{"id":295,"date":"2026-05-11T13:57:47","date_gmt":"2026-05-11T13:57:47","guid":{"rendered":"https:\/\/www.1911trust.com\/blog\/?p=295"},"modified":"2026-05-11T13:57:48","modified_gmt":"2026-05-11T13:57:48","slug":"the-bottleneck-economy","status":"publish","type":"post","link":"https:\/\/www.1911trust.com\/blog\/2026\/05\/11\/the-bottleneck-economy\/","title":{"rendered":"The Bottleneck Economy"},"content":{"rendered":"<div style=\"font-style:italic;font-weight:400;\" class=\"wp-block-post-date\"><time datetime=\"2026-05-11T13:57:47+00:00\">May 11, 2026<\/time><\/div>\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><em><em>Why the bottlenecks in AI have overpowered the bottlenecks in<\/em> the Strait of Hormuz<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>The roller-coaster ride in the stock market through the first 4 months of the year has been one characterized by bottlenecks. Bottlenecks that have led to sell-offs in stocks, and bottlenecks that have powered the recent rally to new all-time highs.<\/p>\n\n\n\n<p>When we last wrote to you on <a href=\"https:\/\/www.1911trust.com\/blog\/2026\/03\/02\/wartime-investing\/\">March 2nd<\/a>, the US had just begun its military campaign in Iran. At the time, we advised investors to 1) not sell stocks, 2) stay diversified, and 3) look for opportunities to take advantage of volatility. <\/p>\n\n\n\n<p>For the following 4 weeks, as the S&amp;P 500 experienced a -9% peak-to-trough decline, one may have criticized this advice as overly dismissive of the risks in front of us. However, we stood by this view as patient long-term investors, and as of this writing, the S&amp;P 500 is now +7.5% higher than March 2<sup>nd<\/sup>, and the March 30<sup>th<\/sup> bottom proved to be an attractive buying opportunity (the market is now +17% off the lows).<\/p>\n\n\n\n<p>Lately, the questions I get asked are \u2013 how could the stock market possibly be doing so well when the Strait of Hormuz remains closed? Does anyone realize that 20% of the world\u2019s oil travels through the Strait?<\/p>\n\n\n\n<p>The answer is that there are a series of other bottlenecks that are more integral to the stock market than the one in the Strait of Hormuz. These bottlenecks are in the critical components that are powering the AI supercycle \u2013 compute, memory, and power. The companies that sell these products are experiencing unprecedented demand as AI adoption accelerates, and as a result their earnings growth has far exceeded the market\u2019s expectations coming into the year.<\/p>\n\n\n\n<p>Three years ago, weeks after the launch of ChatGPT, one of our fund managers told me that semiconductors are the new oil. I did not fully appreciate the importance of that observation at the time, but that may be the best explanation for today\u2019s disconnect between stock prices and oil prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong><strong>AI bottlenecks &gt; Strait of Hormuz bottlenecks<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p>While the stock market was focused on the war in Iran, AI companies were quietly experiencing a surge in demand for their products. At the top of the food chain, OpenAI and Anthropic have made significant strides in the capabilities of their AI models. This has given rise to the age of AI agents, which autonomously complete tasks for users. Anthropic\u2019s Claude Cowork, released in January, has been a boon for their enterprise business. OpenAI has recently closed this gap with the release of the next generation of Codex.<\/p>\n\n\n\n<p>As a result, revenue has exploded for the two AI Goliaths.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"421\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/OAI-Ant-rev.jpg\" alt=\"\" class=\"wp-image-296\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/OAI-Ant-rev.jpg 624w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/OAI-Ant-rev-300x202.jpg 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><\/figure>\n\n\n\n<div style=\"height:89px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>What is even more impressive is that this chart is from January but is already obsolete. Today, Anthropic is reportedly generating $45 billion in annualized revenue, a 2x+ increase in 4 months. These two companies are on track to reach well over $100 billion in combined revenue in the coming months.<\/p>\n\n\n\n<p>In our <a href=\"https:\/\/www.1911trust.com\/blog\/2025\/12\/29\/the-polar-express-2026-market-outlook\/\">2026 outlook<\/a>, we wrote that the biggest risk to the market this year would be if AI monetization did not materialize given the amount of money pouring into the sector. However, we gave an optimistic outlook on this question given what we were seeing on the ground \u2013 innovation was accelerating and adoption continued to grow. For the time being, this view proved correct given the amount of AI revenue shown above from the leading AI model companies. Going forward, we still need to see these lines continue to move up and to the right.<\/p>\n\n\n\n<p>Because of this explosion in customer demand, OpenAI and Anthropic are racing to secure more computing power to meet customer demand, both directly and in partnership with the top cloud providers (Google, Microsoft, and Amazon). This has led to over $1.4 trillion in cloud revenue <span style=\"text-decoration: underline;\">backlogs<\/span> at the three cloud providers.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"987\" height=\"936\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/cloud-rev-backlog.png\" alt=\"\" class=\"wp-image-297\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/cloud-rev-backlog.png 987w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/cloud-rev-backlog-300x284.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/cloud-rev-backlog-768x728.png 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/cloud-rev-backlog-624x592.png 624w\" sizes=\"auto, (max-width: 987px) 100vw, 987px\" \/><\/figure>\n\n\n\n<div style=\"height:77px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For much of this AI bull market, the primary input to AI models were GPUs (specialized compute chips) designed by Nvidia. As such, Nvidia was an outsized contributor to the stock market\u2019s gains in 2023-2024.<\/p>\n\n\n\n<p>With the recent rise of AI agents unlocking more use cases for customers, there are additional inputs that have quickly become central to the AI buildout \u2013 memory chips and CPUs (legacy compute chips) being at the top of the list, among many other components.<\/p>\n\n\n\n<p>There\u2019s only one problem. These markets are highly consolidated, with only a handful of scale players that produce these products. Herein lies the bottleneck. Memory chip prices, for example, have doubled this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"908\" height=\"631\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/memory-prices.png\" alt=\"\" class=\"wp-image-298\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/memory-prices.png 908w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/memory-prices-300x208.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/memory-prices-768x534.png 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/memory-prices-624x434.png 624w\" sizes=\"auto, (max-width: 908px) 100vw, 908px\" \/><\/figure>\n\n\n\n<div style=\"height:78px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When your product is in short supply, that is great for business.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"903\" height=\"626\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/chip-eps.png\" alt=\"\" class=\"wp-image-299\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/chip-eps.png 903w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/chip-eps-300x208.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/chip-eps-768x532.png 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/chip-eps-624x433.png 624w\" sizes=\"auto, (max-width: 903px) 100vw, 903px\" \/><\/figure>\n\n\n\n<div style=\"height:77px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The earnings growth in these AI supply chain companies has led to a major inflection in earnings growth expectations for the S&amp;P 500. Q1 earnings season has been one for the record books: 28% earnings growth vs. 12% expected.<\/p>\n\n\n\n<p>For the full year 2026, earnings growth has been revised higher, from 13% to 21%, thanks to the AI companies.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"395\" height=\"439\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/EPS-change.jpg\" alt=\"\" class=\"wp-image-300\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/EPS-change.jpg 395w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/EPS-change-270x300.jpg 270w\" sizes=\"auto, (max-width: 395px) 100vw, 395px\" \/><\/figure>\n\n\n\n<div style=\"height:89px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On the flip side, the Strait of Hormuz bottleneck is real and has led to a 2x increase in the price of oil. This has fed through to a rise in inflation. However, unlike the AI suppliers which are seeing a surge in demand, global oil intensity has been in secular decline for the last 50 years. While higher energy prices are painful, particularly for lower income consumers, the fact is that the economy and corporate profits are far less sensitive to oil prices than they once were. This has helped the US economy, and the stock market, weather the storm. Maybe semiconductors really are the new oil.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"742\" height=\"511\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/oil-intensity.png\" alt=\"\" class=\"wp-image-301\" style=\"aspect-ratio:1.4521269225439934;width:637px;height:auto\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/oil-intensity.png 742w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/oil-intensity-300x207.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/oil-intensity-624x430.png 624w\" sizes=\"auto, (max-width: 742px) 100vw, 742px\" \/><\/figure>\n\n\n\n<div style=\"height:77px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"687\" height=\"368\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/energy-consumption.png\" alt=\"\" class=\"wp-image-302\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/energy-consumption.png 687w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/energy-consumption-300x161.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/energy-consumption-624x334.png 624w\" sizes=\"auto, (max-width: 687px) 100vw, 687px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: Macrobond, Morgan Stanley as of March 24, 2026<\/em><\/p>\n\n\n\n<div style=\"height:98px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong><strong><strong>Are we in an AI bubble?<\/strong><\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p>Seeing the stock market go up seemingly every day for over a month can make one uncomfortable. Since the March 30<sup>th<\/sup> bottom, the S&amp;P 500 is up +17% and the tech-heavy NASDAQ is up +27%. The logical question to ask is whether the market is getting ahead of itself.<\/p>\n\n\n\n<p>Surprisingly to many, the S&amp;P 500\u2019s valuation began to reset back in October, and was exacerbated by the Iran conflict. From October through March, the P\/E ratio of the S&amp;P declined by -18%.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"854\" height=\"516\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/PE-decline.jpg\" alt=\"\" class=\"wp-image-303\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/PE-decline.jpg 854w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/PE-decline-300x181.jpg 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/PE-decline-768x464.jpg 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/PE-decline-624x377.jpg 624w\" sizes=\"auto, (max-width: 854px) 100vw, 854px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: Factset, Morgan Stanley Research<\/em><\/p>\n\n\n\n<div style=\"height:94px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The reason that the P\/E ratio declined by twice as much as the actual price of the index is because, as discussed, earnings actually increased materially during the sell-off.<\/p>\n\n\n\n<p>The valuation reset was more dramatic in technology. Due to superior fundamentals and growth, tech has traded at a large premium to the rest of the market for most of the last 10 years. This valuation premium was completely erased by the end of March.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"351\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tech-pe-decline.jpg\" alt=\"\" class=\"wp-image-304\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tech-pe-decline.jpg 624w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tech-pe-decline-300x169.jpg 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: Apollo Chief Economist<\/em><\/p>\n\n\n\n<div style=\"height:117px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As the end of March approached, investors shifted their focus from Iran toward earnings season. They liked what they saw coming: an S&amp;P 500 with 21% earnings growth and valuations that were -18% lower than 6 months earlier. And a tech sector that was growing earnings at 37% with the same P\/E multiple as the rest of the market. With this backdrop, it is easier to see why the market was able to look past the issues in the Middle East.<\/p>\n\n\n\n<p>Despite the recent rally, the S&amp;P 500 still trades at just over 20x earnings (lower than pre-Iran war). Just 7 companies contributed 57% of the earnings growth in Q1, and those companies do not trade at much of a premium to the rest of the market.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1011\" height=\"551\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/SPX-PE.png\" alt=\"\" class=\"wp-image-305\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/SPX-PE.png 1011w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/SPX-PE-300x164.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/SPX-PE-768x419.png 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/SPX-PE-624x340.png 624w\" sizes=\"auto, (max-width: 1011px) 100vw, 1011px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: JP Morgan Asset Management<\/em><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"709\" height=\"274\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/earnings-contributors.png\" alt=\"\" class=\"wp-image-306\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/earnings-contributors.png 709w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/earnings-contributors-300x116.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/earnings-contributors-624x241.png 624w\" sizes=\"auto, (max-width: 709px) 100vw, 709px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: The 1911 Trust Company, Factset, Bloomberg<\/em><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong><strong><strong>Risks we are watching<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<p>Since earnings growth has been spectacular, and valuations are in check, what could derail the AI bull market? To us, the pace of AI adoption and demand will be the key driver of how much longer the party can last. If businesses and consumers continue to derive significant value from the use of AI, the addressable market is vast and the runway for earnings growth should be sufficient for stock prices to move higher.<\/p>\n\n\n\n<p>Of course, at some point in the future, valuations could become out of control, but that would entail a lot more upside in the market before that point.<\/p>\n\n\n\n<p>How close are we to AI saturation? The data suggests that is a long ways off. If anything, today we see AI adoption accelerating, not slowing down. \u201cTokens\u201d are a unit of measurement for data produced by an AI model (similar to a barrel of oil being the measurement for oil production). Token volumes have doubled so far in 2026, suggesting that AI demand has inflected higher this year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"467\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens-1024x467.png\" alt=\"\" class=\"wp-image-307\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens-1024x467.png 1024w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens-300x137.png 300w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens-768x350.png 768w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens-624x285.png 624w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/tokens.png 1092w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Source: Coatue Management<\/em><\/p>\n\n\n\n<div style=\"height:86px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>And there is a long runway to go. 29% of the Fortune 500 are live, paying customers of a leading AI startup. While this is great progress, we are even more encouraged by the fact that 71% of Fortune 500 companies are not yet paying for AI, which provides meaningful room for further monetization.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"390\" height=\"298\" src=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/AI-adoption.png\" alt=\"\" class=\"wp-image-308\" style=\"width:423px;height:auto\" srcset=\"https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/AI-adoption.png 390w, https:\/\/www.1911trust.com\/blog\/wp-content\/uploads\/2026\/05\/AI-adoption-300x229.png 300w\" sizes=\"auto, (max-width: 390px) 100vw, 390px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>We do caution that bull markets are never a straight line upward. The tug of war between AI and macro\/geopolitics will continue. Daily developments in the Middle East, a new Fed chair, midterm elections, and other political noise will inject short-term volatility in the markets.<\/p>\n\n\n\n<p>We also acknowledge the extraordinary gains over the last 6 weeks and would not be surprised if the market takes a breather in the short-term. However, as long as we continue to see growing demand from enterprises and consumers for AI products, we think the AI bull market can remain intact a while longer.<\/p>\n\n\n<div style=\"font-style:italic;font-weight:600;\" class=\"wp-block-post-author-name\">Alex Raffol<\/div>\n\n<div class=\"wp-block-avatar\"><img alt='Alex Raffol Avatar' src='https:\/\/secure.gravatar.com\/avatar\/9b1170bbc2469a789d441625b05b843338f5d65bffdbd37b4521e10f819495c3?s=96&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/9b1170bbc2469a789d441625b05b843338f5d65bffdbd37b4521e10f819495c3?s=192&#038;d=mm&#038;r=g 2x' class='avatar avatar-96 photo wp-block-avatar__image' height='96' width='96' \/><\/div>\n\n<div style=\"font-style:italic;font-weight:400;\" class=\"wp-block-post-author-biography\">Alex is the Chief Investment Officer at The 1911 Trust Company.<\/div>\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why the bottlenecks in AI have overpowered the bottlenecks in the Strait of Hormuz<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-295","post","type-post","status-publish","format-standard","hentry","category-insights"],"_links":{"self":[{"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/posts\/295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":8,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"predecessor-version":[{"id":316,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/posts\/295\/revisions\/316"}],"wp:attachment":[{"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.1911trust.com\/blog\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}