「The 'More Chaos, More Growth' Phenomenon: The Market is not Ignoring Risk, but Rather Reconstructing the Global Pricing Logic」

**April 28 (Reuters) -** Reuters senior columnist Mike Dolan delivered fresh analysis Tuesday, noting global markets are riding a sustained uptrend amid rising geopolitical tensions—not because investors are ignoring risks, but because the market is ditching the old globalization playbook for a new pricing framework centered on **"security-driven growth."** Capital isn’t fleeing markets, Dolan found. Instead, it’s pouring into sectors tied to national security: semiconductors, AI infrastructure, energy, defense and cybersecurity. Dolan dubs the current landscape **"Permacrisis"**—a shift from a rules-based globalization era into one of prolonged chaos and geopolitical one-upmanship. In this environment, core resources like computing power, unmanned systems, energy and cybersecurity are now viewed as "strategic assets" by investors. The latest stock market rally has clear structural traits: firms linked to AI computing and deep tech are drawing big hedge fund inflows. Markets are betting future global competition’s core will shift from efficiency to security, supply chain control and tech sovereignty. While the VIX volatility index remains near historical averages, Dolan cautions low volatility doesn’t equal low risk. Ongoing supply chain restructuring, defense spending expansions and fights over critical resources are pushing up long-term inflation pressures. Finally, the analysis warns: if capital gets too concentrated in a handful of "strategic lanes," future valuation correction shocks—if decoupled from fundamentals—could even outpace the impacts of geopolitical conflicts themselves.