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Today's Animal Spirits is sponsored by Ycharts and Vanguard:

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This episode is sponsored by Vanguard. Learn more at: https://www.vanguard.com/audio

Animal Spirits:

On today’s show, we discuss:

• From Vol Exhaustion to Price Fatigue

• The Melt-Up

• Should You Just Buy Stocks Until You Die?

• The Economy That's Great for Parents, Lousy for Their Grown-Up Kids

• Why tariffs are so confusing

• AGM Alts Weekly | 10.26.25: From Meta to mega to giga

• The fallout from the AI-fuelled dash for gas

• Wait, Are 74% Of Businesses Actually Seeing An ROI From Generative AI?

• 16 charts that explain the AI boom

• Tens of Thousands of White-Collar Jobs Are Disappearing as AI Starts to Bite

• Strategy's proud return to junk

• Summary of September 2025 Existing-Home Sales Statistics

• The Risky Movement to Make America Nuclear Again

• Kraft Heinz CEO Warns of Worst Consumer Sentiment in Decades

• MTV Pays 'Ridiculousness' Star Rob Dyrdek at Least $32 Million a Year

Charts:

Tweets/Bluesky:

Why AI is Underhyped and Isn’t a Bubble Yet

Here’s why AI isn’t a bubble today. I’ve distilled the data points and ideas from my previous columns and coverage. If you prefer facts and evidence-based reality over vibes and conflated narratives, enjoy!

-Big Tech valuations are

— tae kim (@firstadopter)
6:40 PM • Oct 25, 2025

Yeah. We’re fucked, tbh

— Del (@TheCartelDel)
12:43 AM • Oct 31, 2025

People freaking out over corporate layoffs tend to forget the enormous size and churn of the U.S. labor market.

7.5 million private sector jobs were destroyed in Q4 2024 alone! (But even more were created.)

— John Lettieri (@LettieriDC)
2:27 PM • Oct 29, 2025

NEO The Home Robot
Order Today

— 1X (@1x_tech)
6:04 PM • Oct 28, 2025

Recommendations:

• Weapons

• Naked Gun

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