Blockbeats diagnosed that the global asset market is shifting from TACO (Trump Always Chicken Out) trading to NACHO (Not A Chance Hormuz Opens) trading. NACHO trading is structured on the logic that: △insurers will not sign insurance contracts with vessels passing through the Strait of Hormuz; △consequently, the Strait of Hormuz effectively remains closed, leading to rising oil prices and increasing inflation; and △as a result, the U.S. Federal Reserve cannot cut interest rates. While high oil prices and high interest rates are generally negative for asset markets, this is interpreted to mean that the market has accepted the uncertainty of the unresolved Iran situation as 'a kind of constant that can generate profit'. A conviction is spreading in the market that the Strait of Hormuz will not open in the short term, and as a result, assets are flowing into beneficiary stocks such as energy, big tech companies with abundant cash assets and AI momentum. In this regard, eToro analyst Zavier Wong analyzed, "The market seems to have given up on expecting an immediate solution to the Iran situation. High oil prices have become a characteristic of the current market environment, rather than a temporary shock."
