September 4th, 2026 | AI Capex Bubble Bursts, A Market Like 1901, Jobs Report Beats Expectations, Sports Betting as Investing, Big Food Battles Diet Drugs, Be Your Own Bank? & More

The AI Capex Bubble Is Starting to Look Crazy I keep coming back to the same question when I look at the incredible amount of money being poured into artificial intelligence: Where is all of this capital ultimately going to earn a return? Since the beginning of 2024, roughly $500 billion has been spent on chips, $350 billion on power infrastructure, $200 billion on construction and $100 billion on networking… The Stock Market Today Resembles the Stock Market of 1901 Some people believe they are witnessing something completely different in the stock market today and that what is happening now has never happened before. They believe the market will continue rising forever, and that there is simply no way they can lose. History tells us otherwise… The Jobs Report Was Much Stronger Than Expected Today’s jobs report was a big surprise. The U.S. economy added 162,000 jobs in August, well above the roughly 53,000 expected and the strongest monthly gain in five months. Even more importantly, July was revised from a loss of 23,000 jobs to a gain of 21,000. June was also revised higher, meaning the previous two months were collectively revised up by 55,000 jobs… Sports betting as an investment strategy? This is crazy. According to a Siena Poll, more than a quarter (27%) of Americans and over half (52%) of men aged 18 to 49 say they have an active online sportsbook account. That’s not a problem to me if you view sports gambling for what it is…. Which is gambling. The bigger problem I see is another recent survey from Betterment showed 52% of Gen Z investors… How the Big Food Companies Are Battling Diet Drugs It is estimated that by 2035, 15% of the American population will be using or will have used GLP-1 drugs. No surprise, this is a potential problem for the big food companies, which have historically benefited from consumers eating more. We are still in the early stages of the diet-drug revolution, and some of the downsides are becoming more apparent. Some users report that food doesn't taste as good, sometimes describing it as tasting like Styrofoam… Financial Planning: What It Means to “Be Your Own Bank” Sometimes phrases like “be your own bank” or “borrow from yourself” are presented as sophisticated ways to access capital without being taken advantage of by a lending institution. But the truth is, it is impossible to literally “borrow from yourself.” You either use your own money, or you borrow someone else’s money. When you take a loan against a life insurance policy, use a HELOC… Company Discussed: DICK'S Sporting Goods, Inc. (Ticker: DKS)