Show me the glut. Hasn't materialized in 18 months. Big short position at end of last year (230M barrels) bigger than any supply glut. Now unwinding with geopolitical risk.

Core message: Markets (oil, metals) substantially underinvested. Last non-OPEC supply surge this year, nothing behind it. Policy-driven demand will keep markets tight. Lots of upside.

Even if 50-100M barrels released, doesn't solve longer-term problem. Metals markets indicate structural shortage (copper back at $13k). Geopolitical uncertainty incentivizes hoarding (US vault, China hoarding oil).

Need enormous capital rotation. Hyperscalers investing hundreds of billions in data centers that consume power, requiring commodities (copper for grid, natgas for power). They are becoming asset-heavy businesses, hitting supply constraints.

2001-2004, end of dot-com boom, 'revenge of the old economy'. Super Bowl 2000 ads were internet-based (pets.com), 10 months later violent rotation. This time, AI guys are putting steel in ground and will hit constraints.