Animal Spirits Podcast A Mania Is Brewing (EP. 431)
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Sep 24, 2025 The hosts dive into the bubble-like behavior of tech CEOs and the frenzy surrounding AI spending. They discuss the implications of concentrated market power, especially regarding Nvidia and Apple. Investor panic selling is analyzed, revealing the risks of missing key market rebounds. Additionally, they touch on the staggering $7.7 trillion in cash in money markets and the divergent experiences of various income groups in today's economy. Finally, they explore the current housing market dynamics and the pressures surrounding youth sports and parenting.
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Episode notes
Future Proof Travels And Speaking
- Ben and Michael trade travel and speaking anecdotes about Future Proof events and locations like Banff and Miami.
- These personal notes set the conversational tone and frame later discussions about tech and advisors.
Company-Led AI Bubble
- Tech CEOs are driving a company-led bubble by mutually funding AI and related bets across firms.
- Oracle's willingness to take on debt marks an inflection toward a debt-fueled AI arms race that could reshape capital cycles.
Inflection Point: Animal Spirits Return
- Oracle's quarter may have sparked 'animal spirits' and forced incumbents to defend turf with higher spending.
- That spending shift could turn previously cash-funded AI investment into a debt-fueled competitive race.
