Odd Lots · Friday, July 10, 2026
The discussion touches on how AI is not only driving macro growth but is also heavily influencing stock market performance and, consequently, consumption through a wealth effect. This AI-driven cycle presents a magnified risk, as a downturn in AI-related stocks could trigger a significant economic contraction.
“The thing that worries me now is it's not just the stock market is the economy. It's like AI is the stock market, and therefore AI is the economy as well: Like we know it's been driving not just macro growth, but if it's also driving stocks and we're getting a wealth effect and it's also driving consumption, then I don't know, it's like an AI impact squared right.”
“And look again, just to talk about facts, the bulk of levit etf AUM has grown within that cohort as well. The largest AUMs are all within either nasdact rated products or semis conductors or single names, most of which are I mean the largest the largest single name levit TF in the US is is Micron, right, so that kind of tells you the largest largest single name levi DTF in the world is Heinex.”