Thoughtful Money with Adam Taggart · Sunday, September 6, 2026
David Rosenberg expressed concern that the current economic situation, heavily reliant on AI data center construction and the equity wealth effect, could lead to significant knock-on effects, potentially worse than the dot-com bust. He warned that if AI spending or confidence in AI earnings slows, it could negatively impact both financial markets and the broader economy.
“My big concern is that there's going to be all sorts of knock-on effects that could make this actually worse than what we saw, uh, in the early 2000s.”
“Uh, and absent this AI spending boom, which has actually sapped a lot of vitality out of the rest of the economy, uh, you know, uh, Mursh, uh, mentioned the AI boom eight times.”
“But, you know, um, the bubble is not really in the technology. The bubble is in, um, our behavior. And the extreme emotions, uh, the fear and greed.”