Blain’s Morning Porridge July 24th, 2026“Regime Change usually leads to chaos.”The next few months are going to get interesting as markets react to the ongoing mess that is the Gulf, rising oil prices, wobbling stocks, rising bond yields, broken supply chains, and the reassessment of the AI “revolution”. Meanwhile, the US political cycle goes into the Mid-Terms. I would suggest everyone reads Regime Change, the new book on Imperial Trump, to understand what the last 18 months has been about. I predict the coming three months will become increasingly “interesting” in the Chinese sense of the word.There was a clear judder moment yesterday felt around global markets as the scale of the Iran War reversal became clear. It’s a wild fire that won’t stay out. It’s widened to include the Houthis threating the Red Sea choke point, the Bab-el-Mandeb, pushing oil back over $100. Its triggered renewed fears of inflation and supply chain dislocation. Interest rates are now expected to rise – at a time when the driver of the current market strength; the AI infrastructure capital free-for-all looks to be slowing. Stock markets slid and bond yields rose.That loud bang you heard might have been the AI Bubble popping.You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!

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