself to the economics behind it. The hosts look at massive hyperscaler spending, increasingly creative financing, steep private-company valuations, data-center bottlenecks, rising electricity demand, and the difference between a transformative technology and a consistently profitable business. The market may still have momentum, but this episode is a reminder that resilience at the top of the index does not mean risk has disappeared underneath it.

In this episode:

• Why inflation, fiscal deficits, oil prices, and global bond selling continue to matter for interest rates
• How geopolitical conflict is filtering through diesel, transportation costs, consumer prices, and the bond market
• Why record or near-record index levels can mask much weaker market breadth beneath the surface
• What widening credit spreads and stress in private credit could be signaling about the next phase of the market
• How AI spending, debt financing, leasing structures, and extreme valuations are changing the economics of the technology boom
• Why grid capacity, permitting, electricity costs, earnings growth, and the 2026 midterms could all influence where markets go next

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

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.

In this episode of Tea & Crumpets, Will Brown and Adam Eagleston break down a market that continues to send conflicting signals. They examine rising oil and commodity prices, renewed inflation concerns, climbing bond yields, government debt, and growing intervention in markets that are becoming increasingly difficult to price.

They also look at the massive influence of AI and data center spending on the economy, including rising power demand, utility infrastructure needs, and the effect of private AI investments on Big Tech earnings. With stocks still holding near record highs despite mounting pressures, Will and Adam discuss whether current earnings growth and valuations are as durable as they appear.

The conversation also turns to the risks created by market concentration, increased competition across the technology sector, and the potential for government intervention to delay necessary market adjustments. Against a backdrop of geopolitical uncertainty, persistent inflation, and enormous capital spending, they consider where risks may be building and where investors may still find opportunities.

In this episode:

• Rising energy prices and inflation pressure
• Higher bond yields and growing government debt
• AI, data centers, and surging power demand
• Big Tech earnings and AI valuation concerns
• Market intervention and distorted price signals
• Where investors may still find opportunity

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