Squawk on the Street AI Bubble Fears, Home Depot Slides, MP Materials CEO Talks Rare Earths 11/18/25
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Nov 18, 2025 
James Litinsky, CEO of MP Materials and rare earth expert, shares insights on the critical minerals sector. He discusses the company's strategic partnership with the U.S. government and its role in enhancing domestic supply chains. Litinsky highlights MP Materials' plans for expanding magnet production capacity through defense funding and recycling initiatives, along with their successful vertical integration approach. The conversation also touches on geopolitical challenges and the importance of securing a reliable supply of critical minerals amid global competition.
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AI Hype Versus Long-Term Value
- Investors increasingly see AI stocks as a bubble, with over half calling current AI valuations irrational.
- Sundar Pichai and hosts acknowledge both rational long-term AI impact and short-term excess investment risks.
Spending Now, Skepticism Now
- Panelists note companies are spending heavily and raising debt to build AI infrastructure, prompting investor skepticism.
- Markets may punish over-investors even if the technology itself remains transformative.
TPUs Could Be A Cost Moat
- Google builds custom TPUs for inference and manufactures at TSMC, potentially giving a cost-per-token advantage over rivals using Nvidia GPUs.
- That hardware edge could shape competitive positioning in large-model deployment.
