On The Record (6-2-26).
When the AI Bubble Will Pop.
This week we made the case that AI breaks a fundamental economic law: the bigger it gets, the more expensive it is to run, which is the exact opposite of how transformative technologies are supposed to work. The IPO trio of OpenAI, Anthropic, and SpaceX looks less like the next internet and more like the last big exit for early investors before the whole thing deflates. Then we looked at the manufacturing uptick, which sounds like good news until you realize a lot of it may just be companies stockpiling inventory before prices get even worse.
Show Notes
Clips
Episode Timestamp + Link | Clip Link
- 00:02:41 | Forbes Breaking News: Bessent Asked If Data Showing Americans Dipping Into Savings To Pay For Gas, Groceries Concerns Him
- 00:03:42 | CBS Mornings: Graham Platner’s sexting controversy rocks his campaign
- 00:18:56 | More Perfect Union: We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.
Resources
- CSPAN’s Book TV: Robert Caro Reveals Details of His Final Lyndon Johnson Biography
- New York Times: Platner’s Texts With Women Concerned Campaign as Senate Race Took Off
- Yahoo! Finance: OpenAI CEO Altman denies company is looking into government bailout
- ISM World: ISM® Manufacturing PMI® Report May 2026
- Bloomberg: US Manufacturing Activity Expands by Most in Four Years
- Bloomberg: US Manufacturing Expands Most in Four Years on Stockpiling Rush
- CNN: Artists are bailing on a Trump-backed concert series for America’s 250th. Now he’s hosting his own ceremony
- Time: Sam Altman Says AI ‘Jobs Apocalypse’ He Once Predicted Probably Won’t Happen.
- Bloomberg: Canada Dips Into Technical Recession for First Time Since 2020
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