Real Vision: Finance & Investing The Rally Nobody Believes In | Macro Mondays: April 27, 2026
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Apr 27, 2026 Discussion of Strait of Hormuz tensions and their threat to energy flows and supply chains. A look at on-water oil storage, jet fuel squeezes, and negative regional gas prices. Debate over why bearish sentiment persists while equities rally with low hedge fund leverage. Examination of semiconductor export surges, cloud capex, and power constraints for data centers.
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Data Center Buildouts Face Local Political Backlash
- Local backlash to data centers is growing as communities resist large infrastructure projects.
- Andreas cites Festus, Montana activists recalling council members opposing a data center and links to decentralized power like Bloom Energy fuel cells.
Power Is The Next Big Data Center Trade
- Decentralized power solutions like Bloom Energy fuel cells and renewed interest in nuclear are rising as grid constraints tighten.
- Andreas contrasts fuel cells for local resilience with nuclear as a coming broader supply option for data center power.
Markets Moved On Despite Ongoing Strait Of Hormuz Risk
- Geopolitical risk in the Strait of Hormuz remains high while market impact has diminished over time.
- Andreas Steno Larsen explains markets moved on because oil/product buffers and perceived progress lowered immediate market sensitivity despite persistent risk.