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He's seen his share of bubbles, and we're now seeing that with the AI tech stocks. Eventually, tech will flatten or fall, and the rest of the market will catch up. Yes, AI is here to stay, but AI stocks are overvalued.

Editor's Note: The name of the company was indistinguishable, both verbally and in captions,although the first part of the name was Energy. No chart was shown. It is in the renewable energy business with waste being turned into natural gas. He has referred to this company in the past. It is improving its balance sheet and should have better quarters down the road.

The bond market thinks CRWV has too much debt and think their GPUs won't hold their value. He disagrees and feels that their chips will more than hold their value. When the borrowing time is over, CRWV own the chips outright and that's when the real money is made. The real issue, though, is interest rates; if they go up a lot, CRWV should be worried. He thinks AI will gain steam again and make a real impact on the economy and world. If AI collapses, then the whole AI data centre industry could get smacked. If there's another rate hike, Coreweave will have a hard time raising money.

All the AI is causing a demand shock to the market. Meanwhile, the polymarkets predict a 65% chance of the Democrats taking the Senate, and a complete (91%) chance the Democrats take the House. This means gridlock in Washington which is very good for stock markets, though this market is different given the concentration in AI, which has caused huge returns in recent years. It's projected that US$878 billion will be spent on AI capex in 2027. The AI trade is the only thing keeping the economy going. So many sectors, like housing, are in recession while the US deficit is running at 6% of GDP. Meanwhile, we have to double energy production by 2030 to feed data centres. All this is inflationary. We're reaching an inflection point where the US S&P equal-weight ETF is the better buy and no longer the laggard.