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Marc Andreessen is a founder, investor, and co-founder of Netscape, as well as co-founder of the venture capital firm Andreessen Horowitz (a16z). In this conversation, we dig into why we're living through a unique and one of the most incredible times in history, and what comes next.We discuss:1. Why AI is arriving at the perfect moment to counter demographic collapse and declining productivity2. How Marc has raised his 10-year-old kid to thrive in an AI-driven world3. What's actually going to happen with AI and jobs (spoiler: he thinks the panic is “totally off base”)4. The “Mexican standoff” that's happening between product managers, designers, and engineers5. Why you should still learn to code (even with AI)6. How to develop an “E-shaped” career that combines multiple skills, with AI as a force multiplier7. The career advice he keeps coming back to (“Don't be fungible”)8. How AI can democratize one-on-one tutoring, potentially transforming education9. His media diet: X and old books, nothing in between—Brought to you by:DX—The developer intelligence platform designed by leading researchersBrex—The banking solution for startupsDatadog—Now home to Eppo, the leading experimentation and feature flagging platform—Episode transcript: https://www.lennysnewsletter.com/p/marc-andreessen-the-real-ai-boom—Archive of all Lenny's Podcast transcripts: https://www.dropbox.com/scl/fo/yxi4s2w998p1gvtpu4193/AMdNPR8AOw0lMklwtnC0TrQ?rlkey=j06x0nipoti519e0xgm23zsn9&st=ahz0fj11&dl=0—Where to find Marc Andreessen:• X: https://x.com/pmarca• Substack: https://pmarca.substack.com• Andreessen Horowitz's website: https://a16z.com• Andreessen Horowitz's YouTube channel: https://www.youtube.com/@a16z—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Marc Andreessen(04:27) The historic moment we're living in(06:52) The impact of AI on society(11:14) AI's role in education and parenting(22:15) The future of jobs in an AI-driven world(30:15) Marc's past predictions(35:35) The Mexican standoff of tech roles(39:28) Adapting to changing job tasks(42:15) The shift to scripting languages(44:50) The importance of understanding code(51:37) The value of design in the AI era(53:30) The T-shaped skill strategy(01:02:05) AI's impact on founders and companies(01:05:58) The concept of one-person billion-dollar companies(01:08:33) Debating AI moats and market dynamics(01:14:39) The rapid evolution of AI models(01:18:05) Indeterminate optimism in venture capital(01:22:17) The concept of AGI and its implications(01:30:00) Marc's media diet(01:36:18) Favorite movies and AI voice technology(01:39:24) Marc's product diet(01:43:16) Closing thoughts and recommendations—Referenced:• Linus Torvalds on LinkedIn: https://www.linkedin.com/in/linustorvalds• The philosopher's stone: https://en.wikipedia.org/wiki/Philosopher%27s_stone• Alexander the Great: https://en.wikipedia.org/wiki/Alexander_the_Great• Aristotle: https://en.wikipedia.org/wiki/Aristotle• Bloom's 2 sigma problem: https://en.wikipedia.org/wiki/Bloom%27s_2_sigma_problem• Alpha School: https://alpha.school• In Tech We Trust? A Debate with Peter Thiel and Marc Andreessen: https://a16z.com/in-tech-we-trust-a-debate-with-peter-thiel-and-marc-andreessen• John Woo: https://en.wikipedia.org/wiki/John_Woo• Assembly: https://en.wikipedia.org/wiki/Assembly_language• C programming language: https://en.wikipedia.org/wiki/C_(programming_language)• Python: https://www.python.org• Netscape: https://en.wikipedia.org/wiki/Netscape• Perl: https://www.perl.org• Scott Adams: https://en.wikipedia.org/wiki/Scott_Adams• Larry Summers's website: https://larrysummers.com• Nano Banana: https://gemini.google/overview/image-generation• Bitcoin: https://bitcoin.org• Ethereum: https://ethereum.org• Satoshi Nakamoto: https://en.wikipedia.org/wiki/Satoshi_Nakamoto• Inside ChatGPT: The fastest-growing product in history | Nick Turley (Head of ChatGPT at OpenAI): https://www.lennysnewsletter.com/p/inside-chatgpt-nick-turley• Anthropic co-founder on quitting OpenAI, AGI predictions, $100M talent wars, 20% unemployment, and the nightmare scenarios keeping him up at night | Ben Mann: https://www.lennysnewsletter.com/p/anthropic-co-founder-benjamin-mann• Inside Google's AI turnaround: The rise of AI Mode, strategy behind AI Overviews, and their vision for AI-powered search | Robby Stein (VP of Product, Google Search): https://www.lennysnewsletter.com/p/how-google-built-ai-mode-in-under-a-year• DeepSeek: https://www.deepseek.com• Cowork: https://support.claude.com/en/articles/13345190-getting-started-with-cowork• Definite vs. indefinite thinking: Notes from Zero to One by Peter Thiel: https://boxkitemachine.net/posts/zero-to-one-peter-thiel-definite-vs-indefinite-thinking• Henry Ford: https://www.thehenryford.org/explore/stories-of-innovation/visionaries/henry-ford• Lex Fridman Podcast: https://lexfridman.com/podcast• $46B of hard truths from Ben Horowitz: Why founders fail and why you need to run toward fear (a16z co-founder): https://www.lennysnewsletter.com/p/46b-of-hard-truths-from-ben-horowitz• Eddington: https://www.imdb.com/title/tt31176520• Joaquin Phoenix: https://en.wikipedia.org/wiki/Joaquin_Phoenix• Pedro Pascal: https://en.wikipedia.org/wiki/Pedro_Pascal• George Floyd: https://en.wikipedia.org/wiki/George_Floyd• Replit: https://replit.com• Behind the product: Replit | Amjad Masad (co-founder and CEO): https://www.lennysnewsletter.com/p/behind-the-product-replit-amjad-masad• Grok Bad Rudi: https://grok.com/badrudi• Wispr Flow: https://wisprflow.ai• Star Trek: The Next Generation: https://www.imdb.com/title/tt0092455• Star Trek: Starfleet Academy: https://www.imdb.com/title/tt8622160• a16z: The Power Brokers: https://www.notboring.co/p/a16z-the-power-brokers—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. To hear more, visit www.lennysnewsletter.com
Marketplace's Meghan McCarty Carino takes a tour of Redwood Material's new R&D Lab with CTO Colin Campbell. Redwood, an EV battery recycling startup, is now offering off-grid, renewable energy grids to AI data centers and it's looking to scale up its operations in this AI boom.
Marketplace's Meghan McCarty Carino takes a tour of Redwood Material's new R&D Lab with CTO Colin Campbell. Redwood, an EV battery recycling startup, is now offering off-grid, renewable energy grids to AI data centers and it's looking to scale up its operations in this AI boom.
In this jam-packed news & earnings episode, Simon and Dan break down the Bank of Canada holding rates, the massive uncertainty around U.S. trade policy, and why macro headlines are driving markets more than usual. We also dig into silver’s parabolic run (and why Simon trimmed exposure), plus earnings and updates from ASML, RTX, and UnitedHealth—a perfect example of how political risk can overwhelm fundamentals. We also tease an extra earnings + news episode next week, and we’re planning to do it live on YouTube for the first time—subscribe so you don’t miss it. Tickers of Stocks Discussed: ASML, RTX, UNH, INTC, LMT, SLV, ZSL, PSLV Watch the full video on Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor Spotify - The Canadian Real Estate Investor Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.
The Federal Reserve is holding interest rates steady, keeping policy in a 3.5%–3.75% range. Lance Roberts and Michael Lebowitz examine how markets are reacting to Chair Jerome Powell's message, and break down what the Fed is signaling—and why it could fuel market volatility ahead. 0:00 - INTRO 0:19 - Mega Reports & Fed Fallout 4:31 - Markets Struggle after 7,000 9:33 - Inflation, Truflation, & Labor 14:14 - Chances of Rate Changes Higher or Lower? 16:44 - Current Growth Spurt is Unsustainable 19:10 - No Mention of QT/QE 21:10 - Citadel Securities; Risk-on Indicator 23:14 - Margin Debt is Bullish for Markets 26:13 - Liquidity Shifts & Fed Watching 29:15 - Geopolitics, Mid-term Elections & Potential Gov't Shutdown 31:42 - Why Fed Policy Matters 34:02 - Are We In an AI Bubble 35:53 - Favorite Search Engine Rankings - Then & Now 38:23 - The AI Boom vs the Dot-com Bubble Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=1vX2vPQQp28 ------- Articles Mentioned in Today's Show: "AI Bubble: History Says Caution Is Warranted" https://realinvestmentadvice.com/resources/blog/ai-bubble-history-says-caution-is-warranted/ ------- Watch our previous show, "Q&A Wednesday, the YouTube Chatroom Free-for-all," here: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Markets Stall at 7,000: Breakout or Bull Trap?" is here: https://www.youtube.com/watch?v=meTHta-tC1o&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #TechnicalAnalysis #RiskManagement #MarketSpeculation #InvestorDiscipline #FederalReserve #JeromePowell #InterestRates #MarketOutlook #MonetaryPolicy
The Federal Reserve is holding interest rates steady, keeping policy in a 3.5%–3.75% range. Lance Roberts and Michael Lebowitz examine how markets are reacting to Chair Jerome Powell's message, and break down what the Fed is signaling—and why it could fuel market volatility ahead. 0:00 - INTRO 0:19 - Mega Reports & Fed Fallout 4:31 - Markets Struggle after 7,000 9:33 - Inflation, Truflation, & Labor 14:14 - Chances of Rate Changes Higher or Lower? 16:44 - Current Growth Spurt is Unsustainable 19:10 - No Mention of QT/QE 21:10 - Citadel Securities; Risk-on Indicator 23:14 - Margin Debt is Bullish for Markets 26:13 - Liquidity Shifts & Fed Watching 29:15 - Geopolitics, Mid-term Elections & Potential Gov't Shutdown 31:42 - Why Fed Policy Matters 34:02 - Are We In an AI Bubble 35:53 - Favorite Search Engine Rankings - Then & Now 38:23 - The AI Boom vs the Dot-com Bubble Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA Produced by Brent Clanton, Executive Producer ------- Watch Today's Full Video on our YouTube Channel: https://www.youtube.com/watch?v=1vX2vPQQp28 ------- Articles Mentioned in Today's Show: "AI Bubble: History Says Caution Is Warranted" https://realinvestmentadvice.com/resources/blog/ai-bubble-history-says-caution-is-warranted/ ------- Watch our previous show, "Q&A Wednesday, the YouTube Chatroom Free-for-all," here: https://www.youtube.com/watch?v=XLaWDc-IGAw&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- The latest installment of our new feature, Before the Bell, "Markets Stall at 7,000: Breakout or Bull Trap?" is here: https://www.youtube.com/watch?v=meTHta-tC1o&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Get more info & commentary: https://realinvestm entadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #MarketOutlook #TechnicalAnalysis #RiskManagement #MarketSpeculation #InvestorDiscipline #FederalReserve #JeromePowell #InterestRates #MarketOutlook #MonetaryPolicy
There has been so much attention paid to the AI boom in the United States and China. Japan has sorta been ignored. Should it be? Japan has in recent years launched a leading edge AI lab, a leading edge semiconductor foundry, and several integrator startups. Over the past week, I had another set of conversations with various companies and people in Tokyo. Mostly, I explored the question: How is the AI boom going in Japan? I recognize that talking to a few people does not a country profile make. But in today's video, a small vibe check on the Japanese AI boom.
Segment 1: Albert Friedman, Chairman and CEO, Friedman Properties, joins John Williams to talk about the work they do, the importance of preserving historical landmarks, why hospitality is a critical component of their business, the role that art and culture play in development, the various type of properties they own, the biggest challenges they face […]
From the BBC World Service: One of the world's leading technology bosses has warned there could be “carnage" if a bubble in AI share prices bursts. The chief executive of Cisco, Chuck Robbins, has told the BBC that while some companies won't survive, artificial intelligence will be “bigger than the internet.” Plus, we take you to Saudi Arabia, where the construction of a huge skyscraper — 20 times the size of the Empire State Building — has been suspended.
From the BBC World Service: One of the world's leading technology bosses has warned there could be “carnage" if a bubble in AI share prices bursts. The chief executive of Cisco, Chuck Robbins, has told the BBC that while some companies won't survive, artificial intelligence will be “bigger than the internet.” Plus, we take you to Saudi Arabia, where the construction of a huge skyscraper — 20 times the size of the Empire State Building — has been suspended.
Today on the Newcomer Podcast, we're at MongoDB.Local for a series of conversations on how enterprise AI is actually being built.MongoDB CEO CJ Desai joins the show 65 days into the role to explain why San Francisco is “back,” how MongoDB is repositioning itself for the AI era, and why unstructured data has made the company's platform a natural foundation for AI-native applications. He shares his view on the AI hype cycle, the rapid rise of companies like OpenAI and Anthropic, and why MongoDB is staying model-agnostic as AI product cycles accelerate.We also sit down with Rippling's Head of AI Ankur Bhatt to discuss how AI is being deployed inside a live enterprise system. The conversation covers building agents across payroll, IT, and finance, why agent identity and accountability matter, and how Rippling is approaching permissions, access control, and AI-driven productivity at scale.A grounded look at the enterprise AI stack, from the data layer to real-world deployment.MongoDB #Rippling #AIAgents #VentureCapital
Tech companies are pouring billions into developing the infrastructure necessary to meet the demand for artificial intelligence. But what does that infrastructure look like on the ground? Marketplace Tech's Meghan McCarty Carino joins Kimberly to share her takeaways after visiting a variety of data centers and reporting on the surge in AI investment. Plus, we'll weigh in on microdramas and AI slop during a round of Half Full/Half Empty!Here's everything we talked about today:"Inside the relentless race for AI capacity" Financial Times"Redwood Materials built record grid storage project using old EV batteries" Canary Media"Just how big is the AI investment wave?" from Reuters"YouTube says battling ‘AI slop' is a top priority" from The L.A. Times"TikTok-like microdramas are going to make billions this year, even though they kind of suck" from Tech Crunch"Apple to Revamp Siri as a Built-In iPhone, Mac Chatbot to Fend Off OpenAI" from Bloomberg "Ads Are Coming to ChatGPT. Here's How They'll Work" from WiredWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.
Tech companies are pouring billions into developing the infrastructure necessary to meet the demand for artificial intelligence. But what does that infrastructure look like on the ground? Marketplace Tech's Meghan McCarty Carino joins Kimberly to share her takeaways after visiting a variety of data centers and reporting on the surge in AI investment. Plus, we'll weigh in on microdramas and AI slop during a round of Half Full/Half Empty!Here's everything we talked about today:"Inside the relentless race for AI capacity" Financial Times"Redwood Materials built record grid storage project using old EV batteries" Canary Media"Just how big is the AI investment wave?" from Reuters"YouTube says battling ‘AI slop' is a top priority" from The L.A. Times"TikTok-like microdramas are going to make billions this year, even though they kind of suck" from Tech Crunch"Apple to Revamp Siri as a Built-In iPhone, Mac Chatbot to Fend Off OpenAI" from Bloomberg "Ads Are Coming to ChatGPT. Here's How They'll Work" from WiredWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.
Market update for January 23, 2026Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today's episode:Global investors quietly diversify away from U.S. assets, fueling gains in gold and emerging marketsIntel shares slide after the chipmaker admits it can't keep up with surging AI data-center demandTikTok finalizes a deal to stay in the U.S., reshaping ownership but keeping its algorithm in placeNatural gas prices surge as a major winter storm threatens nearly half the countryCapital One stock falls after announcing a $5.15B acquisition of fintech BrexCollege football and the NFL deliver massive ratings, proving live sports still dominate TV
Microsoft chief executive Satya Nadella has warned that artificial intelligence (AI) risks becoming a speculative bubble unless its use spreads beyond big tech companies and wealthy economies. More than half of CEOs report seeing neither increased revenue nor decreased costs from AI, despite massive investments in the technology. Please Like, Comment and Follow 'Philip Teresi on KMJ' on all platforms: --- Philip Teresi on KMJ is available on the KMJNOW app, Apple Podcasts, Spotify, YouTube or wherever else you listen to podcasts. -- Philip Teresi on KMJ Weekdays 2-6 PM Pacific on News/Talk 580 AM & 105.9 FM KMJ | Website | Facebook | Instagram | X | Podcast | Amazon | - Everything KMJ KMJNOW App | Podcasts | Facebook | X | Instagram See omnystudio.com/listener for privacy information.
Few people experienced the Dot-Com bubble with more vertiginous intensity than Bill Gross, the Pasadena-based founder of Idealab and many many other internet startups over the last 30 years. So when I sat down with Gross at DLD, I couldn't resist opening with the boom/bubble gambit. How, I asked him, does today's AI hysteria compare with the Web 1.0 madness of the Nineties? While Gross - whose current ProRata.ai play is focused on protecting creativity in the age of generative AI - doesn't believe that today's boom is akin to the Dot-Com bubble, there are similarities. We are at what Gross calls a “Napster moment” in terms of making the big LLMs accountable for all the content they are illegally crawling (ie: stealing). And to get beyond this moment, he says, everyone from Google and OpenAI to Perplexity and Anthropic, needs to move to a “Spotify model” that fairly shares revenue with the human creators of knowledge. Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe
Chuck Zodda and Mike Armstrong discuss TSMC's blockbuster spending plans and results and if it shows that the AI boom will continue. Goldman's stock traders beat their own Wall Street record. BlackRock total assets hit record $14T as ETFs surge. Why have the vibes on megabanks changed? 7 signs you need a financial advisor in 2026.
The AI boom is a bubble and more important: when it's most likely to finally pop.Venture capitalists and governments have invested almost a Trillion dollars in AI tech and infrastructure which has translated to AI companies being responsible for 92% of the stock market growth in 2025. Both the biggest AI boosters AND its most ardent detractors agree that the bull run will end in radical changes to the economy, politics and maybe even human civilization. alt title: Is the AI Boom the Biggest Ponzi Scheme in History?Get Early Access on Substackhttps://sgcarney.substack.com/
The market is hitting record highs and AI stocks are soaring, but for retirees, this may actually be one of the most dangerous environments in years. In this episode, Josh explains why booming markets don't automatically mean financial safety, how portfolio concentration and the sequence of returns can quietly threaten retirement income, and why income planning matters more than account balance alone. If you're retired or approaching retirement, this conversation could completely change how you think about your money. Can't get enough of The Financial Quarterback? Click ‘Subscribe' so you never miss a play. If you're enjoying the show, leave a 5-star rating and drop a review—it helps keep the game going!
The rapid growth of data centres in Australia and the role of AI in contributing to their proliferation is a hot topic in both planning and 'mainstream' debate. Dr Bronwyn Cumbo of UTS's Transdisciplinary School and Johanna Lim from the US Studies Centre join host Bill Code to talk about some of the environmental, social and strategic considerations around planning for data centres, the so-called 'nerve centres' of our digital economy.
This episode is a special replay from The Generalist Podcast, featuring a conversation with a16z General Partner Martin Casado. Martin has lived through multiple tech waves as a founder, researcher, and investor, and in this discussion he shares how he thinks about the AI boom, why he believes we're still early in the cycle, and how a market-first lens shapes his approach to investing.They also dig into the mechanics behind the scenes: why AI coding could become a multi-trillion-dollar market, how a16z evolved from a small generalist firm into a specialized organization, the growing role of open-source models, and why Martin believes AGI debates often obscure more meaningful questions about how technology actually creates value. Resources:Follow Mario GabrieleX: https://x.com/mariogabrielehttps://www.generalist.com/Follow Martin Casado:LinkedIn: https://www.linkedin.com/in/martincasado/X: https://x.com/martin_casadoThe Generalist Substack: https://www.generalist.com/The Generalist on YouTube: https://www.youtube.com/@TheGeneralistPodcastSpotify: https://open.spotify.com/show/6mHuHe0Tj6XVxpgaw4WsJVApple: https://podcasts.apple.com/us/podcast/the-generalist/id1805868710 Stay Updated:If you enjoyed this episode, be sure to like, subscribe, and share with your friends!Find a16z on X: https://x.com/a16zFind a16z on LinkedIn: https://www.linkedin.com/company/a16zListen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYXListen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures Stay Updated:Find a16z on XFind a16z on LinkedInListen to the a16z Show on SpotifyListen to the a16z Show on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
We are away for Christmas, so this is a repeat of a previous episode. AI companies are seeing a monumental surge in investment – but some experts are now warning of the risks of an economic bubble. Could AI be the biggest market bubble since the dot-com crash? Or is it a genuinely transformative technology that's simply taking time to deliver? We speak to the BBC's Evan Davis. Producers: Aron Keller and Xandra Ellin Executive Producer: James Shield Mix: Travis Evans Senior news editor: China Collins Photo: Artificial Intelligence mobile apps. Hannibal Hanschke/EPA/Shutterstock
This episode is a special replay from The Generalist Podcast, featuring a conversation with a16z General Partner Martin Casado. Martin has lived through multiple tech waves as a founder, researcher, and investor, and in this discussion he shares how he thinks about the AI boom, why he believes we're still early in the cycle, and how a market-first lens shapes his approach to investing.They also dig into the mechanics behind the scenes: why AI coding could become a multi-trillion-dollar market, how a16z evolved from a small generalist firm into a specialized organization, the growing role of open-source models, and why Martin believes AGI debates often obscure more meaningful questions about how technology actually creates value. Follow Mario GabrieleX: https://x.com/mariogabrielehttps://www.generalist.com/ Follow Martin Casado:LinkedIn: https://www.linkedin.com/in/martincasado/X: https://x.com/martin_casado The Generalist Substack: https://www.generalist.com/The Generalist on YouTube: https://www.youtube.com/@TheGeneralistPodcastSpotify: https://open.spotify.com/show/6mHuHe0Tj6XVxpgaw4WsJVApple: https://podcasts.apple.com/us/podcast/the-generalist/id1805868710 Check out everything a16z is doing with artificial intelligence here, including articles, projects, and more podcasts. Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Original Release Date: November 13, 2025Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emmet, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmet, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.
Plus: Layoffs are expected across the marketing industry as leaders face pressure over AI savings, according to a survey by Spencer Stuart. And Samsung is set to acquire ZF Group's ADAS unit for about $1.76 billion. Julie Chang hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Rich Zeoli Show- Hour 4: 6:05pm- Doug Kelly—CEO of the American Edge Project—joins The Rich Zeoli Show to discuss a new report indicating that nearly 3,000 data centers are either currently under construction or in the process of being planned across the United States. The data centers are essential for the expected artificial intelligence boom. Though, some on the political left are pushing back—citing their massive energy usage. 6:40pm- The Philadelphia Eagles travel to Washington on Saturday to take on the Commanders. Will Philly win and guarantee themselves a playoff spot and the NFC East Division title?
The AI boom has driven headlines, soaring valuations, and a lot of excitement in the markets, but what might be getting overlooked along the way? In Part 2 of this conversation, Ben and CIO Keith Lockwood step back to discuss how debt, market structure, and investor behavior can quietly shape risk during fast-moving trends. Want to make more informed decisions in an AI-driven market? Tune in to hear what others may be missing. Here's some of what we discuss in this episode:
America is racing to build the infrastructure for an AI-powered economy. But as this generational investment accelerates, a critical question emerges: Are organizations truly ready to deploy AI at scale? While AI is everywhere in headlines, enterprise readiness remains uneven. Many companies are experimenting with AI, but far fewer have the data quality, governance structures, workforce skills, or sector-specific frameworks needed to adopt it responsibly and effectively. The gap between infrastructure and real-world deployment is growing — and closing it will determine whether AI strengthens competitiveness and expands opportunity across the economy. In this episode, guest host Brie Sachse, Senior Vice President & Head of Government Affairs for Siemens USA, sits down with Victoria Espinel, President & CEO of the Business Software Alliance (BSA), to explore how AI can be responsibly integrated across every sector of the economy. Together, they discuss what it takes to accelerate AI adoption in ways that strengthen competitiveness, expand opportunity, and build public trust. Victoria shares insights from BSA's global work on AI and digital transformation, while Brie discusses the strong benefits of AI adoption across all sectors of industry, where AI meets the physical world. Both Brie and Victoria reflect on how policymakers, employers, and technology leaders can work together to ensure AI provides benefits to organizations of all sizes. This episode offers a practical, optimistic look at the future of AI and why readiness, not hype, is the key to unlocking America's AI advantage.
The Information's Kevin McLaughlin breaks down Databricks' massive $4 billion funding round and the growing liability of corporate chatbots. We also talk with Crypto Reporter Yueqi Yang about Lead Bank tightening its grip on the stablecoin industry and Sapphire Ventures' Rajeev Dham about his enterprise AI predictions for 2026. Finally, we look at whether NVIDIA's Jensen Huang will fund AI-powered alien hunting with AI Reporter Rocket Drew and discuss the future of humanoid robots and their role in the AI boom with Centific SVP Prithivi Pradeep.Articles discussed on this episode: https://www.theinformation.com/articles/small-bank-critical-stablecoin-payments-tightens-risk-controlshttps://www.theinformation.com/articles/corporate-chatbots-gone-wildhttps://www.theinformation.com/articles/alien-hunters-want-jensen-huang-fund-ai-telescopehttps://www.theinformation.com/articles/servicenow-sell-highlights-jittery-marketTITV airs on YouTube, X and LinkedIn at 10AM PT / 1PM ET. Or check us out wherever you get your podcasts.Subscribe to: - The Information on YouTube: https://www.youtube.com/@theinformation- The Information: https://www.theinformation.com/subscribe_hSign up for the AI Agenda newsletter: https://www.theinformation.com/features/ai-agenda
Carl Quintanilla, Jim Cramer and David Faber set the stage for what is shaping up to be a busy final full trading week of 2025. Cramer explained why he believes the AI boom is "stunted" and many investors won't "touch" Nvidia stock. As some on Wall Street debate comparing AI mania to the dot-com bubble, the anchors explored the Magnificent 7 stocks that are underperforming the broader market. Also in focus: Bullish calls on the S&P 500, why Tesla shares are in rally mode, President Trump says the Fed should consult him about interest rate policy, "Kevins" in the mix to replace Fed Chair Powell, Goldman Sachs says "Sell" Texas Instruments.Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
“The mania is going to unfold very slowly,” Michael Grant argues, saying that AI will slowly be “derated” next year. He discusses how moving from cash investment to debt-based investment in AI is changing the state of the market. “We have to go back to the fundamental question: how will this be used, and how profitable will it be?” He stresses that AI is “generic and non-proprietary,” which is an exception to how technological revolutions have worked in the past.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about
In this week's episode of WSJ's Take On the Week, co-host Telis Demos and guest host Hannah Erin Lang discuss the Federal Reserve's recent rate cut and whether further easing is expected in 2026. They get into the upcoming CPI report, which is expected to show stubborn inflation, and how that could pressure consumer stocks like Nike and General Mills. The hosts also look at the busy slate of global central bank decisions from the EU, the U.K., and Japan — highlighting how a potential rate hike from the Bank of Japan could impact the U.S. dollar. They also discuss whether the latest jobs report reveals the growing impact of artificial intelligence on the labor market? After the break, Telis is joined by Ajay Rajadhyaksha, global chairman of research at Barclays, to explore the relationship between AI and the economy. Rajadhyaksha explains why he doesn't see AI causing net job losses yet, but rather a slowdown in new hiring and wage pressure. He argues that the huge amount of AI spending is keeping the economy growing right now. However, he warns that if the AI investment falters, there could be consequences for the U.S. economy. Finally, Ajay offers his take on why investors should look to markets like Japan and Korea for AI opportunities. This is WSJ's Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street's banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We'd love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Tens of Thousands of White-Collar Jobs Are Disappearing as AI Starts to Bite How the U.S. Economy Became Hooked on AI Spending More Big Companies Bet They Can Still Grow Without Hiring The AI Data-Center Boom Is a Job-Creation Bust For more coverage of the markets and your investments, head to WSJ.com, WSJ's Heard on The Street Column, and WSJ's Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Gunjan Banerji here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices
AI demand for GPUs is exploding – and most of that capacity is locked inside underused data centers.In this episode, I talk with Mark from Aethir, a decentralized GPU cloud that aggregates idle, enterprise-grade GPUs into a global network. We discuss how Aethir feels like AWS on the front end but works like “Airbnb for data centers” behind the scenes, why compute demand outpaces supply, and how they keep latency low across 90+ countries.Mark also explains Aethir's token and revenue model, their work with EigenLayer, and why he believes solo founders now have superpowers in an AI-native world.Nothing in this episode is financial or investment advice.Key timestamps[00:00:00] Intro: Sam introduces Mark and Aethir's decentralized GPU cloud.[00:01:00] Mark's journey: From oil and gas infra and biotech to building GPU infrastructure for AI.[00:04:00] What Aethir is: AWS-style GPU cloud on the front end, “Airbnb for data centers” on the back end.[00:06:00] Enterprise-only GPUs: Why they only use data-center-grade hardware and no consumer devices.[00:07:00] Exploding demand: GPU demand 6–8x supply, with inference-heavy apps driving the next wave.[00:14:00] Global coverage: 90+ countries and routing users to nearby nodes for low latency.[00:31:00] Business model: 20% protocol fee, 80% to GPU hosts, plus token rewards and staking for large clusters.[00:39:00] Solo founder era: Why one-person AI-native companies will be extremely powerful.[00:41:00] Mark's message: Focus on projects with strong fundamentals and keep building through cycles.Connecthttp://aethir.com/https://www.linkedin.com/company/aethir-limited/https://x.com/AethirCloudhttps://www.linkedin.com/in/markrydon/https://x.com/MRRydonDisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.Get featuredBe a guest on the podcast or contact us – https://www.web3pod.xyz/
OpenAI kickstarted the AI race, but is it now at risk of falling behind Google? As the company behind ChatGPT releases its latest update to fend off Google's Gemini, WSJ'S Berber Jin explains OpenAI CEO Sam Altman's urgent "code red" memo to all employees and why the strategy will come at a cost. Jessica Mendoza hosts. Further Listening: - Is the AI Boom… a Bubble? - AI Is Coming for Entry-Level Jobs - The Journal. Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
Chuck Zodda and Paul Lane discuss China's access to powerful Nvidia chips comes at a 'critical moment.' China's DeepSeek uses banned Nvidia chips. Why the AI boom is not like the dot com boom. 53% of investors with RMDs for 2025 still haven't taken it. Instacart is finding themselves in hot water over same store pricing. Could SpaceX launch the highest IPO ever in 2026?
Earlier this year, OpenAI and chip-designer Advanced Micro Devices, or AMD, announced a multibillion-dollar partnership to collaborate on AI data centers that will run on AMD processors, one of the most direct challenges yet to industry leader Nvidia. WSJ's Robbie Whelan spoke to the CEO of AMD Lisa Su about the deal, her company and the prospect of an AI bubble. Ryan Knutson hosts. Further Listening: - CoreWeave, the Company Riding the AI Boom - Is the AI Boom… a Bubble? - The Unraveling of OpenAI and Microsoft's Bromance Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
"I think this industrial renaissance is being driven by a real need for investment, whereas with the tech bubble, there was a lot of spare capacity. Today, AI-driven companies need more power on the grid and more manufacturing capability, and that's what this business spending is about." Alger Director of Market Strategy Brad Neuman discusses the new industrial renaissance and what that may mean for investors.
Late arriving economic reports have delivered mixed results on the health of the US economy. Confluence Chief Market Strategist Patrick Fearon-Hernandez joins Phil Adler to discuss takeaways for investors.
CNBC and MSNBC commentator Ron Insana joins Michael to break down what's really driving the stock market — and why most investors aren't feeling the gains. From the soaring dominance of the “Magnificent Seven” tech giants to fears of an AI-fueled bubble, Insana explains the risks, the misconceptions, and how everyday Americans should think about investing in a highly concentrated market. They also tackle AI job displacement, universal basic income, Nvidia's explosive rise, and the surprising decline in what it means to be “wealthy” today. Original air date 4 December 2025. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.
Join host Mark Benzaquen for the final Wide World of Options broadcast of 2025 featuring Market Taker Mentoring's Dan Passarelli. In this insightful episode, Dan shares his perspective on the surprising market valuations of 2025, offers his outlook for 2026, and discusses the evolution of retail options traders. The conversation concludes with a fun lightning round, with a look into Dan's professional projects, including his upcoming book release in April 2026.
Sheldon Kimber is CEO and Founder of Intersect, a provider of power solutions to the industries of tomorrow. In his prior role as COO of Recurrent Energy, he led the company's development, origination, EPC, and operations activities globally and helped lead its expansion from a five person start-up to a leading, utility-scale developer, eventually delivering 2GW of COD. Sheldon joined Recurrent Energy in 2007 having previously worked at Calpine, Goldman Sachs, and Accenture. He holds a BA from Kenyon College and an MBA from UC Berkeley Haas School of Business, where he taught project finance for almost 10 years. Top 3 Value Bombs 1. Choose investors for alignment, not valuation. The right partners share your vision and support your governance. 2. Curiosity drives innovation. A culture of 'why not?' opens new pathways to scale and resilience. 3. Earn your edge through experience. Success comes from putting in the reps, learning the system, and then building something better. Check out the website to find Sheldon's blog and contact info. They are hiring across multiple roles - Intersect Sponsors HighLevel - The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies. Learn more at HighLevelFire.com. Intuit QuickBooks - Transform your cash flow and your business. Check out QuickBooks Money Tools today. Learn more at QuickBooks.com/money. Terms apply. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services.
An escalating artificial intelligence race between China and the U.S. is drawing comparisons to the Cold War, and is likely to be just as consequential. As the technology barrels ahead from ChatGPT to DeepSeek and beyond, the competition is now primarily focused on advanced computer chips, but some worry that the race to innovate will lead to loosening safety regulations. WSJ's Josh Chin explains China's strategy to Ryan Knutson. Further Listening: - CoreWeave, the Company Riding the AI Boom - Is the AI Boom… a Bubble? - What's the Worst AI Can Do? This Team Is Finding Out. Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
In November, Inside the ICE House aired seven new episodes, both traditional and our Markets in Focus series in partnership with Opening Bell Daily. Episode 494: Chemours CFO Shane Hostetter on Driving Growth Through Strategy & Innovation Episode 495: Bausch + Lomb CEO Brent Saunders on Comeback, R&D Innovation, and the Evolution of Eye Care November Markets in Focus: Labor Market Slowdown, AI Boom vs Dot Com Bubble, Market Opportunities Episode 496: CRH CEO Jim Mintern on Building the Future of the Building Materials Industry Episode 497: Athene CEO Grant Kvalheim on Addressing America's Growing Retirement Crisis Episode 498: Realty Income CEO Sumit Roy on Monthly Dividends, European Expansion, and the Future of Net Lease Episode 499: GeoPark CEO Felipe Bayon on Leading a New Era and Building Long-term Success
$57 billion. That's the amount of revenue tech giant NVIDIA reported in the third quarter. At first, the news was welcomed by investors who had been leery about the evaluation of artificial intelligence and whether the AI boom was actually a bubble. However, the gains from the chip maker's record-breaking revenue were soon lost, as they proved insufficient to ease worried minds. Also this week, the delayed September jobs report surprised with better-than-expected job growth. But what will that mean for the Federal Reserve when they meet next month as they weigh the decision to cut interest rates for a third straight time? Lou Basenese, the Executive Vice President of Market Strategy at Prairie Operating Co., joins FOX Business' Gerri Willis to discuss the AI trend, jobs, and what the Fed may do more. Plus, he offers some tips on how to manage this market. Learn more about your ad choices. Visit podcastchoices.com/adchoices
From the BBC World Service: The artificial intelligence revolution is firmly underway, with tech giants investing billions in research and battling to secure key assets. It's led to a surging stock market, but also panic about the potential impact on jobs and society. Google is one of the companies investing heavily in the new technology. Today, we check in with CEO Sundar Pichai. Plus, the U.K. plans to ban the resale of event tickets for profit.
From the BBC World Service: The artificial intelligence revolution is firmly underway, with tech giants investing billions in research and battling to secure key assets. It's led to a surging stock market, but also panic about the potential impact on jobs and society. Google is one of the companies investing heavily in the new technology. Today, we check in with CEO Sundar Pichai. Plus, the U.K. plans to ban the resale of event tickets for profit.
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Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emett, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmett, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.
WSJ's Dan Gallagher takes us inside the little-known company playing a pivotal role in the AI spending boom. And Jessica Mendoza speaks to CoreWeave CEO Mike Intrator at WSJ Tech Live conference about whether the boom could be a bubble. Further Listening: - Is the AI Boom… a Bubble? - The Unraveling of OpenAI and Microsoft's Bromance - Artificial: The OpenAI Story Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
At WSJ's Tech Live, Jessica Mendoza sits down with Michael Kratsios, Director of the White House Office of Science and Technology Policy to discuss the pivotal moment in the U.S.-China AI race, how he thinks AI should be regulated, and whether or not the AI boom might be a bubble. Further Listening: - Is the AI Boom… a Bubble? - How a $1.5 Billion Settlement Could Alter the Course of AI - The Nvidia CEO's Quest to Sell Chips in China Sign up for WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
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