A structural shift toward a tripolar world—centered on Asia, Europe, and the Americas—is reshaping global markets, driven by long-cycle investments in AI, defense, and climate. Unlike past tech booms, today’s growth is underpinned by real profitability and public-private collaboration. The U.S. risks losing ground due to lagging renewable energy policy, while China leverages cheap clean power and open-source AI to expand capacity. Countries like Brazil and Spain are emerging as strategic hubs for data centers and green investment. Meanwhile, private credit presents compelling returns, Chinese tech remains undervalued, and Europe shows quiet signs of revival. As nations increasingly channel capital domestically, the U.S. faces reduced inflows and a weakening dollar, signaling a pivotal realignment in global capital flows.