1. The Global AI and Semiconductor Frenzy The sheer scale of capital moving into artificial intelligence has generated massive market distortions and regional booms:

• AI Disruption Mentions: Earnings call transcripts show an astronomical spike in references to AI disruptions in H1 2026 compared to all prior years.
• The Global Memory Explosion: Semiconductor memory manufacturers have seen parabolic…

Apollo: Japan's shrinking population has left 14% of its housing stock vacant, a share that has risen for decades and shows no sign of reversing, see chart.

Apollo: China's home prices have now been falling for four straight years, with both new and used home prices stuck in negative territory since 2022, see chart.