# ELITE Macro investor: How to invest as the AI BUBBLE POPS

Page: https://stenobird.com/podcast/full-signal-7568617/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops
Text version: https://stenobird.com/podcast/full-signal-7568617/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops.md
Podcast: [Full Signal](https://stenobird.com/podcast/full-signal-7568617)
Published: 2026-08-12T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/philrosen/episodes/ELITE-Macro-investor-How-to-invest-as-the-AI-BUBBLE-POPS-e3n9haf
Audio file: https://anchor.fm/s/10b3e31fc/podcast/play/124093199/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-7-11%2F429665997-44100-2-b8cf5390dea5a.mp3
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JSON: https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops
Duration seconds: 2558

## Resource

Bob Elliott is the CEO and chief investment officer of Unlimited Funds, where he deploys hedge fund strategies into low-cost ETFs. He also authors the Nonconsensus Substack. He joins Phil Rosen on Full Signal to discuss why AI earnings expectations are detached from macro reality, the gap between $5 trillion of capex and $150 billion of AI revenue, how households are propping up corporate margins, and where he sees value beyond the AI trade. Subscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribe Follow Phil on X: https://x.com/philrosenn Follow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/ TIMESTAMPS 0:00 - Market as house of cards 4:57 - Where is the AI productivity? 6:26 - Wall Street's backwards math 8:34 - $5 trillion capex 10:54 - Why earnings still look strong 13:31 - Circular deals 15:32 - AI's real economy problem 19:02 - Rotation out of tech 21:03 - AI capex is 2% of GDP 24:45 - Kalecki equation 26:06 - Chip demand 28:28 - Investing beyond AI 31:59 - TIPS 33:10 - Gold 38:28 - Leverage 40:16 - Unlimited's hedge fund ETFs #podcast #investing #markets #tech #ai #macro #stocks #bitcoin #fed

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