Addison Wiggin

Economics, Finance | NYT Bestselling Author | Filmmaker | Entrepreneur

[Addison Wiggin @AddisonWiggin]

Today's Grey Swan Pro looks at a company bridging the energy gap — supplying data centers with critical power while the nuclear story takes years to play out.

https://t.co/ZTiEvLDwLx

[Addison Wiggin @AddisonWiggin]

Everyone's rotating from hyperscalers into chipmakers.

We think the real room to run is still on the infrastructure side.

America's power demand is rising at its fastest rate in decades — and the shortfall ahead is expected to top 100 gigawatts.

#Nuclear is the big story, but it takes years. Data centers need steady power now.

Which means your boring local utility just became a growth story, and on-site generation is the next stage of the #AI boom.

The picks and shovels moved again. Most investors haven't noticed.

[Addison Wiggin @AddisonWiggin]

Today's Grey Swan Pro looks at a gold play with rich properties in North America and Turkey — still reporting strong year-over-year numbers, and attractive as a rebound play.

https://t.co/ZTiEvLDwLx

[Addison Wiggin @AddisonWiggin]

To everything there is a season — including markets.

The #Mag7 aren't leading with the same authority. Capital rotated into chipmakers and the AI buildout. And rotations reward contrarians: look at what's lagged, not what's already worked.

#Gold fits. Sharp run, hard pullback, sentiment cooled. But gold's seasonality kicks in right about now and improves into year-end.

Frank Holmes calls it the “love trade” — wedding season in India, Chinese New Year, gift-giving in the West. Cultural demand, not fear.

Prices are low. The producers are still posting strong numbers.

[Addison Wiggin @AddisonWiggin]

Today's Grey Swan Pro looks at a top precious-metals player focused on silver — growing earnings and cash flow, and cleaning up its balance sheet through the volatility

https://t.co/ZTiEvLDwLx

[Addison Wiggin @AddisonWiggin]

#Silver got cut in half this year — from ~$120 to ~$60. On par with bitcoin's own bear market.

But here's what makes silver different: it's not just gold's poor cousin. It's a vital industrial metal — the best natural conductor of electricity and heat there is.

Think of a data center as a highway. Copper is a solid two-lane road. Silver is the smooth express lane that moves power and data without melting the road.

Demand is surging into the #AI buildout. Supply isn't keeping up. And the price just halved. That math is worth a second look.

[Addison Wiggin @AddisonWiggin]

South Korea's margin-call-to-receivables ratio just spiked to ~5% — the third-highest on record, and 4x its normal 1–2% range.

That number measures how much of all outstanding margin debt has been flagged for a call: brokers demanding more collateral, or forcibly closing the position.

Here's what it looks like on the ground: ~1.2 million accounts triggered #margin calls, and 320,000+ were forcibly liquidated. Some still owe money after being closed out.

This is what a leveraged #retail unwind looks like in real time.

[Addison Wiggin @AddisonWiggin]

For twenty years, investors spent enormous energy predicting the #Fed's next move. And for twenty years, the Fed told them — every speech, every dot plot, every forecast.

Kevin Warsh wants to end that. No more treating markets like they need a roadmap.

Here's why it matters: investors learned to trade the Fed instead of the economy. But markets are supposed to price risk on their own. Too much certainty, and real price discovery disappears.

The next decade may be about putting the uncertainty back.

🌐 https://t.co/fn5MBa7FCA

[Addison Wiggin @AddisonWiggin]

Something happened in the Middle East recently that most investors overlooked.

Politicians debated the negotiations. News outlets debated the headlines. But the market was watching one thing: #infrastructure.

Global trade doesn't run on diplomatic statements — it runs on shipping lanes, pipelines, ports, and power grids. The Strait of #Hormuz alone moves a fifth of the world's oil. Every geopolitical conflict eventually becomes an infrastructure story.

Diplomacy dominates the headlines. Infrastructure decides the outcome.

🌐 https://t.co/fn5MBa7FCA

[Addison Wiggin @AddisonWiggin]

#Defense underspending has a way of ending suddenly.

Europe at 2% of GDP. Needs 3.5% without U.S. backing.

Depleted stockpiles. Drones. Cyber. Satellites. All need funding.

This isn't a headline trade. It's a decade-long cycle.

[Addison Wiggin @AddisonWiggin]

The second half of 2026 will be louder — and more sensitive to any market weakness that turns abstract arguments about inequality into household conversations about retirement and rent.

We map it every morning in Swan Dive: https://t.co/hPubfHoF6A

[Addison Wiggin @AddisonWiggin]

$85 trillion controlled by Boomers. $124 trillion heading to younger generations by 2048.

Peter Thiel: "If you proletarianize young people, don't be surprised when they become communists."

They were told the system worked. Then they tried it.

#Wealth #Politics #GenerationalWealth

[Addison Wiggin @AddisonWiggin]

Since WWII, the president's party has lost House seats in all but two midterms.

Average loss: 26-28 seats

The current Republican majority is thin. A Democratic House means spectacle. A Republican Senate means a different kind of leverage.

Not paralysis. Confrontation by deadline.

Investors ignore political noise — until politics changes the discount rate.

[Addison Wiggin @AddisonWiggin]

#RayDalio studied 500 years of civil wars.

The most reliable leading indicator: bankrupt government finances + a large wealth gap.

Top 1% holds one-third of U.S. wealth.
Bottom 50% has 2.5%.

The gap widens quietly. The appearance of stability holds. Until it doesn't.

#WealthGap

[Addison Wiggin @AddisonWiggin]

The #Boomer population isn't shrinking. It's peaking.

80+ Americans hit 29.4M by 2045. Nearly double today.
One-third of their net worth in equities. Another chunk in real estate.

Young voters can't buy what Boomers own. Boomers can't afford to lose it.

One bad market. Both groups get loud.

[Addison Wiggin @AddisonWiggin]

The layoff memo used to say "restructuring." Now it says "#AI."

Companies blamed AI for 55,000 job cuts in 2025 — twelve times the number two years earlier. Block, McKinsey, PayPal, Microsoft, Meta.

But here's what doesn't get covered: the firms cutting the most headcount showed almost no improvement in returns over those cutting the least. Per MIT, 95% of enterprise AI has produced zero measurable ROI.

Some of this is real. Some is just "AI washing." Most investors aren't telling them apart.

🌐 https://t.co/fn5MBa7FCA

[Addison Wiggin @AddisonWiggin]

In a market crisis, banks go first.

2008: mortgages
2023: Treasuries
Next: hedge fund exposure during the AI boom.

Leverage approaching $2T. Counterparty risk closer to $3T. Double the pre-pandemic spike.

Fourth year of a bull market. This is the number to watch.

[Addison Wiggin @AddisonWiggin]

The Russia-Ukraine war enters year five.

European leaders met at midnight in Brussels to discuss one thing: how to manage a breakup with America.

Dependency becomes humiliating once the patron stops pretending it's a partnership.

[Addison Wiggin @AddisonWiggin]

Ludwig von Mises had a name for this a century ago: the "crack-up boom." People stop saving money and start spending it before it buys less.

#Inflation won't stay buried — yet Meta, Microsoft, Alphabet and Amazon are pouring hundreds of billions into #AI. Alphabet raised $85B and the market shrugged.

So who pays for the AI revolution?

🌐 https://t.co/fn5MBa7FCA

[Addison Wiggin @AddisonWiggin]

We've been tracking the Taiwan Strait, South China Sea, and what it means for energy, semiconductors, and supply chains in Swan Dive.

Follow the story here: https://t.co/yrYZ62Fkai

[Addison Wiggin @AddisonWiggin]

The world spent more on defense in 2026 than at any point since the Cold War.

Taiwan sits at $31B. Right next to the country at number two.

Xi doesn't need a war. He needs leverage.