Keep pulling the thread on United States.
China controls the processing of over 90% of the world's rare earths, cobalt, and graphite.
China controls the processing of over 70% of the world's lithium.
China controls the processing of approximately 50% of the world's copper.
A central trade-off in the U.S.-China relationship involves U.S. access to magnets and rare earths in exchange for Chinese access to advanced semiconductor chips.
Oil prices have declined to approximately $60 per barrel over the last 14 months due to new supply coming online while demand is structurally shifting downwards.
A large wave of new LNG supply is coming online from the United States and the Middle East.
The use of drones in modern warfare has revealed the vulnerability of critical infrastructure, as drones can evade traditional missile defense systems.
The Trump administration has shifted United States foreign policy away from a rules-based, interdependent global system towards a transactional, nationalistic, and protectionist approach that uses tariffs as a primary tool.
China used its dominance in rare earths and magnets as leverage to force a renegotiation of trade measures that the United States had imposed earlier in 2025.
Large technology companies are entering the energy sector and investing capital to secure access to electricity needed to power AI.
Capital expenditures from large technology companies increased by 50% between 2024 and 2025.
The capital deployed for power and AI-related infrastructure is now greater than the global capital expenditure for oil and gas.