May 22, 2026

Jim Bianco: AI Is Holding Up A Broken Market

15 minutes

Jim Bianco warns that beneath the market’s record highs, the rally is dangerously narrow — with AI and chip stocks doing most of the heavy lifting while large parts of the market struggle. He explains why AI may be the most important force in financial markets right now, how one private AI company is distorting S&P 500 earnings, and why investors may need to rethink what realistic returns look like in this new regime.

💡Jim Bianco says AI is now the most important force in financial markets — even bigger than oil, war, or recession fears. Concerned about what this means for your portfolio? Get a free review with Wealthion’s trusted financial advisors at https://bit.ly/4nRoSK0

💡Jim Bianco says AI is holding up the market — but beneath the surface, the rally is narrow and investors may need to rethink diversification. For those looking beyond tech and paper assets, join Wealthion’s Real Assets Community for exclusive research and interviews: https://bit.ly/3PDn9Lp

💡Attend Rick Rules’ Natural Resource Symposium in Boca Raton this July, click here for in-person and virtual tickets: https://cvent.me/XOqdLa?via=Wealthion

Chapters:

00:00 — Are Stocks Immune From Global Macro?

00:35 — The Rally Is Narrower Than It Looks

01:05 — AI Is Holding Up The Market

01:28 — Seven Stocks Are Carrying The Index

01:57 — Can Investors Underweight Stocks?

02:05 — Why The AI Boom Isn’t Totally Irrational

02:57 — The AI Cross-Ownership Effect

03:24 — Anthropic’s Huge Impact On S&P Earnings

04:20 — Why Valuations Haven’t Gone Crazy

04:47 — Can AI Spending Be Justified?

05:10 — The Software Stack AI Could Replace

06:24 — Replacing Software With One Prompt

06:50 — AI’s iPhone Moment

07:33 — The Promise And Risk Of AI

08:07 — Why Google Can’t Afford To Lose AI

09:17 — AI Only Works If It Replaces Existing Costs

09:40 — Big Winners, Big Losers

10:30 — Resetting Return Expectations

11:32 — Taking More Risk For Higher Returns

11:53 — Bonds And TIPS Become Attractive Again

13:03 — Take 5% And Sleep At Night

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