The David Lin Report

Tech stocks tumble despite impressive earnings, exposing growing worries about AI’s enormous costs and uncertain payoffs. Meta’s cash burn, Tesla’s shrinking auto profits, CoreWeave’s debt load, and Oracle’s financing challenges take center stage. The discussion also explores whether today’s AI infrastructure boom could echo the telecom bubble.

Ole Hansen, Saxo Bank’s Head of Commodity Strategy, examines whether today’s selloff signals a broader shift. He explores AI-driven markets facing higher funding costs, fragile oil flows, Strait of Hormuz risks, Europe’s looming gas crunch, and tight diesel supplies. Gold’s pullback, France’s fiscal strain, grain volatility, and copper’s long-term outlook round out this wide-ranging commodities discussion.

George Noble, Managing Partner of Noble Capital Advisors, is known for valuation-focused, long-short investing. He warns that AI’s debt-fueled boom could unravel, targeting CoreWeave and Tesla while questioning Oracle and life insurers. He also explores private-credit fallout, delayed IPOs, and why energy, gold mining, and shipping stocks stand out.

Christopher Whalen, chairman of Whalen Global Advisors and a banking and credit-market analyst, examines a potential $500 billion wave of bank losses. He discusses weak loan growth, elevated bond yields, AI’s debt-fueled infrastructure push, private-equity valuations, housing stress, food inflation, and mounting government deficits. He also explores Europe’s fiscal troubles and the risks of renewed monetary intervention.

Rodney Stevens, CEO of NSJ Antimony and a mining financier with CFA credentials, explores antimony’s rising strategic importance. They discuss China’s export restrictions, military and solar demand, looming supply gaps, price cycles, and America’s dependence on imports. Stevens also details NSJ’s New Brunswick project, drilling campaign, smelting challenges, production timeline, mining risks, and lessons from failed resource ventures.

Ron Butler, principal mortgage broker at Butler Mortgage and creator of the Angry Mortgage Podcast, examines the housing downturn in Canada and the U.S. They discuss stubbornly high mortgage rates, bond yields, foreclosures, negative equity, strategic defaults, investor losses, tiny condo declines, and why foreign buyers may not save Canada. A recovery, he argues, could remain years away.

Matthew Piepenburg, a Von Greyerz AG partner and financial markets commentator, explores France’s debt-fueled unrest and why similar pressures could hit America. They discuss rising yields, inflation, government debt, and the hidden credit risks behind AI infrastructure spending. The conversation also examines strained tech valuations, Washington’s limited options, and gold’s role in preserving wealth.

Jim Welsh, founder of Macro Tides and a macroeconomics and market analyst, examines whether a market shakeup is nearing. He discusses weak breadth, vulnerable semiconductor and AI stocks, rising Treasury yields, global bond selling, and possible bear-market triggers. Welsh also compares today’s risks with 1987, explores the Fed’s next moves, and weighs AI’s promise against an investment bust and job disruption.

Holly Wade, Executive Director of Research at NFIB, examines the economic pressures facing small businesses. They discuss stubborn labor shortages, rising wages, energy costs, tariffs, and the hesitation delaying hiring and investment. Wade also explores AI’s role in productivity, competition for skilled trades from data centers, retail’s struggle against big-box prices, and what elections could mean for taxes and regulation.

Chris Vermeulen, Chief Market Strategist at TheTechnicalTraders.com, specializes in technical analysis, trading strategies, and risk management. He discusses climbing bond yields, capital rotation away from technology, and warning signs for Nasdaq investors. The conversation also covers potential declines in gold and silver, oil’s upside targets, and a possible 20% housing correction across Canada and the United States.