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1. Structurally, the dollar still looks heavy.

After a brief dislocation last week, the market has clearly re-centered around monetary policy expectations.

Fed Governor Michelle Bowman signaled openness to rate cuts as early as July — a dovish shift that undermines the idea of dollar strength rooted in risk aversion this year. If anything, it introduces further headwinds for the dollar over the medium term.

If you’re long dollars on geopolitical risk alone, you might be leaning on a crutch that just isn’t there.

2. It’s all about robotaxis these days.

Tesla shares jump as much as 10% this week, as the electric-vehicle maker launched its much-anticipated driverless taxi service to some riders on Sunday.

“Robotaxis could add up to $15-$20 billion in annual ridesharing sales, pushing the market to $325-$330 billion by 2030”

“While we acknowledge that other AV players continue to improve, Waymo’s lead is significant as highlighted by Tesla’s extremely limited launch of its Austin Robotaxi service” “Waymo (Alphabet) continues to have a first-mover advantage that should allow it to grow its base of riders at low customer acquisition costs, which are likely unavailable to the second mover in each city”

Uber Technologies Inc. rose also as it’s set to begin offering its customers driverless Waymo rides in Atlanta, making it the second market, after Austin, where the two companies are teaming up instead of competing against each other.

“There’s a lot of investor excitement about driverless cars, yet Alphabet Inc.’s shares reflect little of that euphoria — even as its Waymo robotaxis proliferate in major US cities.” While Waymo is still small relative to Alphabet’s total valuation, it’s progress represents long-term upside.”

And then there is also Zoox. Last week Amazon’s autonomous vehicle company Zoox announced the opening of a serial production facility for purpose-built robotaxis in the U.S. While Zoox is a few years behind Waymo (Waymo will be in 5 cities by end of '25 vs. Zoox 1-2), the number of Zoox cities in testing/tested (7) as well as its production capacity, suggest Zoox could follow a similar ramp to Waymo.

3. For the first time ever, solar power generated more electricity worldwide than nuclear power.

This achievement means that solar has now become the fourth largest source of electricity globally, reaching this position for the first time in a single month. The rapid growth of solar over the past five years has been remarkable, with global solar generation nearly tripling in that period—from 79 TWh in April 2020 to 233 TWh in April 2025. A clear sign of the accelerating energy transition.

4. Data center power demand tripling into 2030.

5. Gas solves part of the AI power problem.

“Renewables alone can't service data center power demand due to intermittency. Gas-based power capacity has scope to grow its utilization rate and support the 24/7 power demand of data centers.

Gas especially can be combined with renewables (solar/wind generation in Asia) to reduce carbon intensity (while also providing quality power stability) at competitive prices.

Also, hyperscalers are willing to pay between 20-30% premium for immediate power supply connection. Gas power plants require less permitting and it is a proven, well-accepted power generation technology which solves speed to market, safety, and reliability concerns.”

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