🟢 [E1490] AI has created a real capex liquidity sink for the first time since dot-com. Hyperscalers issuing debt at 4x historical average hoover up money market capacity before it reaches speculative assets. Liquidity is a queue, not a pool.

🟢 [E1507] Raoul was right for a long time, but something structural has shifted underneath him and his modelling hasn't adjusted yet. Capex on physical infrastructure is part of it, along with crypto being seen as a US asset.