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AI has fueled massive gains for Big Tech, but can one sector really carry the market forever?
In this episode, I’m joined by Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, to explore the tension between Wall Street’s AI-fueled optimism and the realities of a slowing economy. We discuss what history teaches us about dominant companies, how to spot the difference between hype and durable innovation, and what long-term investors should really be watching.
Listen now and learn:
► Why “the stock market is not the economy” — and why that matters in today’s AI-driven rally.
► How concentrated earnings growth in tech creates both opportunity and risk.
► What history (GE, dot-coms) tells us about the limits of dominant companies.
► Which sectors beyond Big Tech could quietly benefit from AI adoption.
Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.
(02:22) AI optimism vs. a shaky economic backdrop (05:59) Can tech alone carry market earnings growth? (09:37) Dreaming vs. reality in AI investing (15:36) Lessons from GE and what they mean for Big Tech (19:29) Who really benefits from AI adoption? (21:53) The risks of concentration in the Magnificent 7 (24:51) Balancing story vs. evidence as a long-term investor (29:15) Early signs of real AI adoption and productivity gains (32:04) Everyday use cases of AI in real life
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