Ryan Miller

speaker

4,581 appearances 12 recordings 2 series first heard Mar 2026 last heard 10 Aug

Ryan Miller’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 12 in all, peaking in Jul 2026 with 4.

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Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors · AI Is a Bubble — How the Smart Money Is Quietly Getting Rich Underneath It · 13 Jul 2026 podcast

Nothing in this episode is legal, financial, or investment advice or tax advice.

Everything here is for entertainment purposes only, and you should always check with accredited professionals before making any decision from this show or otherwise.

Now, with that said, let's dive in.

So let me tell you why this matters right now.

Today, we are living through what may be the single largest infrastructure build-out in modern history.

The amount of capital being committed to AI, to the data centers, to the chips, the power required to run them is absolutely staggering.

We're talking hundreds of billions of dollars a year, heading towards trillions over the next decade.

Numbers that rival the build out of the railroads, the rollout of the electrical grid, the construction of telecom networks.

And whenever you get a capital wave that big, two things happen at exactly the same time.

A bubble forms at the top in the equity, in the hype, and the names everybody is talking about.

And a once in a generation opportunity forms in the bottom.

in the infrastructure, in the boring, contracted, asset backed cash flows that nobody's talking about.

See, most people only ever see the bubble.

The fund managers who also see the second thing, the ones who can tell the difference between the two, those are the people who come out of this era wealthy and well respected.

That is what I want to give you in the next part of this episode.

So let's start with the most important reframe of this entire episode.

The herd is asking one question: Is AI a bubble?

And I'm telling you, that is the wrong question.

It's a spectator's question.

It's a question you ask when you're watching the game from the stands.

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