Send us Fan MailLEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/applyIs AI a bubble? Wrong question. It keeps you a spectator while the people moving capital are already three moves ahead. The right question: when this wobbles, are you a forced seller or the buyer of the wreckage?The technology is real. The financing structure underneath it is one of the most fragile capital architectures in recent history. Both are true at once.In this week's episode of Making Billions, I break down the circular financing loop, the depreciation mirage, and the exact four-move framework for positioning before the unwind starts. This episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.To reach out to Reef Pass Investors, email [email protected] does "bubble" actually mean?Not that prices went up. A bubble is when price detaches from the cash flow justifying it, financed by belief instead of earnings. Pull the confidence, and the financing mechanism stops functioning entirely, not just prices drifting down.If you manage capital, raise it, or allocate it, the next 18 to 36 months transfer enormous wealth from the fully invested to the patient. That transfer is already loaded into the structure. The only thing undecided is which side you're on.Explore the risks and opportunities behind the AI boom with my AI Bubble Exposure & Capital Positioning framework. DOWNLOAD: The AI Bubble Exposure & Capital Positioning Scorecard[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.Subscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/ryanmilleroffical/X: https://x.com/_MakingBillionsWebsite: https://making-billions.com/Support the showDISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

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