Brad Gerstner: No AI Bubble, Semis Eat the Nasdaq & AI's Take Off Problem

Brad Gerstner joins the All-In crew to argue there is no AI bubble — the make-or-break question is whether AI revenue can cover the enormous capex the industry is deploying. The discussion centers on what Gerstner frames as AI's take-off problem: the physical build-out involving gigawatts of power, expanded TAM, token growth, and margin expansion, and whether it can keep pace with the technology. The closing segment runs through the risks that could break the thesis, including AI regulation, the nuclear regulatory precedent, power limits, and rising interest rates.