It Feels Like 1999 (EP. 433)

whatshot 35 snips

Oct 8, 2025

Dive into the chaotic world of the AI boom, where speculation feels eerily reminiscent of 1999. The hosts explore the bubble surrounding AI investments and the gap between the elite 1% and the struggling 90%. They discuss the intriguing performance of international stocks and the frenzy of retail investors chasing low-quality junk stocks. Amidst the financial talk, lighter moments emerge with reflections on Taylor Swift and family life, blending entertainment with candid insights into current market dynamics.

01:11:59

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

insights

INSIGHT

AI Mania Feels Like A Once-In-Age Market Event

AI mania feels like a historic market event comparable to 1999 and could be the defining story of the decade.
No one can reliably time the top, and a blow-off phase can persist longer than intuition suggests.

insights

INSIGHT

Retail And Junk Stocks Are Dominating The Rally

Retail and junk-stock mania drive extreme short squeezes and speculative rallies in unprofitable companies.
Shorts get forced out quickly in these environments, leaving long holders to capture outsized gains until a reversal.

insights

INSIGHT

Narrow Leadership Masks Market Risk

Market breadth is narrow: a handful of large names have driven recent S&P gains similar to past market tops.
Cap-weighted valuations diverge from equal-weighted metrics, signaling concentrated leadership risk.

Get the Snipd Podcast app to discover more snips from this episode

OpenAI–AMD Announcement and Hyperscaler Mania

02:01 • 2min

chevron_right

Is This a 1999-Style Blow-Off Top?

04:28 • 3min

chevron_right

How Will the AI Bubble End?

07:07 • 2min

chevron_right

AI CapEx, Hyperscaler Spending, and Economic Impact

09:21 • 3min

chevron_right

Can the Market Call the Peak in Earnings?

12:39 • 2min

chevron_right

Concentration of Top Stocks and Valuation Divergence

14:21 • 4min

chevron_right

International Stocks Outperforming U.S.

18:13 • 1min

chevron_right

Are Everyday Investors Missing from the AI Mania?

19:15 • 3min

chevron_right

Retail Frenzy: Shorted Names and Call-Volume Moves

21:50 • 2min

chevron_right

Wealth Creation, Capital Gains, and Inequality Concerns

23:31 • 2min

chevron_right

What Would Prove This Is a Bubble?

25:50 • 2min

chevron_right

Credit Spreads, Junk Demand, and Lending Risk

28:19 • 2min

chevron_right

Top 1% Wealth Share and Political Risks

29:58 • 3min

chevron_right

Taylor Swift, Pop Culture, and Positivity

33:02 • 58sec

chevron_right

Why Tariff Exemptions Matter for AI Investment

34:00 • 1min

chevron_right

AR/VR Hardware, Vision Pro, and Privacy Concerns

35:10 • 2min

chevron_right

Peter Lynch Interview Takeaways and Costco Valuation Puzzle

37:14 • 3min

chevron_right

OpenDoor, Housing Tech Skepticism, and Scalability

40:09 • 2min

chevron_right

Housing Market Normalizing but Rate‑Dependent

41:42 • 2min

chevron_right

Age of Housing Stock and Renovation Demand

43:27 • 52sec

chevron_right

Private Markets Growth, Dry Powder, and Early Warnings

44:20 • 5min

chevron_right

Social Costs of Sports Betting and Usage Statistics

49:44 • 3min

chevron_right

Billionaire Spending Habits and Generosity as Strategy

52:23 • 2min

chevron_right

Buy Now, Pay Later Usage for Essentials

54:16 • 1min

chevron_right

Time Spent on Social Media Is Declining — Why It Matters

55:42 • 3min

chevron_right

Family Life, Youth Sports, and Graduating Parenting Stages

58:55 • 5min

chevron_right

Travel, Disney Plans, and Practical Family Tips

01:03:54 • 1min

chevron_right

Horror Picks, F1 Movie and Entertainment Recos

01:05:13 • 5min

chevron_right

Final Thoughts on AI Mania and Promise to Be Positive

• Mentioned in 23 episodes

This book provides an unprecedented view into the development of *Hamilton*, from its conception to its landmark opening night on Broadway. It includes the full libretto of the musical, photographs, interviews with key figures involved in the production, and over 200 footnotes by Lin-Manuel Miranda. The book also features contributions from Questlove, Stephen Sondheim, and President Obama, among others, and offers insights into the artistic process and the historical context of the musical.

#2349

• Mentioned in 13 episodes

The Art of Spending Money

null

Morgan Housel

Morgan Housel's "The Art of Spending Money" delves into the psychology of financial decisions, exploring how our emotions and biases influence our spending habits. The book challenges conventional wisdom about saving and investing, emphasizing the importance of aligning our financial goals with our values and life experiences. Housel uses compelling narratives and real-world examples to illustrate the complexities of money management, offering practical insights for readers of all financial backgrounds. The book encourages readers to develop a more mindful and intentional approach to spending, helping them make choices that enhance their overall well-being. Ultimately, it aims to empower readers to make informed financial decisions that lead to a more fulfilling life.

On episode 433 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss the melt-up phase of the AI boom, there is a bubble in bubble predictions, no one is going to call the top, hyperscalers vs. the labor market, international stocks are outperforming, Taylor Swift, junk stocks, the top 1% vs. the bottom 90% and more.

This episode is sponsored by Betterment Advisor Solutions and Vanguard.

Grow your RIA, your way by visiting: https://Betterment.com/advisors

Learn more about Vanguard at: https://www.vanguard.com/audio

Find complete show notes on our blogs:

Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation.

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.

The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.

Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠

Learn more about your ad choices. Visit megaphone.fm/adchoices

Home Top podcasts Popular guests Top books