AI Bubble, Stablecoin Boom, and Runnin' Down a Dream | BG2 w/ Bill Gurley and Brad Gerstner

Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPveOpen Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill’s next chapter—his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2!Timestamps:(00:00) Intro(02:00) Two Years of BG2(03:45) Bill Stepping Back to Write His Book(06:00) Runnin' Down a Dream(07:00) The AI CapEx Bubble?(09:30) Sham vs. Real Transactions in AI(11:00) Microsoft–OpenAI Credits & Cloud Economics(13:00) Nvidia’s Investments: Healthy or Hype?(17:00) CoreWeave, Hidden Leverage & Demand Risks(19:15) $3 Trillion CapEx: Are We Overbuilding AI?(21:45) The MAG5 CapEx Surge: Too Much, Too Fast?(24:30) Meta’s CapEx Comeback & AI ROI(25:30) OpenAI’s Race for Escape Velocity(28:30) AI Regulation: State Patchwork Madness(30:30) Why Federal Preemption Is Critical(33:15) The Colorado & California AI Acts(35:00) Stablecoin Surge: $18T in Settlements(36:45) Gurley’s Crypto Conversion(38:30) From PIX to FedNow: The Future of Digital Money(41:00) Coinbase, Circle, and the 4% Yield Revolution(43:00) Why Visa & Banks Fear Stablecoins(45:00) Gurley: “I’m Jumping on the Crypto Train”(46:00) Brad on Invest America (Trump Accounts)(49:00) Implementation Timeline & Treasury Update(50:30) Bill’s Book: Runnin' Down a Dream(53:15) The Great Career Reset: Passion vs. Grind(55:00) Bezos’ Regret Minimization Framework(57:00) Who the Book Is For(59:00) Gurley’s Next MissionShow Notes:All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOMPlain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459Bezos’ Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQProduced by Dan ShevchukMusic by Yung SpielbergAvailable on Apple, Spotify, www.bg2pod.comFollow:Brad Gerstner @altcap https://x.com/altcapBill Gurley @bgurley https://x.com/bgurleyBG2 Pod @bg2pod https://x.com/BG2Pod