What Wall Street Really Thinks About the AI Trade Now

After a week of wobbles in the AI trade triggered by the Anthropic S-1 filing and earnings from hyperscalers like Microsoft and Oracle, Joe and Tracy speak with Barclays' Alexander Altmann to get a Wall Street temperature check. Altmann explains how investors are wrestling with the idea that AI may not follow conventional economic rules, and they debate whether the extraordinary capex into the sector has any historical precedent. The conversation also touches on the 'KOSPI-fication' of the S&P 500 and whether AI stocks can stay immune to rising interest rates.