Sudden Wealth Syndrome (EP. 485)

Despite rising rates, bond-market demand (not the Fed) remains the real check on hyperscaler AI capex, and markets keep hitting highs anyway.

• Speedball capitalism: The Economist's framing—record SpaceX IPO, Google's record bond raise, Broadcom's private debt deal, OpenAI funding, the first $1T ETF (Vanguard)—shows markets digesting mega-events in weeks, not months.
• AI now 53% of S&P 500: Hyperscalers, semis, hardware, power and software now dominate the index even though tech is only 2% of US employment, per JPMorgan data cited.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.