Oil invoicing is a rounding error on the dollar system. The war isn't changing that.
By Amir
Stablecoins may be real. Circle still looks like a weak equity expression of the theme because too much of the economics leak to distributors, rates, and adjacent expansion bets.
Why OpenAI, Anthropic, and Cursor are bundling tokens into subscriptions, leaning on API credits, and betting that efficiency gains can outrun the cost of agentic coding.
Insurance isn't the bottleneck. The bottleneck is that there's no replacement for a ship, or its crew, at any price.
America is no longer the obvious macro loser in a Gulf shock. It is, awkwardly, one of the substitutes.
The MacBook Neo puts an iPhone chip in a laptop, prices it at $499 for schools, and leaves Google to figure out a response. The iPhone 17e, meanwhile, is doing exactly what you'd expect.