HBM Profits, Iranian Barrels, and Dirty Tankers: One Supply Chain

Micron’s 900%+ profit jump on HBM demand, the US-Iran accord restoring 1.2 million barrels of daily exports, Indian tankers still running Hormuz, and the finding that fossil cargoes already burn half the industry’s fuel despite being only 40% of tonnage are not separate beats. They describe the same loop: every additional AI training run increases electricity demand that is still met by oil whose cheapest delivery routes remain exposed to the exact chokepoints the new Iranian exports are meant to stabilize. The maritime inefficiency stat shows the physical cost of that dependency has already been baked into the system before the latest geopolitical adjustment.