The Hormuz closure is simultaneously a food crisis trigger — fertilizer stranded at sea means the 2026 spring planting season is already compromised, and the food shock from this won't hit retail shelves until Q3/Q4 2026 at the earliest, meaning the market hasn't priced it yet.
The copper shortage driven by AI data center demand + Hormuz oil shock = a double commodity squeeze on the hardware layer of the AI buildout, directly threatening the physical infrastructure that autonomous agents and on-chain compute depend on.