David Roche warns that a 16 to 18 million barrel per day global oil deficit, driven by falling Russian exports and surging Chinese demand, is colliding with an AI investment boom built on circular, highly leveraged financing. He sees no economic slowdown on the horizon to ease oil demand, and expects inflation pressure from both energy and food. Roche's positioning: real assets like copper and gold, a short dollar stance, caution on Western equities, and conviction in China and India as AI users rather than AI bubble participants.
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