Oil prices are rising and stagflation fears are back in the headlines, but today’s environment is very different from the 1970s. This article explores why the real story lies in long-term shifts toward energy security, infrastructure, power demand and essential materials.

AI is moving from narrative to execution. As power and infrastructure constraints emerge, the next phase of returns is likely to favour mission-critical suppliers in chips, networking, electricity and cooling rather than speculative end-use applications.