{"podcast":{"title":"Full Signal","slug":"full-signal-7568617","podcast_index_feed_id":7568617,"rss_url":"https://anchor.fm/s/10b3e31fc/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/philrosen","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/44735927/44735927-1762224313042-f105205d033e1.jpg","author":"Phil Rosen","episode_count":109,"summary":"Unpacking the highest-conviction investment ideas from the world's smartest investors. Award-winning journalist and market strategist Phil Rosen hosts top portfolio managers, capital allocators and Wall Street executives to uncover how they think about markets, pick stocks, manage risk and generate investment ideas. Phil is the Chief Market Strategist at ProCap Financial and the co-founder & CEO of Opening Bell Media. His daily markets newsletter reaches more than 200,000 investors every morning.","last_synced_at":"2026-09-16T00:17:48.487183+00:00","page_url":"https://stenobird.com/podcast/full-signal-7568617"},"episode":{"title":"ELITE Macro investor: How to invest as the AI BUBBLE POPS","slug":"elite-macro-investor-how-to-invest-as-the-ai-bubble-pops","published_at":"2026-08-12T12:00:00+00:00","page_url":"https://stenobird.com/podcast/full-signal-7568617/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops","show_page_url":"https://stenobird.com/podcast/full-signal-7568617","url":"https://podcasters.spotify.com/pod/show/philrosen/episodes/ELITE-Macro-investor-How-to-invest-as-the-AI-BUBBLE-POPS-e3n9haf","audio_url":"https://anchor.fm/s/10b3e31fc/podcast/play/124093199/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-7-11%2F429665997-44100-2-b8cf5390dea5a.mp3","summary":"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","meta_description":"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 Non…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2558,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/full-signal-7568617/episodes/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/full-signal-7568617/elite-macro-investor-how-to-invest-as-the-ai-bubble-pops.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}