Private Equity Chased Software. Big Tech Is Chasing AI. Dan Rasmussen on If They Are Making the Same Mistake Twice

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1. 

   6 Sep 2026 · 56 min

   Nvidia Is Betting on Its Customers. Gen Z Is Betting on Sports. Will It All End the Same Way?

   Cameron Dawson and Dave Nadig join Matt Zeigler on Click Beta to explore how sports betting, leveraged ETFs and speculative behavior are blurring the line between gambling and investing. They also examine AI circular financing, hyperscaler cash flow and corporate disclosure, asking what investors might be missing beneath headline earnings. The conversation closes with baseball, music fandom and the challenge of learning from imperfect role models. Subscribe to Click Beta on Spotify⁠⁠ ⁠⁠Subscribe to Click Beta on Apple Podcasts Topics covered: Why sports betting is becoming a financial…

2. 

   S1 · E480 · 3 Sep 2026 · 1 hr

   Bearish Into November. Room to Run After: Why Dan Niles Is Watching Hyperscaler Credit Default Swaps

   Dan Niles joins Excess Returns to explain why he believes AI is a genuine industrial revolution and a bubble at the same time, with significant opportunity still ahead but growing risks in semiconductors, software, AI CapEx and credit markets. We discuss NVIDIA, OpenAI, Anthropic, China’s semiconductor push, data center politics, AI debt issuance, Fed policy and the downside protection framework Dan uses to navigate technology cycles. Dan Niles on X https://x.com/DanielTNiles Niles Investment Management https://www.nilesinvestmentmanagement.com Topics covered: Why AI can be both a…

3. 

   3 Sep 2026 · 51 min

   The Fed Credibility Narrative Has Turned | Ben Hunt on AI, the Consumer and Financial Repression

   Ben Hunt joins Matt Zeigler to explain why damaged Fed and Treasury credibility could matter just as four major risks converge across private credit, AI financing, oil and the consumer. They discuss financial repression, rising long-term rates, shadow banking and insurance risk, the AI CapEx growth engine, and why Hunt believes gold may benefit if policymakers keep trying to suppress the price of money. Subscribe on Spotify⁠ ⁠Subscribe on Apple Topics covered Why credibility is a teacup and why policy reputation is difficult to repair once it breaks How the Fed's July rate decision changed…

4. 

   31 Aug 2026 · 1 hr 2 min

   Sticky Inflation. Cheap Volatility. A Less Predictable Fed. Why Aren’t Markets More Worried?

   This month on Last Call, Kevin Muir, Aahan Menon, Ben Hunt and Brent Kochuba break down the market through four lenses: macro, inflation data, narrative and options positioning. They examine whether midterm election volatility is underpriced, why inflation may be more demand-driven and persistent than headline data suggests, how the Fed's credibility has shifted under Kevin Warsh, and why options markets still look remarkably complacent. Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠ Topics covered Why ending Fed forward guidance could create more uncertainty…

5. 

   S1 · E479 · 29 Aug 2026 · 1 hr 5 min

   The Profits Come Now. The Costs Come Later. Kevin Muir on Whether AI Earnings Are the Bubble

   Kevin Muir of The MacroTourist joins Matt Zeigler to break down the bond market, Scott Bessent's Treasury buybacks, the Treasury General Account, AI-driven earnings growth, leveraged ETF risk, gold and the U.S.-Canada trade fight. Kevin explains why rising long-term yields may be less surprising than investors think, how the AI capex boom can inflate earnings before costs show up, and why leveraged ETFs and policy uncertainty could make markets more fragile. Kevin Muir on X https://x.com/kevinmuir The MacroTourist https://themacrotourist.com Topics covered Why stronger nominal GDP, large…

6. 

   S1 · E478 · 25 Aug 2026 · 1 hr 1 min

   Only 2.7% Beat the S&P for 20 Years | Ian Cassel on What Elite Stock Pickers Do Differently

   Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Matt Zeigler to break down the mindset, temperament and core skills required to outperform as an active stock picker. They discuss microcap investing, position sizing, active patience, valuation, management quality, portfolio survival, benchmarking against the S&P 500 and how great investors evolve their edge over decades. Stock Picker: How to Develop the Mindset, Temperament, and Strategy to Outperform Wall Street https://amzn.to/4hU28Im Topics covered How an investor's motivations change as ambition gives way to family,…

7. 

   S1 · E477 · 22 Aug 2026 · 1 hr 2 min

   The Rally is Broadening. The Earnings Growth Isn't. Liz Ann Sonders on Which Breaks First

   Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins us to explain why today's economy and stock market are increasingly defined by rotation, instability and a changing stock-bond relationship. We discuss AI capital spending and earnings concentration, Treasury yields and the deficit, immigration and labor supply, investor sentiment, market breadth, portfolio rebalancing, IPOs and the growing economic importance of the stock market wealth effect. Topics covered: Why the post-pandemic economy is moving through sector-level recessions and expansions instead of a traditional…

8. 

   20 Aug 2026 · 1 hr 1 min

   We Asked Andy Constan What Happens If AI Funding Breaks Before the Thesis — And if Warsh Blinks

   Andy Constan is back on First Principles to explain why record stock prices, rising long-term Treasury yields and sticky inflation can all coexist, and why the next major market risk may come from the financing behind the AI CapEx boom rather than the eventual return on that investment. We discuss Kevin Warsh and Fed balance sheet policy, Treasury issuance and the quarterly refunding announcement, corporate bond and equity supply, Nvidia's $500 billion financing structure, and Andy's "not enough pie" framework for comparing AI earnings expectations with GDP and productivity growth. Follow…

9. 

   S1 · E476 · 18 Aug 2026 · 1 hr 8 min

   We Asked Value Legend Bob Robotti Why the Real AI Trade Isn't AI — And Why Passive Helps Stock Pickers

   Bob Robotti, founder and CIO of Robotti & Company, joins Matt Zeigler and Bogumil Baranowski to explain why bottom-up value investing may be entering one of its best opportunity sets in decades. They discuss AI and reindustrialization, inflation and interest rates, passive investing, capital cycles, private equity, long-term ownership, and why today's neglected industrial businesses may offer opportunities that the market is missing. Bob Robotti on X https://x.com/BobRobotti Robotti & Company https://www.robotti.com Topics covered How Bob finds misunderstood businesses with latent earnings…

10. 

    14 Aug 2026 · 1 hr 1 min

    Jim Paulsen Sees a Growth Scare Coming | The 34 Charts That Make Him Cautious

    In this episode of The Jim Paulsen Show, Jim explains why weakening labor data, softening inflation, and lagged policy tightening could shift markets from inflation fears toward growth and recession fears. He also breaks down why the AI productivity boom may be overstated, how AI capital spending is supporting the economy, why Treasury yields look too high, and why investors may want to rebalance from new era technology stocks toward old era stocks and bonds. Subscribe to the Jim Paulsen Show on Spotify⁠⁠⁠ ⁠⁠⁠Subscribe to the Jim Paulsen Show on Apple Podcasts Topics Covered Why weak jobs…