Edward Dowd thinks the AI bubble isn't about to burst. He thinks it already started, and most people are watching the wrong indicators. We recorded the evening NVIDIA reported earnings. He'd already moved on to what comes after. Ed ran money on Wall Street at BlackRock. His argument is mechanical, not emotional: "Because we've delayed the reckoning, there's that much more leverage in the system. The unwind will be faster than it was in the dot-com bubble." Every crisis we postponed added leverage. Now it all unwinds at once, and faster than 2000. We cover: - The three cracks he's watching: the semiconductor sell-off, the slowdown in AI adoption, and credit markets showing stress for the first time - Why OpenAI and Anthropic's valuations need to keep rising just to keep financing themselves - Why the power grid, not capital, may be the real ceiling on the AI build-out - Why he says the average American is already in a recession that just hasn't been declared - What he'd actually own right now Thanks to @OKX for being the sponsor of today’s show. Make sure to use the 8% deposit bonus while you still can. Timestamps: 00:40 - Why The Bubble Is Already Bursting 03:09 - Bitcoin's Next Move 05:49 - When Policy Hits Crypto 09:09 - The Oil Signal Nobody's Watching 11:53 - The Reckoning We Delayed 15:05 - Cracks In Private Credit 18:04 - Echoes Of 1929 29:49 - How Empires End 31:52 - The Real Estate Time Bomb 33:09 - The Housing Domino 36:51 - China's Slow-Motion Crisis 42:49 - What He'd Own Right Now 47:25 - Where Gold Goes From Here 52:30 - Cash vs Inflation: The Real Trade-Off 56:26 - Sizing Up The Trade @DowdEdward