# Is AI Still in 1995? Gene Munster and Doug Clinton on the Next Phase of the AI Boom

Page: https://stenobird.com/podcast/excess-returns-902655/is-ai-still-in-1995-gene-munster-and-doug-clinton-on-the-next-phase-of-the-ai-boom
Text version: https://stenobird.com/podcast/excess-returns-902655/is-ai-still-in-1995-gene-munster-and-doug-clinton-on-the-next-phase-of-the-ai-boom.md
Podcast: [Excess Returns](https://stenobird.com/podcast/excess-returns-902655)
Published: 2026-05-19T13:58:55+00:00
Episode link: https://podcasters.spotify.com/pod/show/excess-returns/episodes/Is-AI-Still-in-1995--Gene-Munster-and-Doug-Clinton-on-the-Next-Phase-of-the-AI-Boom-e3jjgqe
Audio file: https://traffic.megaphone.fm/APO9524787112.mp3
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Duration seconds: 3183

## Resource

AI is moving from hype to real enterprise adoption, and Gene Munster and Doug Clinton join Excess Returns to explain what that means for investors, technology stocks, energy demand, jobs and the next phase of the AI trade. We discuss why AI may still be early in its bubble cycle, how frontier models like GPT, Claude, Gemini and Grok compare, why AI-powered investing is becoming more practical, and where the biggest second-order opportunities may emerge. Gene Munster on X https://x.com/munster_gene Doug Clinton on X https://x.com/dougclinton Deepwater Asset Management https://www.deepwatermgmt.com/ Intelligent Alpha https://www.intelligentalpha.co/ Main topics covered: • Why Doug Clinton still thinks AI could become a bigger bubble than dot-com • How Claude Code, Codex and frontier AI models are changing enterprise productivity • The job disruption risk for knowledge workers and why AI adoption may become a survival skill • Why the AI model race may not be winner-take-all • How Intelligent Alpha uses large language models to evaluate stocks and earnings expectations • Why GPT, Claude and DeepSeek perform differently across investing tasks • The AI infrastructure boom and why energy may be one of the most underappreciated bottlenecks • Hyperscaler CapEx, data centers and the investment case for continued AI spending • How major AI IPOs like SpaceX, Anthropic and OpenAI could affect public markets • Why space, orbital data centers and zero-gravity manufacturing could become real investment themes Timestamps: 00:00 AI, electricity and intelligence 04:33 Why new AI models changed the semiconductor trade 09:14 What AI means for knowledge worker jobs 14:03 Codex, Claude Code and Google’s AI challenge 18:50 OpenAI, Apple and the model capacity race 23:03 How many frontier AI m…

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