You won’t fully know when “the bubble” pops, but there will be signs. 
Did we see some this week?  A smoking gun from TechCrunch?  Or do we just not truly understanding the 4D Chess of tech behemoth accounting?  Plus a few laugh-out-louds with the Sonoma team to lighten the mood in a red week in the market.  Let’s go... 
 
The Bubble Is Leaking 
 
This week On The Markets, Sonoma Wealth Managing Principals Daren Blonski CFP®, Chris Sipes CFP® and Sonoma Wealth Marketing Director Dano Weir look at: 
• A report of leaked documents from OpenAI that may paint a very different picture of their actual revenue (and therefore value) then the one they’ve been hinting at. 
• “US Stocks are expensive” is a common (and true) refrain, but would you be stunned to find out we’re not the most expensive in the world?  What country beats us by 5x. 
• Do rough weeks for Microsoft, Tesla, NVidia and Palantir mean the AI bubble is real and leaking? 
• But what key support was held that could ease fears, for now. 
 
0:00 Intro and OpenAI leaked documents 
11:00 US’s share of the world economy 
12:31 New Zealand smokes the US in price to earnings ratio 
15:08 Investor sentiment 
16:20 Major corrections in Bitcoin’s history 
17:57 Chances of a Fed rate cut 
21:09 Consumer Sentiment 
24:25 Existing home sales since 2000 
27:01 Private equity ETF performances 
33:50 Emerging markets 
34:30 Earnings have helped large cap US 
35:58 A look at valuations 
38:20 AI Capex low in GDP terms 
40:33 S&P this week and a definition of “candles” in the market 
45:55 Does VIX have a clue for us? 
46:52 10 year treasury 
47:40 Silver and gold this week 
49:20 Bitcoin getting smoked 
50:30 Palantir this week 
51:53 Heat map 
57:10 Oil this week 
57:40 Bonds this week 
 

 
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