ELITE Macro investor: How to invest as the AI BUBBLE POPS

Bob Elliott is the CEO and chief investment officer of Unlimited Funds, where he deploys hedge fund strategies into low-cost ETFs. He also authors the Nonconsensus Substack. He joins Phil Rosen on Full Signal to discuss why AI earnings expectations are detached from macro reality, the gap between $5 trillion of capex and $150 billion of AI revenue, how households are propping up corporate margins, and where he sees value beyond the AI trade.Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/TIMESTAMPS0:00 - Market as house of cards4:57 - Where is the AI productivity?6:26 - Wall Street's backwards math8:34 - $5 trillion capex10:54 - Why earnings still look strong13:31 - Circular deals15:32 - AI's real economy problem19:02 - Rotation out of tech21:03 - AI capex is 2% of GDP24:45 - Kalecki equation26:06 - Chip demand28:28 - Investing beyond AI31:59 - TIPS33:10 - Gold38:28 - Leverage40:16 - Unlimited's hedge fund ETFs#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed