Valterra Platinum CEO Craig Miller称，全球央行在去美元化趋势下正将铂金视为继黄金、白银之后的潜在储备资产。该观点基于近年央行大幅增持黄金（年均1000吨）、减持美债的实践，以及非西方国家应对制裁强化实物资产配置的战略转向。铂金价格已在2025年翻倍，叠加工业与珠宝需求增长，其储备属性提升构成新催化。

文章称特朗普政府对伊朗发动战争，导致霍尔木兹海峡‘几乎关闭’，该水道平时承担全球约五分之一的海上石油与天然气运输。叠加美国通胀升破4%、FOMC内部意见严重分裂，新任美联储主席Warsh首秀面临巨大压力。事件属地缘政治新升级，直接冲击原油供应链。

Google, Meta, Amazon and Microsoft are expected to spend $750bn on AI-related capital expenditure in 2024, far above their historical levels, but the pace may be hard to sustain. Chip supply, and constraints on power and water infrastructure, are emerging as practical limits, while many AI projects remain far from profitable. Alphabet has raised $85bn in debt over the past year and plans to raise another $80bn in equity, and Amazon has shortened the depreciation life of its data-centre assets to five years. Depreciation across the four companies has nearly doubled over two years to $116bn, a sign that profits could face increasing pressure.

Baillie Gifford, an early SpaceX backer, has made roughly a 30-times return on its initial investment following the company’s recent IPO. The stock rose nearly 50% in its first two trading sessions, making it the world’s fourth-largest company by market value. The report said Baillie Gifford trusts such as Scottish Mortgage may adjust their holdings once the lock-up period ends. While the event does not directly move indices or commodities, it is presented as a landmark private tech listing that reinforces investors’ appetite for high-growth technology assets.