Cracks in the AI Trade, A Content Clash, and The Key Questions for SpaceX 10/20/26

Guests argue the AI trade is consolidating around power-constrained winners (Microsoft, TSMC, utilities) rather than entering a bubble collapse.

• AI 'musical chairs': Doug Clinton (Intelligent Alpha) says no bubble yet—Anthropic revenue grew 45% QoQ, Microsoft has $80B in unfilled Azure demand due to power constraints; he favors power names Vistra, Constellation Energy, and TSMC.
• Haves vs have-nots in neoclouds: Clinton splits AI infrastructure into hyperscalers financing via free cash flow versus debt-reliant neoclouds like CoreWeave, which he flags as more vulnerable.

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