It’s a Wave Not a Bubble, Nvidia Preview, Google’s I/O Highlights, Investing in Space Stocks

The hosts argue that the current AI-driven tech boom is not a bubble but a sustained 'wave' of infrastructure investment, contrasting it sharply with the dot-com bubble of 1999. They emphasize that unlike past speculative manias fueled by IPOs and false narratives, today's spending is backed by cash-rich hyperscalers like Alphabet and BlackRock, who are rapidly deploying capital into data centers and AI infrastructure. This spending is not driven by short-term speculation but by real, structural demand—evidenced by NVIDIA's 80% year-over-year revenue growth, Anthropic's $50 billion run rate, and the physical constraints in semiconductor manufacturing that prevent overproduction. The hosts reject the idea that AI is a passing fad, pointing to the irreversible nature of infrastructure buildouts and the fact that only 10 basis points of the population are currently using AI models—indicating massive untapped demand. They also spotlight space stocks as the next frontier, highlighting Intuitive Machines, AST Space Mobile, and Planet Labs as potential long-term plays, especially if SpaceX files for an IPO. Finally, they explore a contrarian investment thesis: if the AI wave is truly sustainable, the stocks most likely to rebound when sentiment shifts are the ones currently getting crushed—like software and international equities—echoing Michael Burry’s strategy of buying what others are selling.