Published in The Economist this week - on the long-term impact of the conflict between the US and Iran and, in particular, their decision to weaponise strategic advantages:

"You characterised America’s decision to close access to Anthropic’s models as a demonstration of its “vast new power”. That may be true in the short term, but in the end it is as unsustainable as Iran’s closure of the Strait of Hormuz. In both cases allies and foes alike seek alternative supplies, for ai infrastructure and crude oil respectively, ultimately undermining the very power exercised. The White House has accelerated a dynamic that has been at play since at least the tariff announcements of Liberation Day in April 2025, which is an impetus to build new collaborations, such as the possible “middle power” coalitions on ai that you outlined. The conflict with Iran has also given new urgency to the transition to renewable energy, which was in danger of stalling in developed countries."

Monmouth Capital