China's silver export controls are the move no one is pricing correctly — silver is the hidden chokepoint in both the green energy transition and semiconductor manufacturing, and China now controls the spigot the same way it does rare earths.
The simultaneous compression of oil (Iran war), LNG (Qatar force majeure), copper (AI buildout demand), and silver/tungsten (China strategic controls) is a multi-vector commodity squeeze that makes the AI infrastructure capex supercycle structurally more expensive and inflationary — directly threatening the profitability timelines of every hyperscaler data center project announced in 2025-2026.