Vexity

𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐂𝐫𝐞𝐝𝐢𝐭 𝐢𝐬 𝐜𝐫𝐚𝐜𝐤𝐢𝐧𝐠 𝐰𝐢𝐝𝐞 𝐨𝐩𝐞𝐧 👇 Blue Owl Capital one of the biggest players in the 1.8 trillion private credit boom just got hit with 5.4 billion in redemption requests in the first quarter alone. Their tech focused fund saw 40.7 percent of investors trying to get out. The flagship 36 billion fund had 21.9 percent wanting to bail. Blue Owl did what everyone else is doing now and capped withdrawals at just 5 percent. Billions of dollars are now trapped in these semi liquid funds that suddenly arent so liquid. This isnt isolated. More and more firms are gating redemptions 👉 Blue Owl, Ares, Apollo, BlackRock, Morgan Stanley, UBS, Blackstone, Starwood. Investors who jumped into private credit chasing higher yields with supposedly low risk are learning the hard way. When everyone tries to run for the exit at the same time the door is tiny. The dominoes just keep falling.

This isn’t just an oil shock. It’s a refined products breakdown.🛢 Middle East exports collapsed 63% in March, down 4.8mb/d to roughly 2.8mb/d. Nearly 40% of what’s left is being rerouted through the Red Sea instead of Hormuz. That’s not adjustment, that’s disruption. The hit isn’t even across the board. Jet fuel is down 85%, which is why aviation feels it first. LPG and naphtha dropped by about 1mb/d, hitting petrochemicals next. Diesel, gasoline, and fuel oil are all down 60 to 70%, which is where the real economic pressure builds. This is the part people miss. You can’t fix refining capacity or logistics overnight. Once products tighten, the impact spreads across everything. This isn’t a temporary squeeze. It’s the kind of dislocation that forces a repricing of energy.

Iran has now imposed a toll of roughly one dollar per barrel on tankers passing through the chokepoint. Large vessels carry two to three million barrels each, so one ship can hand over two to three million dollars just for "safe passage." The March collapse in refined product exports shows the disruption is already slamming global markets. A tough ground operation on heavily fortified Qeshm Island could trigger even worse energy shortages hitting Europe, Japan, Australia and beyond. Defense Secretary Pete Hegseth just removed the Army Chief of Staff and two other top generals in the middle of this war. Is the US heading for a high-risk ground assault on that underground missile city or applying maximum pressure to force the strait back open? Heres a video that shows the Strait Of Hormuz Open vs Closed. Only select ships are allowed to pass. 👇

Outdated electricity grids are now a “national security risk,” JPMorgan has said.

Memory is taking over Hyperscaler CapEx. In CY23 and CY24, memory was ~8% of total Hyperscaler spend. We estimate it hits 30% in CY26 and moves higher in CY27. That's a near-4x shift in just four years. (1/4) 🧵

NVIDIA JUST PAID OUT ITS $0.01 PER SHARE QUARTERLY DIVIDEND Jensen Huang currently owns 830,731,682 shares of Nvidia $NVDA stock That means Jensen just got a $8.3M check from Nvidia I just got a $1 dividend check We are not the same