Friday links: the AI buildout

Quote of the Day "The capabilities of AI are becoming more powerful, while the economic underpinnings of the AI buildout—and, as we’ll discuss, the political support for AI—are becoming more vulnerable." (Derek Thompson) Chart of the Day The volatility even among the biggest companies in the world is off the charts. (chart via YCharts) Yields - 30-year Treasury yields are pushing to pre-GFC levels. (apollo.com) - Pay attention to yields, not what the Fed says. (trendlabs.com) Strategy - Momentum investing is not for the weak of heart. (awealthofcommonsense.com) - Risk management is a skill. (oldroperesearch.substack.com) IPOs - IPO buyers increasingly look like bag holders. (morningstar.com) - Which could put a crimp on these semiconductor companies planning to go public. (pitchbook.com) AI - A reminder that Larry Ellison has bet the future of Oracle ($ORCL) on AI. (nytimes.com) - Amazon ($AMZN) is pouring capital into AWS. (tomtunguz.com) - James Pethokoukis talks with Azeem Azhar about the state of the AI economy. (fasterplease.substack.com) Stay in touch - Are you a financial advisor? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) Autos - A look at Tesla's ($TSLA) position in the American EV market. (theatlantic.com) - Rivian ($RIVN) saw an uptick in sales. (wsj.com) - Hybrids are having a moment. (cleantechnica.com) Defense - Just how much have American weapons stockpiles fallen? (cnn.com) - Can startups help fill the gap? (wapo.st) Economy - Consumers HATE inflation. (gelliottmorris.com) - American consumers keep on spending. (bonddad.blogspot.com) - Americans are telling CEOs that affordability is the issue. (axios.com) - How Warsh shot himself in the foot. (stayathomemacro.substack.com) - The case for higher rates. (axios.com) Earlier on Abnormal Returns - What you missed in our Thursday linkfest. (abnormalreturns.com) - Longform links: obsolete virtues. (abnormalreturns.com) Mixed media - Fitness trackers are really just guessing at your calories burned. (engadget.com) - How good is AI at measuring calories from photos? (sciencedaily.com) - When it comes to a sandwich, sometimes you just want someone to decide for you,. (slate.com) - These restaurants that are opting out of AI. (eater.com)