Raoul Pal Says Oil Shock Drove Temporary AI Market Pullback

Real Vision founder and CEO Raoul Pal said an oil shock slowed global liquidity and contributed to a pullback in AI-related markets, while arguing that demand and spending remain strong. Pal said the shock also pushed the dollar and short-term interest rates higher, putting pressure on market valuations. He characterized the liquidity slowdown as temporary. To support his view that the AI investment cycle is continuing, Pal cited lower AI prices expanding usage, increased machine-driven token consumption, revenue growth at Anthropic and $2.49 trillion in signed cloud-provider contracts. Enna Lee reports on investing and digital-asset markets for TokenPost.