Monetary Matters with Jack Farley AI Euphoria Is Rolling Over | Lyn Alden on Bitcoin Correction, Who Satoshi Is, Data Center CapEx, and Whether AI Is A Bubble
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Nov 19, 2025 
Lyn Alden, a macro investor and founder of Lyn Alden Investment Strategy, shares her insights on AI and Bitcoin. She discusses how AI is currently driving U.S. economic growth but warns of potential bubbles as overspending might mask underlying weaknesses. Lyn also delves into Bitcoin’s dynamic, explaining its correction and future potential, related to mining economics and the difficulty adjustment mechanism. Additionally, she speculates on Satoshi's identity and discusses the intertwining futures of Bitcoin and gold amidst economic shifts.
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Two-Speed US Economy
- The US economy is two-speed: AI/data-center CapEx and large fiscal deficits lift GDP while most sectors stagnate.
- Lyn Alden warns the non-AI parts (commercial real estate, lower-income segments) remain weak and slow to recover.
Data Center AI Versus Portable AI
- AI is real and transformative long-term, but will produce bubbles and overinvestment along the way.
- Data-center AI is more plausible near-term than portable/robotic AI, which faces energy and hardware limits.
Prefer Profitable AI Plays
- Favor profitable, cash-generating AI beneficiaries like chip makers and large cloud platforms over unprofitable startups.
- Also look for regulated or moat-protected businesses that can use AI to lower backend costs, such as banks and insurers.