Is the AI CapEx Spend Real and Sustainable?

"Flirting with All-Time Highs: AI Spending, Small Cap Hope, and Things That Go Bump in the Night"

Welcome to the inaugural episode of Protect the Pile, the investment show where real money managers talk real markets.

With the S&P 500 and Nasdaq flirting with all-time highs (up 16% and 23% YTD respectively), the Hedgeye Asset Management team breaks down what's working, what's worrying, and what's worth watching as we head into year-end.

What We Cover:

• Market Landscape: Why global markets are outperforming on a constant currency basis, and what tight high-yield spreads really tell us
• AI's Drunken Sailor Spending: Hundreds of billions flowing into 2026. Is this sustainable or circular financing in disguise?
• Small Caps' Long-Awaited Moment?: Could Russell 2000 finally break out and benefit from AI infrastructure spending?
• Credit Market Surprises: What Jamie Dimon's "cockroaches" comment reveals about hidden risks
• Volatility Reality Check: Why the VIX settling into the "investable bucket" matters for positioning

Plus, we share formative investment lessons from 30+ years of combined experience, including a near-firing story from December 2008 and why the best investors admit their biggest mistakes.

Quick Hits:

• New updates made to our volatility of volatility calculations within the Capital Allocation systematic approach
• Real-time data points on AI infrastructure demand (spoiler: AWS is maintaining prices on 3-generation-old chips)

Protect the Pile is a no-nonsense investment show where we cut through the market noise with a panel of seasoned practitioners who've been playing the game every single day for years—not theorists, but real money managers with skin in the game. Every episode, we bring together battle-tested investors to dissect the current landscape, debate the opportunities and risks, and help you navigate the markets with the Hedgeye framework. It's not Old Wall media, it is real-world experience, focused on one goal: protecting and growing your pile.

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