The Productive Capacity Supercycle

Capital is returning to the physical world — to the machines, the energy, and the industrial power through which nations act.

Concept drawing of a future industrial facility combining advanced manufacturing, robotics, additive manufacturing and fusion energy.

The Argument

I

The Productive Capacity Supercycle

September 2026

Read I →
II

Category Foresight

Forthcoming · October 2026
III

Structural Mispricing

Forthcoming · November 2026

Foundations

Earlier work from which the present argument developed.

The Capital Cycle The Return of the Physical Economy Markets & Mispricing When the Future Is Already in the Price Strategic Technology Global Resilience Investment Discipline The Next-Round Financeability Framework

Notes

Observations from the margins of the argument.

The Rapid Datacenter Architecture Upgrade for AI

April 2023
Industrial Policy, China’s EV Boom and AI

June 2023
The “Why Now?” for India’s Economic Boom

February 2023