Is the AI Trade a Giant Train Wreck? | With George Noble

Описание: In this special holiday edition of Talking Markets, Maggie Lake is joined by George Noble, author of The Noble Update on Substack. George discusses explain why the "Index always wins" era is officially over, says that we have entered a massive market rotation, and warns that the AI trade is a "mutually assured destruction" arms race that could lead to a significant "train wreck" for US tech.

Also discussed:
🔹The Tech "Dirt Nap": Why George believes the Nasdaq is in for a world of hurt.
🔹Energy & Metals: The fundamental case for George’s favorite sectors.
🔹The China Pivot: Why he changed his mind on the "uninvestable" Chinese market.
🔹Bond Market Vigilantes: Why yields are headed to 5% and beyond.
🔹Active vs. Passive: Why the "wolf" is already in your house.

Recorded: February 11, 2026

Get exceptionally well-priced tickets for George's Best Stock Ideas Online Summit on March 11 here: https://noble-capevents.com/

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Follow George on Substack here: https://substack.com/@georgenoble



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We know you get this, but gotta say it anyway - this show is for informational purposes only and is not financial advice.

00:00 – Macro Reset: Why the Bond Market Is the Real Risk
03:15 – Inflation, Fiscal Policy & Rising Global Yields
06:40 – The Coming Rotation Out of Tech?
09:55 – Why Higher Rates Could Break the Market Narrative
13:20 – Oil, Commodities & Sticky Inflation Pressures
17:20 – Gold and Silver: Set for a Massive Move?
20:45 – Liquidity, Speculators & Metals Volatility
24:10 – Japan, Europe & the Global Bond Shock Risk
28:35 – Are Bond Vigilantes Finally Waking Up?
31:00 – What Could Trigger a Major Tech Selloff
34:30 – Portfolio Positioning for a New Macro Regime
38:10 – Actionable Trade Ideas & Market Opportunities

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