Garrett's recent review is quite solid; the crude oil gap is being filled by strategic reserves, AI pricing power is rewriting old logic, and computing infrastructure is the hard currency.

Garrett Jin looks back at the US-Iran conflict and the Halrj灸 crisis, saying the market impact is lower than expected. The crude oil shortfall has been eased by the US Strategic Reserve and has taken profits by the end of April. AI is changing pricing: the US stock market and oil prices are decoupling in the short term. The risks of overvaluation and crowded positioning in the AI sector still remain. In the long run, the upturn in computing power and data centers is just getting started.

As for gold, continued central bank purchases of gold and de-dollarization are driving gold to become a tool for hedging against US dollar depreciation. In the crypto market, liquidity has been drying up since last October. Funds have shifted toward AI concept stocks, and the market is currently in a cyclical bear phase. The next bull market will wait for the arrival of a new cycle.