The David McWilliams Podcast The Tech Crash, The Demographic Time Bomb, and Ireland’s Future 40
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Nov 11, 2025 The discussion reveals the fragility of the tech bubble, emphasizing how a few AI companies have skewed the American economy. Ireland faces a demographic crisis, with a Future 40 report highlighting economic stagnation and rising age-related costs. There’s a call for increased immigration, yet without sufficient housing, this could exacerbate the crisis. Young people may be forced to emigrate, setting the stage for an unprecedented generational clash in politics. Ultimately, it's a compelling exploration of how tech mania intersects with stark demographic realities.
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Speculative AI Mania Masks Lack Of Profit
- Tech's recent rally is a concentrated, speculative bet on AI driven by storytelling rather than profit.
- David McWilliams warns this divergence from profit signals the start of a corrective stampede out of tech stocks.
AI Investment Creates Few Jobs
- AI and data-center investments are capital- but not labour-intensive and create few traditional jobs.
- This mismatch leaves Main Street to absorb employment shortfalls despite Wall Street's boom.
Market Gains Concentrated In Few Firms
- A few mega-cap firms and AI investment have powered a large share of US market gains.
- That concentration raises systemic risk and can quickly trigger margin-driven contagion if sentiment shifts.