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As investors’ outlook on AI capital expenditure sours, Jack and Max explore the rising debt issuance to fund artificial intelligence development, and the faltering share prices of companies with exposure to the “AI factor”: the hyperscalers (particularly Oracle), the chip companies, and the neoclouds such as Coreweave and Nebius. Jack then looks at two insurance companies, Kinsale and Palomar, as insurance sector does its part to hold up the S&P 500. Jack and Max also give an update on Chinese fintechs at the end. Recorded on November 21, 2025.
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Timestamps:
00:00 Intro
02:28 Debt Fueled CapEx Boom
08:23 "AI CEOs Are Building a God"
11:24 The Real Speculative Bubble
15:51 NeoCloud Risk
17:53 Fiscal AI
19:11 Healthcare and Insurance Strength
21:38 Kinsale Capital Group
27:38 Factors Benefiting Insurance
29:12 Palomar Holdings
33:48 Jobs Data and December Fed Meeting
37:26 Chinese Fintech Bloodbath
40:32 Conclusion
