Investment Implications of the AI CapEx Boom | Chase Taylor

In Episode 449 of Hidden Forces, Demetri Kofinas speaks with Chase Taylor, head of research at Bulwark Capital Management and founder of Pinecone Macro Research about investment opportunities around the buildout of the new "electric stack" and the AI CapEx Boom that relies on them. Chase and Demetri spend the first hour of this episode exploring his methodology, how he extracts signals from noise, and why a multidisciplinary approach to investing is especially important during periods of disruptive sociopolitical and technological change like the kind we are experiencing today. They then apply these ideas to two important technological trends underway in the global economy: (1) the transformation of the so-called "electric stack" or electro-industrial stack and (2) the AI CapEx Boom that relies on it. They begin with a deep-dive exploration of the dramatic cost declines happening across the entire electric stack, beginning with the addition of new sources of energy, advancements in battery technology for storage, the use of magnets and motors that turn electricity into mechanical motion, power electronics that shape it into the precise force needed by today's technologies, and the embedded compute that orchestrates and decides how and when to put that force into action. They discuss the sources of China's dominance in this industry, the horizontal complementarities in its manufacturing ecosystems, the advantages of vertical integration, and what America and Europe need to do in order to remain competitive in this new industrial ecosystem. The second hour is devoted to exploring the implications for investors of the current AI CapEx boom, how the USD might behave in a growth slowdown scenario post-Liberation Day, and what the Trump administration's military and covert action threats against Maduro's regime in Venezuela can tell us about his foreign policy and whether we are returning to a more colonial phase of domination by the American empire over the Western hemisphere. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 11/10/2025