Sam Unsted

That's not a good sign for everywhere else.

And then the other side of it is this huge- There are three sides to this?

There's another side.

It's a triangle.

Is data centers.

So spending huge amounts of money on data centers, this huge AI capex boom that's going on.

But that requires lots of electricity and people are going to have to pay for that somewhere down the line.

And so eventually that is going to feed into people's electricity prices.

And so that may not be immediate because it does take quite a long time to build a data center.

But even so, that will start to happen as well and the cost of building up the grid.

So you've got all sorts of extra inflationary impulses coming from AI.

Yeah, that's exactly right.

And so as you were mentioning, so oil prices have come all the way down.

When you look in the options market for oil, so what people are betting on what's going to happen in this sort of six months time, it's gone very bearish.

Like everyone thinks, you know, maybe sort of flat over the course of the next six months or so.

Yeah, there's certainly a risk.

I mean, I would suggest it's...

more likely that they will stay kind of where they are now.

So not marginally elevated from where they were before the war, but with a lot of volatility and a lot of wobbliness over the course of the rest of the year for exactly the reason you're mentioning.

So part of it will require, and this is why there's such a huge focus on this all the time, that the oil starts flowing through the Strait of Hormuz