In a market obsessed with artificial intelligence, this episode follows the race to separate the real winners from the temporary hype.

0:00 AI winners, losers, and the investing roadmap

2:21 Phase 1: The AI scarcity boom

5:31 Why today’s AI winners may not stay winners

7:00 ASML, Nvidia, and durable supply-chain advantages

9:04 The danger of assuming cyclicals are no longer cyclical

11:13 Phase 3: Hyperscalers take control

16:09 Software stocks: AI disruption or rerating opportunity?

20:06 How I’m positioning my portfolio

23:13 Ferrari’s EV and the risk to the brand

27:29 Fail of the week: Colbert, late-night TV, and YouTube disruption