Macro Voices MacroVoices #521 Jeff Currie: The Great Rotation
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Feb 26, 2026 
Jeff Currie, Carlyle partner and former Goldman Sachs commodities chief, shares his take on a multi-decade commodity supercycle. He covers why metals are beating most assets, how AI and data centers boost energy demand, China and other nations stockpiling key resources, and the shift from asset-light to asset-heavy investing driven by electrification and geopolitics.
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Commodity Supercycle Rooted In Underinvestment And New Demand
- Commodity supercycle is driven by underinvestment in real assets since 2014 and stronger demand from deglobalization, electrification, and redistribution.
- Jeff Currie points to years of poor returns, record renewable and nuclear builds, and fiscal shifts boosting commodity demand.
Deglobalization Is Weaponizing The Periodic Table
- Deglobalization has weaponized critical materials and pushed countries and corporates to hoard metals and reserves.
- Currie links China curtailing critical minerals and sanctions on oil to increased demand for gold and strategic metals as reserve assets.
Bits Meet Atoms As AI Creates A New Commodities Demand
- The market is rotating between asset light (tech/bits) and asset heavy (commodities/atoms), and now 'bits meet atoms' as AI requires physical infrastructure.
- Currie coins 'AI compute' as a tradable bit-atom commodity and warns this fusion increases demand for power and metals.