Kai Risdahl

Artificial intelligence.

You probably heard me say in the past couple of months that big tech companies spent something like $400 billion last year building data centers.

You probably heard me say in the past couple of months that big tech companies spent something like $400 billion last year building data centers.

In the first half of 2025, they spent more than consumers did, which, again, you hear me say this a lot, consumer spending literally drives this economy, and AI spending was beating that.

In the first half of 2025, they spent more than consumers did, which, again, you hear me say this a lot, consumer spending literally drives this economy, and AI spending was beating that.

Not only that, but a lot of AI spending is, for lack of a better word, circular.

Not only that, but a lot of AI spending is, for lack of a better word, circular.

Just for instance, and this is a real example, Microsoft invests $13 billion into OpenAI,

Just for instance, and this is a real example, Microsoft invests $13 billion into OpenAI,

Then OpenAI turns around and invests right back into Microsoft for its cloud computing capacity.

Then OpenAI turns around and invests right back into Microsoft for its cloud computing capacity.

Too big to fail.

Too big to fail.

So next week, we're starting a series on AI and you, the infrastructure being built around it, and whether there is that systemic risk.

So next week, we're starting a series on AI and you, the infrastructure being built around it, and whether there is that systemic risk.

Let's go back to James Van Geelen.

Let's go back to James Van Geelen.

He spends pretty much every day researching this stuff since AI drove a very big chunk of the market's gains in 2025.

He spends pretty much every day researching this stuff since AI drove a very big chunk of the market's gains in 2025.

NVIDIA, up almost 40% for the year.