China Just Shocked The AI Race | Macro Mondays: July 20, 2026

Andreas Steno and Mikkel Rosenvold are back to examine the latest market topics, from how Kimi AI's breakthrough is reshaping the AI investment narrative to how escalations between the U. S. and Iran are reshaping energy markets. And what of Donald Trump's renewed accusations against China? Andreas and Mikkel get into it all. Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for. Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss. Let Monarch do your financial 'spring cleaning' for you! Use code REALVISION at Monarch.com to get your first year half off at just $50.🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe Timestamps:01:30 - Kimi AI Shock: Has China Taken the Lead?02:28 - Kimi K3 vs ChatGPT and Claude: What the Benchmarks Really Show05:30 - Why China’s AI Catch-Up Could Boost Hardware Demand08:22 - Software vs Semiconductors: Who Actually Loses From Cheaper AI?14:39 - Momentum Crash: What Triggered the Sell-Off in AI Stocks?16:43 - Iran War Escalates as the IRGC Rebuilds Its War Chest21:24 - How Long Can the US Withstand the Oil Supply Disruption?23:45 - Why Oil Is Unlikely to Break Above $100 Again28:06 - Semiconductors, AI Infrastructure, and the Next Portfolio Opportunities #macro #andreassteno #macromondays #realvision #mikkelrosenvold Learn more about your ad choices. Visit podcastchoices.com/adchoices

• 0:00Speaker 00

  Summertime is maybe good, summertime is maybe shit.

• 0:22Speaker 01

  Hello out there, welcome to Real Vision, welcome to Macro Mondays. My name is Miguel Rossmann, I'm your usual host. And I'm joined by the returning Andreas Steno, back from vacation in France. How are you, Andreas?

• 0:36Speaker 02

  Good, it's nice to be back. You know, the temperatures here fit my weight a little bit better. Let me just put it like that.

• 0:46Speaker 01

  Yeah, and maybe the momentum in markets as well, Andreas, looking decently this morning, Andreas. Let's dive straight into the topic on everyone's agenda this weekend, the Kimi scare. I want to get your take on it, you wrote an entire piece on it this morning. Has China taken over the leadership in the AI race?

• 1:06Speaker 02

  No, next question. I mean, of course, I think it's the first time that we've seen China leading the race in one subcategory, in the Arena AI scoring methodology. But they don't lead the race overall, but they have taken the lead in a subcategory related to front-end coding, which I guess is something that we need to consider, especially when we look at how markets should respond to this. Because I'm not necessarily sure that I agree with the market takeaways from, say, Thursday, Friday last week. And I basically think the market got this wrong, but we can spend a few minutes on that, Miguel.

• 1:52Speaker 01

  Absolutely, Andreas. So we had these results that KIMI K3, the new Moonshot model, was essentially the best out there. This caused a whole wave of panic about China taking over the AI leadership, driving this. And a lot of confusion, as I saw it on social media and elsewhere, around how do you even play? What does that even mean if China takes over? Who's the losers, who's the winners from that? So first of all, maybe let's dive, I know you like to dive a little bit into the actual fabric of this. Is KIMI the best model? How much does this matter?

• 2:28Speaker 02

  So, you know, my preferred third-party provider of, say, artificial intelligence or scoring of artificial intelligence is the provider called Artificial Analysis. And I think we have a chart on the scoreboard from that on page eight.

• 2:47Speaker 02

  You know, again, yes, if you look at the front-end coding from Arena AI, which is by the way an old spin-out of UC Berkeley, the KIMI K3 model is ahead of Clock Fable, for example. But if you look at it on text, which is basically the broadest use case for many, it is still behind,

• 3:08Speaker 02

  which is what you would expect, right? And if you look at it broadly speaking from this Artificial Analysis Intelligence Index, it is also behind both Clock Fable and ChatGPT 5.6. So are they ahead? Well, in a niche corner, yes. I guess front-end coding is not the main use case for most users of AI, but it's of course an important use case. And, you know, top-down, I think this is the biggest issue for Anthropic. If you look at the average user of Anthropic, they're probably more prone to use Clock Fable for front-end coding purposes than the average user of ChatGPT,

• 3:52Speaker 02

  just to put it in very simple, layman terms, right? So in a niche use case, yes, there is an issue here potentially. In a broader perspective, I still see a lot of issues with the notion that China is ahead.

• 4:08Speaker 02

  Let me just, again, paint a very simple picture on page nine, Miguel, because what I did was that I looked at, you know, the overall scoring of the best Chinese model relative to the best US model on all scoring parameters, right? The Artificial Analysis Index, again. And nothing has changed. Basically, what we typically see is that, you know, a new flagship model is shipped by Anthropic or OpenAI. The gap opens again, so China is, say, five, 10 percentage points behind. Then we get a new flagship model from China, catching up, but never getting past the Frontier parity goalpost. And it's essentially the same that has happened here.

• 4:52Speaker 02

  The true shocker was when Deepsea got to like 95% of the capabilities of the flagship models in the West in early 2025. They've never really gotten anywhere closer than this, say, five, seven percentage points of the Frontier model, right?

• 5:11Speaker 02

  I think there's a really, really important conclusion hidden in this chart. They're always behind. And I think there is a reason why they're always behind, because they obviously use the Frontier models to train their models. That would be my best assumption, watching this. We can get into the weeds of a long technical discussion here, that's not by any means my intention. The point here is that they're always slightly behind. And I actually consider this a pretty fruitful setup in many ways, because if you have someone chasing you like one month, two months after, right? It keeps you very attentive, it keeps you very focused on shipping the next model, etc., right?

• 5:55Speaker 02

  So from a hardware perspective, let's start there.

• 6:01Speaker 02

  We probably need to see the US administration banning the Chinese competition to really take a beating on that hardware trade, in my opinion. Because as long as, you know, they're allowed to, you know, follow the US models with a lack of one or two months,

• 6:18Speaker 02

  everyone needs to invest still, right, to stay ahead in that race. While if you kind of fence off the competition, I kind of consider that setup a little bit more, you know, laid back in a sense, right? You don't need to be as focused on staying ahead if you start banning competitors right, left and center. For the record, we haven't seen that yet. So what I'm trying to say here is that, sure, we probably need to see repricing of Anthropic because of this, due to this exact front-end coding niche case. I think we need to price hardware higher as a consequence of this. And the very simple reason why it took Moonshot maybe 30, 40 hours

• 7:02Speaker 02

  to explicitly state that, sorry guys, we're running out of GPUs. We simply cannot match the demand. And I can assure you that in terms of numbers of users, they are millions and millions of visits after ChatGPT and those models still. I mean, way, way, way, way behind. I think we have that leaderboard on page 11. It's of course not updated up until Monday, right? But, you know, in terms of users, there is no doubt that the Western models have many, many more use cases. And therefore, if we get some sort of a catch-up in the usage of Chinese models from a user perspective,

• 7:44Speaker 02

  they need to get hold of some hardware. I know that it's tricky for them to get hold of Nvidia chips or Hynix chips, etc., right, because they're essentially banned. But yeah, who knows how they get them, but they do get them to some extent, at least they have managed to historically, right?

• 8:01Speaker 01

  So the logic here, Andreas, as long as the frontier is being pushed, as long as we are getting more productive, more effective also, it might hit the margins and it might hit the market shares of some of the big players like Anthropic and OpenAI. But why on earth should this degrade the memory, the chips story? That's what I don't understand here, Andreas.

• 8:22Speaker 02

  At least not for now. And, you know, I think the market got that wrong last week. But we'll obviously have to see. I think it's a bigger issue for software than hardware for now. If it's actually true that China is able to provide intelligence cheaper, it should increase the hardware demand from, you know, the standpoint of something that gets cheaper, we'll see more demand, right? But having said that, I don't think there is, you know, again, watching this leaderboard in terms of users, and you can laugh at Meta AI having a million, sorry, a thousand million users, but they do have an incredible distribution based via Facebook, WhatsApp, etc. Gemini, the same, right?

• 9:06Speaker 02

  Most people don't know that they're using Gemini, but they are using Gemini every single day when they use Google Search, etc. So this, you know, this distribution embedded in apps, in webpages, etc., is second to none. And China obviously does not have that distribution, because, you know, who's using ByteDance in the West? To some extent, we do use TikTok. But still, even the US lack of TikTok is now being put under control of the US government, etc., right? They're at least trying to keep it away from China. Who's using Tencent apps? If you're a Westerner, you don't do that, right? So all of the consumers are still Westerns.

• 9:50Speaker 02

  And therefore, I still struggle with this notion that this is going to, you know, wreak havoc on the AI race, because the distribution will eventually turn out to be equally as important as who's got the best model. I mean, who, let me put it like this, Miguel, do you care whether Gemini 3-point-whatever is the best LLM when you use Google Search and you get some LLM results from that? Probably not, right? And no one cares really, right? The average user does not care about the Frontier. The average user care about the flexibility, the agility and the distribution, right? They wanted to work where they are. And they're still using Western apps, etc. So in that sense, distribution will be equally as important.

• 10:34Speaker 02

  And the final point I'd like to make, Miguel, I know I'm rambling now, but on page 10.

• 10:41Speaker 02

  Again, there are probably other ways of showing this, but if you look at what humans actually prefer to use. So there is a called an Elo rating on this, right, where you actually ask human what they prefer to use, right? Which is more of a, you know, of course, you can ask a front-end coder, do you think KIMI AI or Anthropic AI is the best, right? You probably get a different response from the peer group here.

• 11:08Speaker 02

  But my point is, you know, having spent countless hours setting up stuff on on on co work on my vacation, for example, that user experience is also a really, really important parameter. And when I've, you know, I've tried to gain access to keep me over the past couple of days, for now, it's basically impossible. But my first impression was that the user experience was not good. And that is probably, in my opinion, the most valuable part of Anthropic. It's not Claude Fable's best model characteristics. It is their user experience, which is a lot better than a lot of the competitors, right?

• 11:48Speaker 01

  Absolutely, Andreas. Fascinating stuff here. We will dive a little bit more into this and also obviously take a closer look at the situation in Iran after a little intermezzo here, Andreas. Did you watch the World Cup finally yesterday, Andreas?

• 12:05Speaker 02

  I tried to watch the whole thing, but I actually fell asleep, and it is the honest answer.

• 12:10Speaker 01

  It was horrible. It was horrible. Nevertheless, you asked me to bring along this video, if we can get it played here, of Donald Trump and obviously the victories. And congratulations to Spain. Let's see if we can get the video played here.

• 12:28Speaker 03

  It's, okay, we don't want anything to do. Watch them, watch them come running back. Oh, they'll come running back. They're hopeless. I don't want anything to do with Spain. Cut off all trade with Spain, please, including visits. Okay, we don't want anything to do. Watch them, watch them come running back. Oh, they'll come running back. They're hopeless. I don't want anything.

• 12:50Speaker 01

  Watch them come running back. Well, they did, and they ran away with everything. So big congratulations to Spain. It's been an incredible tournament, you know, Andreas. I've been incredibly well entertained by this, especially especially the latter stages. I quite enjoyed all the show around the match yesterday. It wasn't what we used to from European matches and tournaments, but it was, it was quite enjoyable for me. It was a little bit bizarre at times, but it was quite enjoyable. So much more enjoyable than the game anyway. So yeah, I hope all listeners from the US enjoyed it.

• 13:19Speaker 02

  It wasn't a tough benchmark to beat, but you know what I mean?

• 13:24Speaker 04

  So a quick break in your regular programming. If you're serious about your future, grab my free report called Prepare for 2030. I think you've got five years to make as much money as possible, and this guide will help you navigate what's coming. The link is in the description. Download it now.

• 13:41Speaker 02

  Having said that, Miguel, did you notice that, you know, through that halftime show, I don't think there was any American artists present in that halftime show, right? Justin Bieber is Canadian. Chris Martin is from England. Yeah, yeah. GGS is from Korea, right?

• 14:02Speaker 01

  I didn't think about that. Yeah, yeah.

• 14:03Speaker 02

  It's not a single American. I was a bit surprised to see that. And, you know, the Chris Martin stuff and all of that. Oh, I hate it.

• 14:15Speaker 01

  I have a personal rule of myself, the rule of thumb, the Tom Cruise rule. If you're ever in doubt about which movie to watch, just search for Tom Cruise and you'll end up with a decent decently good movie. And yeah, for me, that was a real high point, his speech yesterday. I didn't really understand what his point was, but it was really, really good, as it usually is with Tom Cruise. So anyway, that was a bit of a high point for us, Andreas. Looking ahead on the week that just started, Andreas, and we'll get back to Iran in a second here. What's, what's the stock that you're watching the most? What's your most, yeah, what's the most important stock to to to track at the moment?

• 14:56Speaker 02

  So I don't think we've seen anything like it in momentum stocks than what we've seen over the past two and a half weeks. We're talking about the biggest sell off in the stuff that has worked so far this year, ever, in a single month. And this is probably the stuff that we typically see in times of crisis, right? So are we in a crisis? Are the wheels coming off in a way? I mean, that's basically what I'm watching now and what I'm concerned about. I don't think so, but I need to be attentive and vigilant to the risk of this because, you know, it's been happening very, very fast. As the Iran war

• 15:39Speaker 02

  restarted, as we got, you know, several triggers for this sell off of popular trades, right? It's been incredibly nasty and everything related to the Korean casino, let me put it like that. As far as Goldman Sachs could count, I think three or 4% of all Korean adults received a margin call last week.

• 16:00Speaker 01

  That's incredible.

• 16:02Speaker 02

  That's the most bizarre stat I've ever heard of. And I think 300,000 accounts were completely wiped off. So, you know, you can put crypto leverage to bed. I mean, they're crazy out there. So I've never seen anything like it. And, you know, the buildup during May and June of these levered ETFs in Korea was absolutely bizarre, but it was a little bit difficult to follow that real time. But, but, you know, we basically know why now, why things moved so fast in the other direction once you got a trigger for a sell off. So I consider it more technical of nature, this whole momentum route, if you if you will,

• 16:47Speaker 02

  than fundamental. But we'll have to see because obviously the restart of the war is not good news. And, you know, I can also slowly but surely see that you get a little bit concerned with what's ongoing in Iran. So I'll allow you to unpack that a little bit.

• 17:01Speaker 01

  Yeah, I have to say so, Andreas. I mean, we've had the eight or nine days of escalations, step by step, a cycle of escalation. We are essentially back to the beginning of the war, more or less. But still, we are at a point where I think the US is struggling to find stuff to bomb. I know that sounds a little bit stupid because Iran is a huge country. They've claimed, the US have claimed on multiple occasions that they have essentially destroyed the Iranian military and the Iranian offensive capabilities. We can see now that that has either been a lie or a complete misjudgment by the US military. Iran is very alive and very kicking, we have to admit. So it is, it is a very, very tough situation. And we

• 17:44Speaker 01

  are also seeing the, the attacks spreading just, it's no longer focused around the Strait of Hormuz and naval assets. We're seeing renewed attacks on desalination plants, on oil infrastructure, on military infrastructure, and we're seeing increased attacks on the Gulf states, not only US bases in these states, but also directly on infrastructure in Kuwait, first and foremost, but also threats against Dubai and Abu Dhabi and Qatar potentially as well, even though I think they're slightly better positioned. So, Andreas, what's happening here? As I discussed last week in my The Drill article, and I don't know how visible this chart is, but what happened after the memorandum of understanding was that the Iranian

• 18:29Speaker 01

  Republican Guard were essentially the ones that the US is fighting right now, the IRGC. They took in, by my estimations, at least $2 billion of oil revenue that they, they control about 50% of Iran's oil exports. They took in around $2 billion. Some pundits have claimed this is $5 to $6 billion. In any case, they took in a lot of money within two to three weeks of the memorandum of understanding. And then things began to, you know, revert to the mean when we entered four or five weeks after the memorandum of understanding, and they probably decided, okay, let's restart the war. We've got our

• 19:12Speaker 01

  war chest filled up again. We can pay wages to our operatives for the next two to three months. Why don't start all over again? They have also managed, obviously, to rebuild some of their inventories on missiles and drones. So where does that leave us at the moment? Well, it's a situation where the Iranians, the IRGC, is, are, they're not really under a lot of pressure to stop fighting. They want to fight. It gives them leverage in the internal power struggle in Iran. The US is obviously fully committed to fighting this out probably for a few more weeks. And the only solution I see right now is still

• 19:54Speaker 01

  a negotiation. It will probably have to have to involve China at some more or less obvious level to get this done. They are the only ones who can truly put the screws on the Iranians, as far as I see it. And yeah.

• 20:10Speaker 02

  Yeah. And they've, they've just been accused of, you know, everything last week in that weird Trump presser, right? So, I mean, it doesn't sound like Trump is, you know, trying to come up with a conciliatory stance versus Beijing to get them involved in this. But I'm not sure how to read that, to be honest, that whole press conference last week.

• 20:33Speaker 01

  That's good. I have quite a bit, quite a difference. That was my initial reading as well. Then I read into, what's his name, the Commission on Trade in the US administration, Peter?

• 20:43Speaker 02

  Jameson.

• 20:44Speaker 01

  Yeah, no, I don't think it was him. Anyway, one of the trade representatives, yeah, well, yeah, it doesn't matter, from the, from the Trump administration who said, this is not about China at all. This is not a China story. Well, Donald Trump just spent a whole press conference talking about Chinese interference. Apparently, this is not about China at all. And I think, I think we need to take that at face value. This is all about getting the SAVE Act passed. And this is all about setting up the scene for the midterms and controlling what happens at the polls, at the midterms. So I think they've been sending signals to China from backchanneling and more or less overtly that, I know we're talking about China, but this is not about China. And they're so far keeping the September

• 21:27Speaker 01

  Summit alive. And the vibe is okay. They might be able to still work together on oil, hopefully also other issues, but it's, it is very, very delicate balance right now.

• 21:39Speaker 02

  So, so, Andreas, yeah, go ahead. Can I, can I just add on, you know, you talked about? The R R G C ceasing that window of opportunity to get some oil revenue in. And for example, J D Vance explicitly referred to the same. Now we have a 60 day window, we can refill our coffers, then we'll have to see whether they're cooperating, et cetera. So I mean, both sides have basically used that

• 22:03Speaker 01

  Yeah.

• 22:04Speaker 02

  ceasefire to, you know, reclaim, claim some, um, some, some territory on oil, if you know what I mean. Um, it also means that the first deadline that we had on the drawdowns of inventories in the West has been postponed, postponed, you know, I, I, I initially said that, you know, late August, early September would be nasty. Now the strategic floor is probably breached, say between October and November, if we keep current flows alive. Um, so right around the midterms timing ish.

• 22:38Speaker 02

  Therefore, you know, the U S has bought itself another month, month and a half of bumping without too many consequences, right? Um, so, you know, we, we also seized that moment to yet take control of the oil flow in a sense, right? So I, I guess both, both sides have some patience now due to, you know, the revenue on the R I R G C side and, uh, the oil transported to the West, uh, all of the stock transfer, uh, uh, you know, transcending, um, tankers and all of that got to the West during that window, et cetera, right? And we'll see that over the coming weeks in the inventory numbers, by, by the way, you know, they, they will tick up.

• 23:19Speaker 02

  Having said that, Michael, uh, I, I still think that this war moves, you know, pardon my nerdy language here, moves like a sinus wave, if you know what I mean. You know, you have some extremes in, in both ends, but there is some mean reversion towards the end of it. Um, because both the Iranian side and the U S side will, will be forced to reconsider at some point uh, in a month or two from now, because, you know, the oil math looks decent right now, but it will not look decent in a month or two from now again, right? So, and both sides have that same issue. Uh, so they do actually have an issue in common to some degree that they have to face, um, during the autumn.

• 24:02Speaker 02

  So I, I'm still of the view that this will be substantially less panicky, if you want, uh, for oil markets, for equity markets than, than round one. Uh, because we know what we're dealing with now and markets will never discount the same event twice, uh, to the same degree. So I consider the risk of oil above a hundred dollars very low. Uh, I'm not saying that it's completely ruled out, but, um, yeah, let's see. I, I, I, I think we're approaching some sort of climax within, you know, say the month of July, mid to, to mid, mid August, something like that, due to this very simple oil math logic.

• 24:38Speaker 01

  Yeah, yeah. And we are consistently hearing the U S telling us, the US administration telling us that Iran wants to negotiate. We're hearing stories about mediator. So there is always some kind of contact and we're always, uh, just opposed on truth social away from, from everything, uh, um, de-escalating here, but, uh, I agree with you, Andres. Uh, the one thing that could speed this up, that could change the, the sort of the equation for the U S side is if they begin to stack up losses and we have seen that over the weekend. Um, some of it accidental, um, but that is the one trigger that the Iranians have if they can cause U S casualties. Iranian casualties don't really matter. No one keeps track of those. Sorry, it's a bit cynical, but that's the way it is. U S casualties matter a lot.

• 25:21Speaker 01

  If you begin to have triple digit, uh, U S casualties, uh, then the equation changes. Then it's no longer about inflation spikes, then it's about, uh, boots, uh, then, then it's about, uh,

• 25:32Speaker 02

  Body backs.

• 25:32Speaker 01

  Being, yeah, getting, getting back to the U S. So that, that is, that is one thing that can change the equation at the time, uh, perspective. Otherwise, I agree with you, Andres. I mean, oil is at eighty six dollars or what is it right now? And still we are seeing, uh, still we are seeing, uh, Greek, Greek shippers, um, trying to force their way, uh, under fire out of the strait. Even at eighty six dollars, imagine what they were willing to do at a hundred and five. So that, that, that is obviously also the dynamic here, Andres. Once oils get close to a hundred, we saw that last time around, people be, become very, very, very creative and very, very, very risk tolerant, uh, if, if, um, if there's that payout at the end of it. So, um, to sum up a bit here, Andreas, um,

• 26:15Speaker 01

  I'm worried about the outlook right now, worried about the, the U S from a strategic political standpoint here. Uh, not as worried about the oil markets, um, even though we, we, we, we obviously, we, we, we're not gonna, uh, we're not going back to fifty, sixty, uh, uh, anytime soon. Uh, and still we're only, we're only a tweet away from this whole thing being

• 26:36Speaker 02

  And, and that's, you know, uh, I wanted to, to, to say that as well. I, um, we got out of energy longs during the first week of April with an amazing timing.

• 26:48Speaker 02

  Early July, we said that the risk reward was terrible and being short energy again. Uh, so that was okay. We never got long energy and I'm not really tempted to be either long or short here because, you know, it's, it's too much of a coin toss, right? Uh, do, do we really have an edge, uh, in terms of predicting Trump's next tweet? Uh, and we haven't got the, uh, the money to buy fast access to Truth Social, uh, which they're now selling. Uh, so, um, you know, insider trading as a service is now a thing in the U S. Um, that saddens me to read, but, um, having said that, Michael, uh, I agree with you that the risk tolerance is already higher among the shipping owners right now. Um, and I guess you can kind of sense why one of the biggest shipping owners in Greece

• 27:33Speaker 02

  is laying off five or six coaches a year and not forest in Premier League. So he's got to get some revenue in there to pay all of those coaches for their services.

• 27:41Speaker 01

  Yeah. Uh, that's a fair point, Andres. Okay, finally, Andres, remember, uh, listeners, this is our weekly free show at Real Vision. We have a lot of great content. I think we can maybe get the, get the weekly plan up here. It might not be too visible because there's so much stuff coming out, uh, but that's, that's a good thing, obviously. Uh, if you're into, uh, into crypto, and a lot of our listeners are, we have a, um, uh, the monthly panel by Sebastian Purcell, uh, hosted by the Solana Foundation, so that's, uh, tomorrow at eleven A M. Eastern. And then, Andres, uh, we host the, the, the monthly portfolio update, macro meets micro at, I think it's five P M. Tomorrow, Eastern. Uh, which of the themes in our portfolio are we going to take a deep dive into tomorrow?

• 28:23Speaker 02

  Yeah, um, so we're going to spend a lot of time on various semiconductors. Uh, and also correlated trades to the whole A I build out because, uh, I just have to admit to that. Even the trades within, uh, fuel cells, uh, solar, et cetera, they, they've all taken a beating alongside this A I sell off, right? So I, I, I need to, you know, we, we'll take a deep dive into what is actually truly standalone theme and what's not tomorrow, uh, if you know what I mean, because, you know, in my opinion, and you know, I've basically double checked across, uh, all measurable scores. Probably fifty percent of the market right now is the A I build out trade.

• 29:07Speaker 02

  So if you have less than fifty percent exposure to that through a lot of themes, uh, you have less exposure than the market and do you really want to have that? Uh, I'm, I'm not sure. Um, so that will be the main discussion for tomorrow. And of course, um, uh, we'll try to bring a handful of, of, um, multi backers. Uh, I've spent a lot of time digging into the whole biotech space, which is pretty, uh, interesting at this stage of the cycle. Uh, so let's see whether we have a hidden gem in there.

• 29:35Speaker 01

  Absolutely, absolutely interesting. Uh, of course, remember, guys, we have a lot of content, especially on the Proche Real Vision. That's where you get the, get all of it. It is a bit, a little bit expensive. So if you're more into the outfit here, uh, we, we published both a weekly macro and geopolitical article there, uh, a sum up of our writings essentially. And we're now running an E T F portfolio that's really, really interesting to watch. So if you're into that, uh, you can get that, uh, on the cheap, uh, with the outfit here at Real Vision. So that's something to check out for those of you contemplating making the jump into Real Vision. Um, that's all we have for you.

• 30:09Speaker 02

  Yeah. Michael, I just have to add, add a comment from our live feed here. Uh, our good friend David wrote, uh, when I said that no, no Americans were, uh, present during the halftime show, that the Muppets are Americans. So I just wanted to leave that there. Um, thanks for that comment, David. Um, we need to have a laugh when we lose money and we've lost money the past few weeks here, but we'll rebound, I promise you that.

• 30:31Speaker 01

  Absolutely, we will, Andres. That's all we had for you this week. Thanks to everyone for tuning in, wherever you're watching, we'll be back next week.

• 30:39Speaker 04

  You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com forward slash join and grab a free membership. It's an incredible community packed with alpha, great investment ideas and the research that you need to help you unfuck your future. So get started now, go to realvision.com forward slash join.