Curia Investment Show

Could AI end humanity, and is Wall Street betting like it won't?

One of Anthropic's own researchers puts the odds of AI-driven extinction above 10% within a decade. If a biotech said that about a new drug, the SWAT team would already be at the door. So why do AI companies get a pass, and why are they suddenly asking to be regulated? Eoin Treacy of Fuller Treacy Money has a theory, and it isn't about safety.

Meanwhile, Big Tech is borrowing more money than the banks, Treasury yields just hit a 22-year high, and the whole economy is looking like one giant bet on AI. What happens if it doesn't pay off?

Plus: the real (and not so pretty) reason Bitcoin is rallying, whether your teenager's thrifting habit is hurting TJ Maxx, and two stocks James and Eoin are watching right now.

OpenAI has $1.3 trillion in commitments and less than $200 billion in cash. Is this a warning sign for the entire AI trade?

James sits down with Enrique Abeyta, former billion-dollar portfolio manager and founder of Paradigm Press, who makes the case that ChatGPT could end up like Netscape or MySpace — and explains why he thinks we're 6 to 26 months from something that could rival the dot-com crash.

They cover: the one signal Enrique says has preceded every recession of his career, why AI's biggest names can't afford to be bearish in public, and how he's made money through every downturn since '99 — including what he's doing differently this time.

Follow Enrique on X and check out his free newsletter, Truth and Trends, at Paradigm Press Group.

Nothing in this episode is investment advice.

Former CBOE floor trader Andrew Keene joins James to explain how he uses institutional options order flow to find trading opportunities. They discuss his trading strategy, lessons from the trading floor, risk management, market conditions, and a live example of a Merck options trade.

James and Eoin Tracy take a closer look at the massive investment behind the AI boom and ask whether the industry is building the infrastructure of the future—or getting ahead of itself. They discuss AI financing, the race for the dominant model, falling computing costs, productivity, and the potential impact on jobs. They also look beyond AI for investment opportunities, highlighting T-Mobile and Copart as two companies worth watching.

This week, James and Eoin dig into the Mag 7 sell-off rattling markets, breaking down why the "cash machine" mega-caps are suddenly burning through their balance sheets to fund an AI arms race — and what happens if the earnings never show up. They also look back at Alan Greenspan's legacy following his passing at 100, and debate whether new Fed governor Kevin Walsh's more tight-lipped, hawkish approach is a welcome shift or an untested bet. Plus: is gold's pullback a buying opportunity, and two stock ideas on the hosts' radar — a beaten-down retail name and an under-the-radar regional bank riding Dallas's growth boom. 

Episode 26 of the Curia Investment Show features James Early and Owen Tracy of Fuller Tracy Money diving into the biggest market topics of the week. First up: the SpaceX IPO. After surging 50% in just three trading days, James and Owen debate whether the hype is justified — weighing the Starlink and xAI angles against the reality of lockup expirations, options market signals, and the classic post-IPO trough of disillusionment. Owen's verdict? Don't chase it now, but a better entry point is likely coming.

Then the conversation shifts to agricultural commodities and what the apparent end of the Iran war could mean for food prices — and whether that creates a fresh inflation headache for new Fed Chair Kevin Warsh. Owen draws a compelling parallel to the Bank of Japan's strategy of letting inflation run to quietly inflate away national debt, arguing the Fed may be doing the same thing whether they admit it or not.

To close out, Owen shares why he's buying silver again on the pullback, and James spotlights Allison Transmission (ALSN) — a defense and industrial transmission maker he thinks may be unfairly punished by EV fears despite strong fundamentals.

Episode 27 of the Curia Investment Show features James Early in conversation with Johnny Wu, founder and CEO of X ETFs — a Wall Street veteran who spent over a decade at Barclays running structured products and derivatives before launching his own ETF firm.

James and Johnny take a wide-ranging look at the ETF industry: why the market is flooded with new products, which ones are genuinely useful versus gimmicky, and how leveraged ETFs like TQQQ can be a wealth trap for buy-and-hold investors despite impressive point-to-point returns. Johnny pulls no punches on the risks of volatility decay and why most retail investors misuse these products.

The conversation then zeroes in on X ETFs' two newly launched daily income funds — NYYY (NVIDIA) and TYYY (Tesla). Johnny breaks down how they work under the hood, using treasuries and options to generate daily income while preserving most of the underlying stock's upside — a different construction from the covered call strategies already on the market. James and Johnny also dig into first-mover advantage in the ETF space, AI infrastructure investment themes, and what the future product pipeline at X ETFs looks like.

If you want to follow Johnny and X ETFs, visit xetfs.com or find them on X, LinkedIn, and Instagram.

James Early and Owen Tracy of Fuller Tracy Money cover four big stories this week. Robinhood's new AI trading agent can now trade automatically on your behalf — even charging your credit card to do it. James is skeptical, Owen sees it as the natural evolution of a bull market, but both agree the real edge goes to investors who build rule-based models with proper risk management — not those who just tell the AI to "make me money."

On Micron and SK Hynix: both are up nearly 1,000% over the past year yet trade at bargain forward PEs. Owen explains the paradox — in highly cyclical sectors, a low PE often signals it's time to sell, not buy. A supply wave is coming by 2027. Dell, meanwhile, posted a stunning earnings beat and a 40% single-day gain on the back of AI server demand — but James raises the question of whether peak AI spending is approaching, as companies like Uber and Microsoft pull back on bloated token budgets.

The episode closes with a sobering look at the K-shaped economy: credit card and auto loan defaults are surging, and the divide between asset owners and everyone else is widening. The takeaway: whether it's stocks or housing, being an owner is how you build wealth.

In this episode, James Early and Owen Tracy of Fuller Tracy Money tackle five big stories: the Iran ceasefire talks and what an oil price breakout could mean for markets; the White House's $2 billion quantum computing foundry bet on IBM and why it's more credible than it sounds; Nvidia's blockbuster quarter and why the stock barely moved; the coming wave of AI mega-IPOs from SpaceX, OpenAI, and Anthropic and how to play them without getting burned; and the rise of AI-powered automated trading and what it means for everyday investors. Stock ideas this week: Atlassian and Bakkt.

In this week's episode, host James Early is joined by Owen Tracy of Fuller Tracy Money (based in Dallas, TX) to break down the biggest stories moving markets right now.

First up: Donald Trump's first visit to China in nearly nine years. James and Owen dig into what's really at stake — from Jensen Huang's last-minute addition to the delegation and what it signals about chip deals, to the key question of Taiwan and whether Xi Jinping is looking for a real agreement or just a photo op. With the Iran war disrupting oil supply chains and hurting both economies, both sides have plenty of motivation to talk — but very different goals.

Then the duo tackles the latest inflation data, which hit a three-year high and outpaced wage gains for the first time since 2022. What does this mean for everyday Americans and global food prices — and why didn't anyone warn us sooner?

Finally, James and Owen wrap up with stock ideas they're watching: Visa and Mastercard, which are showing strong fundamentals despite legislative headwinds, and McEwen Mining (MUX), a silver and copper play that could benefit from global electrification trends and India's shift away from gold.

Owen Tracy will be speaking at the Dallas Money Show this Saturday at 2:15 PM CT.