Scoresby, the Iran trigger and AI IPO timing are classic Hayes theater—narrative glue for whatever price action already happened. The durable part is whether fiscal dominance keeps real yields negative long enough for leveraged carry to stick. If the AI buildout collides with power constraints instead, that capital might rotate into scarce collateral like BTC rather than inflate another tech bubble.
Scoresby, the Iran trigger and AI IPO timing are classic Hayes theater—narrative glue for whatever price action already happened. The durable part is whether fiscal dominance keeps real yields negative long enough for leveraged carry to stick. If the AI buildout collides with power constraints instead, that capital might rotate into scarce collateral like BTC rather than inflate another tech bubble.