The Physics That Markets Can’t Vote Away

The Week That Broke The Playbook

On the surface, nothing broke.

Equities drifted higher.

Rates softened slightly.

Credit spreads barely moved.

If you stopped there, you’d conclude the system absorbed the shocks.

It didn’t.

Three developments this week matter far more than the tape:

• The Supreme Court quietly reset the tariff regime — and moved the uncertainty clock forward.

• The first visible political backlash against AI-driven electricity demand surfaced.

• A viral “AI collapse” note revealed how stretched positioning actually is.

None of these show up clearly in weekly performance tables.

All of them change the capital map.

For paid members, we break down:

• Why tariff relief actually increases policy volatility into midterms

• How electricity affordability becomes the binding political constraint on AI

• Why the market is pricing compute on a software timeline while the grid runs on an infrastructure timeline

• The structural mismatch between announced gigawatts and deliverable power

• The natural gas compression trade forming underneath

• Where capital should position in a time-constrained energy regime

If you’re allocating capital in 2026, this is not optional reading.