566: The Investment Trend Almost Nobody Is Paying Attention To W/ Doomberg

Most investors spend an enormous amount of time thinking about interest rates, inflation, earnings, and the latest AI breakthroughs. But very few stop to think about the one input that makes all of those things possible in the first place: energy. We tend to assume that energy will always be there when we need it—that supply will simply keep growing as demand increases. History makes it feel inevitable. But it isn't. One of the most fascinating aspects of today's AI revolution is that it isn't just creating demand for more software or faster chips. It is creating an unprecedented demand for electricity, natural gas, transmission infrastructure, and the physical systems required to power massive computing capacity. In other words, AI doesn't exist in the cloud. It exists on an energy grid. That has enormous implications—not only for AI itself, but for inflation, industrial competitiveness, geopolitics, and long-term investment opportunities. In this week's Wealth Formula Podcast, I sit down with the team behind Doomberg, one of the most widely read independent research publications covering energy, finance, and geopolitics. Our conversation explores why energy may be the most underappreciated driver of the global economy, why many popular assumptions about the energy transition deserve another look, how AI is reshaping energy demand, what Europe, China, and the United States are getting right—and wrong—and where investors should be paying attention over the next decade. Whether you agree with every conclusion or not, I think you'll find the discussion thought-provoking and a useful framework for understanding some of the biggest forces shaping the investment landscape.