James Thomson
speaker
2,279 appearances
7 recordings
2 series
first heard Apr 2026
last heard 12 Jun
James Thomson’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 7 in all, peaking in May 2026 with 4.
Appearances
Both will have pretty big equity raisings and big valuations.
I think that spooked the market a bit.
So it's tough to see how this goes.
I mean,
The question we've got to think about though, Anthony, we've seen Google raise $80 billion US in the last little while.
We're about to see SpaceX raise at least $75 billion.
Oracle was out on Wednesday night talking about raising $40 billion.
The amounts of money that is needed to feed this AI trade are huge.
And I think there is a question, is there enough
capital in the world to go around for SpaceX and then OpenAI and then Anthropical, whichever order those two come to the market in?
I think that's an open question.
In some ways, there's endless amounts of capital in the world.
They can do whatever they want and these deals will get away.
But I just wonder, we could be talking about $500 billion, half a trillion US dollars of equity raisings in the space of, I don't know, three or four months.
That is a lot of cheese for the market to chew on.
And, you know, I think there's a chance that there could be a bit of indigestion after all that.
Anthony, we've had some really good questions on AI this week from the listeners, and I wanted to bring in one from Dan, who asked a really good question.
If Australia is becoming increasingly exposed to the AI bubble through our super fund investments in US equities and the emergence of data centres in this country, do you think regulators should start thinking about the macroeconomic consequences of a pop economy
in the AI bubble and what that would mean for the Australian economy.
Perhaps it's time for the RBA to look back to the lean versus clean lesson from the Fed's GFC response and start thinking about these AI bubble risks in their rate decisions.
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