The AI Trade Is Repeating the Dot-Com Cycle | Mark Yusko
Mark Yusko, CIO of Morgan Creek Capital Management, joins Jackson and Michael to reframe the current setup as a classic late-cycle bubble forming around AI and SpaceX while Bitcoin sits hated and on sale. He calls Elon's $1 trillion XAI revenue tweet a textbook securities fraud, shows how the Intel pattern from 1990 to 2000 (up 20x, then down 87%) is repeating in semiconductors today, and explains why a SpaceX moon data center is physically impossible. On the bullish side: DeepSeek doing what OpenAI and Anthropic do at 5 cents on the dollar, Metcalf's Law fair value for Bitcoin sitting around $125,000 (per Tim Peterson at N Squared Value), and Mark's specific October 5, 2026 cycle-bottom call with crypto spring to follow. Plus the three-bucket savings framework, why 99.5% of prediction-market accounts lose money, and why the 1986 Tax Act was a quiet heist on corporate pension funds.
🧠 Chapters
00:00 - Introduction and Consistency in Podcasting 02:56 - The Challenges of Building and Execution 08:37 - The Intersection of Sports and Market Trends 09:02 - Market Sentiment: AI, SpaceX, and Digital Assets 19:21 - The Bubble of Innovation and SpaceX's Promises 28:10 - Liquidity Cycles and Capital Allocation in Markets 40:55 - The Evolution of Networks and Value 51:46 - Understanding Market Dynamics: Investors vs. Traders vs. Gamblers 01:01:51 - The Importance of Long-Term Investment Strategies 01:09:30 - The Role of Innovation in Wealth Creation 01:17:52 - Final Thoughts on Investing and Gambling
