# The Macro Butler - Stagflation Is Coming: AI, Oil, Semiconductors & the Case for Real Assets

Page: https://stenobird.com/podcast/the-contrarian-capitalist-podcast-6880593/the-macro-butler-stagflation-is-coming-ai-oil-semiconductors-the-case-for-real-assets
Text version: https://stenobird.com/podcast/the-contrarian-capitalist-podcast-6880593/the-macro-butler-stagflation-is-coming-ai-oil-semiconductors-the-case-for-real-assets.md
Podcast: [The Contrarian Capitalist Podcast](https://stenobird.com/podcast/the-contrarian-capitalist-podcast-6880593)
Published: 2026-05-07T07:30:00+00:00
Episode link: https://contrariancapitalist.substack.com/p/the-macro-butler-stagflation-is-coming
Audio file: https://api.substack.com/feed/podcast/192904891/d9f2afe36b54451ded58710a4463e2fe.mp3
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Duration seconds: 2160

## Resource

Today’s podcast guest is Laurent Lequeu aka The Macro Butler AUDIO IS AVAILABLE HERE Please LIKE, SHARE AND SUBSCRIBE TO THE CONTRARIAN CAPITALIST NB - Recorded on Wednesday 6th May AM UK Time Take control of your financial future with The Contrarian Capitalist. Paid members get commodity and market insights, exclusive macro videos, early interviews, and the tools to build, protect, and grow wealth in uncertain times. Starting at just $9.17 per month (less than a couple of coffees), it’s exceptional value to protect your wealth, defend your freedom and outsmart the system. Thank you for being part of The Contrarian Capitalist community! Topics covered in this conversation include: * The rapid evolution of AI, China’s role in the space, and how the global competitive landscape is developing * Trade dynamics across Asia, including regional perspectives on the Iran conflict and its wider implications * The relationship between the KOSPI and semiconductors, and why this pairing continues to attract attention from investors * Ongoing market rotation, and why equities and gold may continue to rise in tandem rather than diverge * The growing likelihood of a stagflationary environment and how investors can begin positioning for it * Why real assets are becoming increasingly important in the current macroeconomic cycle * The return of oil-driven inflation, with food inflation potentially following close behind * Two oil-focused ETFs worth monitoring: Energy Select Sector SPDR Fund (XLE) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP) * A key agriculture ETF to watch: VanEck Agribusiness ETF (MOO) * Three critical market ratios that could provide early signals for where capital is flowing next * Practical considerations around asset protection in an increasingly un…

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