The David Lin Report Trader Reveals 'Bubble' Assets; How Does Market Mania End? | Jason Shapiro
10 snips
Oct 17, 2025 Jason Shapiro, founder of the Crowded Market Report and a veteran trader featured in Unknown Market Wizards, dives into the intricacies of market bubbles and crowded trades. He discusses indicators of a bubble and debates whether AI is genuinely transformative or overhyped. Shapiro also highlights how national security concerns influence AI investing, while identifying gold and parts of crypto as presently crowded sectors. He shares insights on spotting extreme positioning, the implications of recent market behavior, and where investors should consider deploying capital.
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Which Assets Look Like Bubbles
- Jason Shapiro highlights gold and parts of crypto as bubble candidates based on extreme moves and lack of fundamentals.
- He cautions that "different this time" claims are dangerous without long-term cash-flow clarity.
AI's Uncertain Cash-Flow Future
- Shapiro argues you can't reliably label AI a bubble because future cash flows and productivity gains are highly uncertain.
- He warns valuation-based bubble calls are fragile when long-term outcomes are unknown.
AI As A National Security Driver
- AI functions as a national-security priority, which creates persistent investment demand beyond pure commercial returns.
- That geopolitical imperative can sustain funding and valuations longer than typical cycles.
