Global macro markets in 2026 have completely broken free from the linear growth model of the past decade that relied on central bank infinite liquidity backstop.

The idealized "painless disinflation" and soft economic landing have evaporated in the face of brutal physical supply chain bottlenecks and hot conflicts in geopolitical tensions.

The Strait of Hormuz crisis has profoundly reminded modern financial markets that no matter how grand artificial intelligence's digital vision may be, the underlying global economy remains tightly bound by physical geography, energy networks, and critical chemical material supply chains.

The silicon-based future must still be built upon carbon-based energy and a fragile international geopolitical order.

Meanwhile, the Federal Reserve is trapped in an unprecedented political infighting and institutional trust crisis, meaning investors can no longer hope that central banks will play the white knight at every market fluctuation.

In such an era of "polycrisis" characterized by persistently elevated capital costs, stubborn inflation, and facing sovereign technological fragmentation and energy shocks, capital markets will inevitably undergo a ruthless Darwinian elimination.

Only those entities capable of proving their irreplaceable real value amid this storm, capable of generating solid free cash flows, and successfully navigating the scrutiny of the "AI evaluation era," will survive and stand out in the process of climbing this "Wall of Worry."

Gemini's deep research functionality is quite excellent—this conclusion basically encapsulates recent macro and geopolitical analysis, making the logic suddenly become very clear...