Crude oil positions took profits in April, AI valuations are high but the computing power energy cycle has just started, gold is a hedge against central banks de-dollarizing, and crypto is still waiting for the next cycle — this macro narrative switch is happening a bit quickly, so keep a close eye on liquidity turning points.

The Hormuz crisis has actually lasted for three months. The oil price shock has been alleviated by the US Strategic Petroleum Reserve, and profits were taken on positions by the end of April. AI is changing the pricing logic: short-term valuations are high and positions are crowded, but the long-term cycles for computing power, energy, and data centers are only just beginning. Gold is not solely a safe haven; it is mainly driven by central bank gold purchases and de-dollarization, serving as a hedge against the depreciation of the US dollar. In the crypto market, since liquidity dried up last October, funds have shifted to AI stocks. The market is currently in a cyclical bear phase, and the next bull market will require a new cycle to arrive.