The Super Charged Capex Cycle with Jeff Currie

The commodity super cycle remains structurally intact, fueled by chronic underinvestment in the "old economy" and surging demand from the "3Ds"—decarbonization, deglobalization, and data centers. While capital continues to favor the new economy, the energy transition is increasingly energy-constrained, necessitating higher investment in traditional fuels to power AI infrastructure. Geopolitical instability and the erosion of traditional dollar recycling mechanisms—exacerbated by central bank asset freezes—have shifted the global landscape toward state-led industrial policy. This environment, characterized by volatile, higher-frequency price spikes, demands a holistic investment approach that integrates both brown and green assets. By focusing on energy pathways rather than binary divestment, investors can better hedge against technology and policy risks while capturing the growth potential inherent in the ongoing transition to a more fragmented, state-dependent global market.