ELITE Macro investor: How to invest as the AI BUBBLE POPS

<p>Bob Elliott is the CEO and chief investment officer of Unlimited Funds, where he deploys hedge fund strategies into low-cost ETFs. He also authors the Nonconsensus Substack. He joins Phil Rosen on Full Signal to discuss why AI earnings expectations are detached from macro reality, the gap between $5 trillion of capex and $150 billion of AI revenue, how households are propping up corporate margins, and where he sees value beyond the AI trade.</p><p><br></p><p>Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe</p><p>Follow Phil on X: https://x.com/philrosenn</p><p>Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/</p><p><br></p><p>TIMESTAMPS</p><p><br></p><p>0:00 - Market as house of cards</p><p>4:57 - Where is the AI productivity?</p><p>6:26 - Wall Street&#39;s backwards math</p><p>8:34 - $5 trillion capex</p><p>10:54 - Why earnings still look strong</p><p>13:31 - Circular deals</p><p>15:32 - AI&#39;s real economy problem</p><p>19:02 - Rotation out of tech</p><p>21:03 - AI capex is 2% of GDP</p><p>24:45 - Kalecki equation</p><p>26:06 - Chip demand</p><p>28:28 - Investing beyond AI</p><p>31:59 - TIPS</p><p>33:10 - Gold</p><p>38:28 - Leverage</p><p>40:16 - Unlimited&#39;s hedge fund ETFs</p><p><br></p><p>#podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed</p>