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As investors’ outlook on AI capital expenditure sours, Jack and Max explore the rising debt issuance to fund artificial intelligence development, and the faltering share prices of companies with exposure to the “AI factor”: the hyperscalers (particularly Oracle), the chip companies, and the neoclouds such as Coreweave and Nebius. Jack then looks at two insurance companies, Kinsale and Palomar, as insurance sector does its part to hold up the S&P 500. Jack and Max also give an update on Chinese fintechs at the end. Recorded on November 21, 2025.
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Timestamps:

00:00 Intro

02:28 Debt Fueled CapEx Boom

08:23 "AI CEOs Are Building a God"

11:24 The Real Speculative Bubble

15:51 NeoCloud Risk

17:53 Fiscal AI

19:11 Healthcare and Insurance Strength

21:38 Kinsale Capital Group

27:38 Factors Benefiting Insurance

29:12 Palomar Holdings

33:48 Jobs Data and December Fed Meeting

37:26 Chinese Fintech Bloodbath

40:32 Conclusion