The AI capex appears to be clearly unraveling, yet on CNBC this is met with complacency and buy-the-dip bravado. This is exactly what the beginning of a bursting bubble looks like: no one wants the party to end. Meanwhile, other parts of the market - the anti-bubble - are beginning to catch a bid. Shades of 2000...
~ Kevin Duffy, note to subscribers, The Coffee Can Portfolio, October 26, 2026
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