The chip becomes a toll road
Six firms sign MoUs to lend against GPUs as infrastructure — Nvidia may backstop up to $125bn. OTPP's broad-based 9.5%. The Rhine stops at Kaub. Hormuz, disrupted since February, gets a price list.
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A Headline Yield Is Not a Liability Curve
At 10 years nominal rose 7bp with real unchanged; at 30 years nominal rose 12bp with 6 of them real. One move, two decompositions - and neither prices a sterling pension promise.
The Price of Optionality
Brent clears $100, GIC budgets US$30bn for agility, and the Red Sea becomes a second oil chokepoint.
UAO Daily Brief — Thursday, July 23, 2026
The Load That Disappeared: 3 GW left the PJM grid the same week Alphabet went cash-negative on a record AI build.
UAO Daily Brief — The backup routes are becoming chokepoints
Watch · Today's briefingChart of the day: Brent, the VIX and US high-yield spreads since the war began on 28
Japan Bets on Itself. Temasek Goes Maximum AI.
The $1.8 trillion pension signal that moved markets—and the sovereign investor targeting a 15% AI allocation.
daily-brief
Hormuz is back in your portfolio
A single strait moves oil, LNG, inflation, rates, shipping and defense at once — and it's back. Plus private credit meets its stress test as it's sold into the 401(k), and Temasek maps the AI-and-income barbell.
daily-brief
The Universal Owner — Wednesday, June 17, 2026
Warsh's dot plot is expected to erase the last 2026 cut and price a hike tail — and a Maple-8 pension just marked its credit book down to 3.1%.
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