Zachary Hill thinks investors are fleeing into bonds. He argues that the proponents of the AI revolution are moving too fast and overlooking the deep impacts of the changes they’re proposing, like jobs shifts. He also points out potential pitfalls in defensive sectors, saying that places like consumer staples are vulnerable because their move upward has been an “anti-AI” play rather than fundamentally driven. To keep these valuations, he says we would need a recession within a year.

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