At the start of the year, we are always asked about “Black Swan” events. Given Academy Securities’ Geopolitical Intelligence Group and the number of “hot spots” around the globe, it probably comes up more frequently for us. For the record, I expect more opportunities than risks from Russia/Ukraine and Iran/Israel – see Geopolitical Risks and Opportunities in 2025 if you missed it. Less discussed are so-called “Gray Rhino” events. Highly probable, highly impactful, yet neglected threats. The subject of “gray rhinos” came up in our Geopolitical Outlook Webinar, though not in the context of cheap AI. Similarly, we started this ... Is “Cheap AI” a Black Swan Event?