Caroline Hyde

Just going back to that rare earth suggestion, is that positive?

Is the supply chain a real headache for the businesses out there right now?

A lot of the focus has been not so much on supply chain of rare earths as well as that, but also really just the bottlenecks that we see in delivering the AI hope and euphoria that is built into the market, whether that's power, whether that's energy, whether that's land.

Natalie, where do you stand in terms of the reality of AI and what has been thus far driving a lot of stock and shares higher this year?

But Natalie, how's that going to show up?

As an economist, are you looking at jobs data?

I mean, because at the moment, all we're seeing is jobs cut upon jobs cut, which in some ways seems to be going back to AI.

We're going to be getting into these big stories that are in the market today of how, at the moment, we continue to fuel the ever-needing expansion of AI infrastructure, whether it's Oracle selling debt and equity, whether or not NVIDIA is going to be giving up to $100 billion or not to open AI.

How are you seeing that narrative continue in 2026?

Are we going to have to see a pullback in the amount that companies are committing?

Just from your perspective, the narrative of circular deals –

Is that actually, in many ways, we often put it in a negative context, but is exactly what NVIDIA should be doing, investing in its own clients to be able to foster the potential ROI that we might see in this lockstep jump?

What therefore are some more of the headwinds?

Other than waiting for ROAI, we're also still tackling tariffs.

We're still worried about South Korea's relationship with the United States, for example, in the here and now, let alone China.

What could be the headwind that you're looking out for?

Fascinating take.

Natalie Gallagher, come back soon, we hope.

Principal economist over at Board.

Coming up, Elon Musk will use in advance talks to combine SpaceX with XAI.