Citadel Securities' Nohshad Shah says inflation, not growth, is now the main market risk as AI-driven capex expands.
Easier financial conditions, stronger labour market and AI investment could transmit recent oil price shock into broader price pressures.
Market participants underestimate inflation risk; short‑term inflation expectations have risen while financial conditions are more accommodative than pre‑Middle‑East conflict.
AI perception shifts positive, with semiconductor‑software stock correlation turning positive; Strait of Hormuz reopening likely, Trump’s China visit may aid resolution.