# Dan Niles: We're 100% in an AI Bubble... Don't Go Broke Trying to Call the Pop

Page: https://stenobird.com/podcast/riskreversal-pod-1366742/dan-niles-we-re-100-in-an-ai-bubble-don-t-go-broke-trying-to-call-the-pop
Text version: https://stenobird.com/podcast/riskreversal-pod-1366742/dan-niles-we-re-100-in-an-ai-bubble-don-t-go-broke-trying-to-call-the-pop.md
Podcast: [RiskReversal Pod](https://stenobird.com/podcast/riskreversal-pod-1366742)
Published: 2026-06-04T17:17:00+00:00
Episode link: https://traffic.megaphone.fm/RRM6074830090.mp3
Audio file: https://traffic.megaphone.fm/RRM6074830090.mp3
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JSON: https://stenobird.com/v1/public/podcasts/riskreversal-pod-1366742/episodes/dan-niles-we-re-100-in-an-ai-bubble-don-t-go-broke-trying-to-call-the-pop
Duration seconds: 3339

## Resource

Dan Nathan hosts Dan Niles of Niles Investment Management on the Risk Reversal podcast to discuss macro conditions, AI-driven market leadership, and lessons from prior tech cycles. Niles compares the current AI build-out to 1997–1998’s internet infrastructure boom, arguing recent macro scares (tariffs, Iran/oil) created buying opportunities and that a bubble can persist, with further gains likely before a potential 30–50% drawdown next year. He cites a January 30 “agentic AI” step-change increasing token/compute demand, supporting strong CapEx and earnings growth, and notes Nvidia’s growth versus valuation relative to past leaders like Cisco. They debate rising yields, inflation measures, and expectations for a rate-cutting Fed chair (Kevin Warsh). The conversation covers Intel’s potential benefit from agentic shifts, corporate AI cost pressures, likely disruption to software/IT services and knowledge work, Micron’s HBM-driven surge and cyclicality risks, and how major IPOs like SpaceX, OpenAI, and Anthropic could reshape flows and create new short opportunities. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk an…

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