Yields Up, AI Crowded

The clean version is simple: rates are doing damage, AI leadership is getting narrower, and markets are leaning hard on a few very expensive stories. That matters because when the macro backdrop tightens and leadership concentrates, small disappointments start moving very big amounts of money.Treasury yields and the FedNVIDIA and the narrow AI tradeCapital returns, competition, and marginsThe AI supercycle and the IPO queueSpaceX and private capitalHousing, consumers, and the two-speed economyEnergy, geopolitics, and supply riskTech rotation and what matters nextThis podcast was created with Podkey. Make your own at https://podkey.fm