New pod: 'YES, AI IS A BUBBLE. THERE IS NO QUESTION.' In the last few weeks, I'd swung from thinking AI is a bubble to thinking it's not. I wanted to gut check my change of heart. So I brought on @pkedrosky to make the 2026 bubble case. Absolutely packed episode. Paul somehow covers all of the following in an hour: - The meaning of the Mag7 reversal (the stocks that dominated returns in '24 and '25 are mostly down in '26) - The omen of the Saas-pocalypse - The private credit crisis, explained - Why the inference-revenue boom from new agents like Claude Code might be a sugar high (explosive rev growth now, much slower rev growth after SWE adoption peaks) - If value is leaving software, where is it flowing? (energy!) - "The reason productivity is rising has nothing to do with AI" - Plus, we debate: model improvements, the agent economy, the durability of chips, and what the bubble will look like, if it comes

Kedrosky on where value flows in the next 10 years: "I think value is going to flow out of technology. We have this backwards way of thinking that because technology has always had new beneficiaries, it must have another cohort this time. No, it doesn't have to. It could just be eating itself ... The same way we're eating away at SaaS companies with this deflationary force, it doesn't have to be technology companies that benefit from the next phase. Just like railroads were 60% of the market at the turn of the century — the anomaly was that tech got to this outsized share of the economy — things could begin to flow back into industries with heavy assets and low obsolescence. If you took a cohort of heavy asset, low obsolescence companies and compared them to the S&P 500 or Mag 7 year to date, they're radically outperforming. Money is already flowing." In other words—>