Even if peace comes soon, longer-term consequence is need for more self-reliant approach across GCC and globally.

Less able to rely on globalization and trading partners.

Astonishing time in markets - NASDAQ up 10 days in row, longest winning streak for five years. Clash between world of atoms (molecules not flowing through strait) and world of electrons (AI superboom).

When look at markets through prism of earnings, looks pretty good. Amazing rerating of AI and tech space over last several months. Positive AI story so overwhelming it's enough to drive US and certain EM forwards. BlackRock upgraded view on US and EM stocks to overweight this week.

Market woke up to reality AI will be disruptive, but there are positive implications. Demand for intelligence extremely high - no evidence of demand slowdown.

Demand continues to surprise. Markets wrestling with complicated situation but dominance of AI theme and earnings continues.

World becoming more frictional driven by geopolitical events, tariffs. Structural inefficiency is feature not bug in world of deglobalization.

This will persist even when we get peace in Middle East. Markets have to learn to live with it.