In short: "I was perfectly fine owning some AI by using other types of equity vehicles. But starting last week, I want out." Losers in "the AI race for the holy grail" will lead "the next very significant drawdown in the risk assets"; the narrative has flipped from AI lets us retire to Tahiti to AI "is going to kill us all."
Gundlach used to hold some AI exposure; as of last week he wants none. His reasoning: an arms race where everyone borrows heavily to chase a "holy grail" must produce losers, and those failures will trigger the next big market drop. He also sees the public mood flipping from AI-euphoria to AI-fear — the kind of narrative turn that historically marks the end of a boom. He isn't shorting it; he just wants to be away from "the epicenter."
15:08And I was perfectly fine owning some AI by using other types of equity vehicles. But starting last week, I want out. If you're in there, have fun. I hope you enjoy yourself. I hope it works out well for you. — But we're past that point where everything's viewed as beautiful. — Yeah. — And now they're finding, they might even be finding problems that aren't there.
In short: AI hit "peak embracement" in June–July; the narrative has run from retiring to Tahiti to "we're all going to be dead by the end of the decade" — to him an attempt to get government "picking winners and losers." "Frankly AI stocks are underperforming non-AI stocks."
He thinks enthusiasm for AI peaked in June–July. The mood has since swung from "AI will make us all rich" to "AI will kill us," which he reads as a push to get the government involved in choosing winners and maybe helping finance the industry. Meanwhile AI stocks are trailing the rest of the market — another reason he stays away.
16:18It was kind of an enthusiasm mania almost and it was like AI is going to let us all retire and live on Tahiti and live a life of luxury. And then people started to worry about job losses. But that didn't scare people enough. Now we have to go into it: we're all going to be dead by the end of the decade if we don't do something about this rogue AI thing, which to me sounds a lot like the COVID vaccine scare back in 2020.
In short: "If you own any computer stocks or AI stocks or things of that nature, tech stocks, dump them. I mean, we're at the top of the bubble." Nvidia — the biggest market cap — is "part of the AI bubble"; the stock market "is at the peak of a bubble right now" and its meltdown hurts pensions.
Casey thinks the whole US stock market is in a bubble and that AI and tech shares — led by Nvidia, the world's most valuable company — are the top of it. A bubble is when prices run far beyond what the businesses can realistically earn, because buyers expect someone else to pay more later.
He expects a severe downturn (his "Greater Depression") driven by government debt, so his advice is blunt: sell computer, AI and tech stocks now, and move the money into the neglected mining shares instead.
40:39Treat it as an asset you're putting aside. And do buy lots of mining shares, especially gold and silver mining shares. And if you own any computer stocks or AI stocks or things of that nature, tech stocks, dump them. I mean, we're at the top of the bubble. — Yeah. Yeah. Yeah, I think that's sound advice. So, do you think there could be a problem with confiscation as governments like to steal, tax us to death, and squeeze the lemon till there's no juice left.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.