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Is the AI Bull Market Moving Past Semiconductors?
Neoclouds like Nebius, CoreWeave, and IREN are showing the signs of a micro bubble, and we trimmed our Nebius position. This episode covers where we think AI capital goes next.
Jensen Huang frames the AI economy as a five-layer cake: energy, chips, infrastructure, models, and applications. So far the cake has been inverted. Most capital has gone to the bottom layers (energy, semiconductor manufacturing, and data center build-out), even though those sectors are a small share of global GDP. After the software selloff earlier in 2026, there are early signs that the top layer, meaning…
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