What you'll learn

• 1 (01:57) **Market Context: Tech Selloff & Monday's Reversal** - Ed Elson sets up the episode: tech stocks had their worst week since April 2025, but Monday saw a dip-buying rally, with the Nasdaq gaining 1.2%.
• 2 (03:11) **Defining the Coreweave Credit Risk** - John Mowray explains why the selloff was justified, but also why it's specific to certain companies.
• 3 (04:46) **The Mechanism: High Interest Rates Punish Debt-Heavy Firms** - Mowray pinpoints the 10-year yield over 5% as the direct cause of the selloff in exposed names.
• 4 (05:48) **Specific Undervalued Picks in the AI Trade** - Mowray names individual stocks he sees as overpunished and attractive.
• 5 (06:57) **The Opportunity in Dislocation** - Mowray argues that uncertainty about CapEx and interest rates is what creates the buying opportunity.
• 6 (07:05) **Where the Real AI Bubble Is: Private Markets** - Ed Elson proposes his theory that the AI bubble exists primarily in the private markets, not public ones.
• 7 (08:25) **The "Guardrail" of the 2000 Tech Bubble** - Mowray agrees with Ed and adds a historical framework for why the current AI boom might be more durable.

+ Full timestamped outline available in the app