Vol. 2, 2026
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Wisdom Of The Crowd
The Past, Present, And Future Of Prediction Markets
Prediction markets are booming, offering bets on the next U.S. president, the Super Bowl champion, and when Taylor Swift will get married. We explore how betting markets came to be, along with their implications for markets and the general public.
Chokepoints
The New Meeting Points Between Geopolitics And Macro
The closure of the Strait of Hormuz during the 2026 Iran War underscores the enduring importance of chokepoints as geopolitical levers. But investors should not overlook a new set of less visible chokepoints, with the United States at the nexus.
AI Factories
How Data Centers Convert Electrons To Tokens
Every AI response is a product manufactured at a token factory—a data center. Understanding how a data center works is analogous to understanding the global supply chain that underpins the AI boom. Join us as we dissect the most powerful factories humans have ever built!
The Next AI Revolution
Robotics And The World It Will Remake
Investors are smitten with chatbots, but progress in artificial intelligence does not end there. The next step is the physical instantiation of intelligence: autonomous robots. The form factor might not be what some expect, but the implication is that the world needs vastly more compute capacity.
Payden & Rygel’s Point of View reflects the firm’s current opinion and is subject to change without notice. Sources for the material contained herein are deemed reliable but cannot be guaranteed. Point of View articles may not be reprinted without permission.
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