The Week In Seven Charts

The report highlights the disconnect between consensus market expectations and actual performance, particularly regarding precious metals and geopolitical risks. It further explores how AI infrastructure demands are creating a structural 'third wave' of inflation fueled by commodity and component scarcity.

Key Takeaways

• 1.Market consensus regarding precious metals proved incorrect, with gold and silver experiencing significant declines over the past five months.
• 2.AI infrastructure spending is shifting from a temporary supply shock to a large-scale, long-term demand shock that may fuel a 'third wave' of inflation.
• 3.The AI revolution is driving a massive increase in demand for critical raw materials, particularly copper, which is essential for data center infrastructure.

Table of Contents

• Precious metals in bear market
• Asset class returns since the onset of Iran war
• Users shift to open-weight Chinese models like DeepSeek
• AI monetisation matters
• Will AI trigger the third wave of inflation?
• The Data-Center Boom Is Sparking a Third Wave of Inflation
• The AI revolution isn't just a software story—it's a commodities story
• Number of prime ministers for each European country over the last 10 years

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