Resolve Riffs Investment Podcast · ReSolve Asset Management

Doomberg - Chips, China & Power Plays: The Big Bets on a Multipolar World

·1 hr 25 min·5 clips

A Trump win would be “bullish for supply” and “deeply bearish” for oil prices.

1. Resolve Riffs Investment Podcast speaks with Doomberg about chips, China, power, and a multipolar world. 2. Hosts Mike Philbrick and Adam Butler introduce Doomberg, a frequent guest whose writing connects energy, technology, and geopolitics. 3. Doomberg says the episode is about “the end of American empire” and the emergence of multipolarity. 4. He argues that China is becoming a peer, and in some dimensions may exceed the U.S., while the old Western order struggles to adjust. 5. He links the BRICS gathering in Kazan to a possible new trade-settlement mechanism called “the unit.” 6. He describes “the unit” as a basket of BRICS currencies, reportedly 40% backed by gold and settled on blockchain rails. 7. He says the idea is aimed at settling trade imbalances without relying on U.S. treasuries or European debt. 8. He ties the gold move to the West freezing, sanctioning, and discussing seizure of Russian reserves. 9. He says that action pushed many countries to re-evaluate where they place excess foreign reserves. 10. He says the Ukraine war accelerated a longer BRICS effort that had been developing since the global financial crisis. 11. He says BRICS momentum could be slowed or derailed, and he notes that Brazil’s Lula skipped the meeting in person. 12. He says gold’s vertical rise and the lack of Western media coverage make him uneasy despite being a large gold holder himself. 13. He says he trimmed about 20% of his gold position after the recent rate cut and is considering hedges or a trailing stop. 14. He compares gold to a savings medium rather than a speculation, and says a surge toward $6,500 would be bad for dollar-based portfolios. 15. He says the biggest loser in the current alignment is Europe, especially Germany, because cheap Russian energy no longer supports its industrial model. 16. He says NATO is losing a war against Russia and that Europe has become an energy vassal while the U.S. benefits from selling higher-priced energy. 17. The conversation uses an interview style with direct follow-up questions and long, policy-heavy answers from Doomberg. 18. The tone is analytical and skeptical, with repeated references to sanctions, reserve currencies, energy markets, and election outcomes. 19. Best for listeners tracking energy, BRICS, geopolitics, and gold. 20. Skip if you want light banter or beginner-friendly market basics.

As heard by us

AI valuations, energy politics, and geopolitics are treated as one linked market risk.

This segment ties AI pricing to industrial rivalry and geopolitics without trying to tidy it up. Doomberg argues that open-source AI is moving fast, has fewer guardrails, and is already pressing ahead of OpenAI, while 40-times-revenue valuations look expensive.

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Why you'd press play

Read AI multiples through one blunt lens: open source risk, rich revenue multiples, eroding margins, and Chinese competition.

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