# Liz Ann Sonders: This is how the AI bubble bursts

Page: https://stenobird.com/podcast/full-signal-7568617/liz-ann-sonders-this-is-how-the-ai-bubble-bursts
Text version: https://stenobird.com/podcast/full-signal-7568617/liz-ann-sonders-this-is-how-the-ai-bubble-bursts.md
Podcast: [Full Signal](https://stenobird.com/podcast/full-signal-7568617)
Published: 2026-06-10T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/philrosen/episodes/Liz-Ann-Sonders-This-is-how-the-AI-bubble-bursts-e3kiig6
Audio file: https://anchor.fm/s/10b3e31fc/podcast/play/121243590/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-9%2F425827298-44100-2-0a5eb6a804516.mp3
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JSON: https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/liz-ann-sonders-this-is-how-the-ai-bubble-bursts
Duration seconds: 2389

## Resource

Liz Ann Sonders is the chief investment strategist at Charles Schwab, where she shapes the firm's market and economic outlook for millions of investors. A widely cited voice on Wall Street for decades, she joins Phil Rosen on Full Signal to discuss the AI earnings boom, the inflation-vs-deflation debate, bubble signals, and why AI supply constraints could matter more than demand. TIMESTAMPS: 0:00 - AI circular financing 2:36 - Tech stocks getting cheaper 4:21 - Inflation changing valuations 5:02 - Iran and rising inflation 7:12 - AI both inflationary & deflationary 7:44 - Expectations bubble 11:57 - Market leadership 14:43 - Compute and energy 19:05 - AI and labor market 23:13 - What makes a bubble? 25:46 - Complacency and gambling 31:36 - Sentiment vs. hard data 38:44 - How we'll be wrong on AI

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