Good morning. Anthony Pompliano and I had a great time meeting so many of you at the Independent Investor Summit on Friday.

We’ll be sharing more content from the conference in weeks ahead — starting with today’s newsletter unpacking what Jordi Visser had to say about investing in the AI boom.

History will not reward the investors who believe AI is a bubble. 

That’s the warning from Wall Street veteran Jordi Visser, who spoke with me at Anthony Pompliano’s Independent Investor Summit. 

The innovation and productivity gains driven by the world’s largest technology companies, he said, are reasons to “fade all conversations about AI being a bubble.”

He nodded to our conversation from February when he shared the AI data stock Micron Technology as his highest conviction idea for the year.

The stock has climbed nearly 80% since that interview.

In his view, no investment theme besides AI is worth allocating to today.

Economists parsing decimal points on inflation or payroll revisions, he said, are overlooking the market’s biggest catalyst. 

Structural shifts like AI-driven productivity, infrastructure buildouts and astronomical energy demand will shape the economy far more than traditional data points. 

The market is still playing catch up, as Oracle’s 38% stock surge made evident on Thursday.

The record one-day move followed the company’s announcement of a nearly $400 billion backlog of AI-related orders. 

“Every single year moving forward the only investment people should have in their portfolio [should be] related to the disruption that’s coming from artificial intelligence,” he said. “It will only accelerate.” 

Indeed, the ripple effects are already visible in the labor market.

Over the last two years, AI has reduced demand for workers and contributed to higher unemployment for young people.

That underscores the innovator’s paradox — while it eliminates job opportunities overall, it also increases productivity for those who remain employed.

That’s widened the gap between top performers and everyone else. 

For investors, more productive companies means stronger earnings over time.

The stellar, above-trend projections for third-quarter GDP growth, despite the slowing job market, reinforces the point. 

“People that are waiting for a crash, or that are waiting for inflation to go higher, or they’re waiting for bonds to collapse, they’re all missing the part that’s really happening, which is that artificial intelligence is driving all investment gains,” Visser said.

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The US and China held trade talks in Spain on Sunday. Officials met in Madrid to discuss a looming divestiture deadline for TikTok, as well as Washington’s demands for allies to place tariffs on China over its purchases of Russian oil. (Reuters)

📈Economic data keeps pushing stocks to records. Investors looked past the August inflation report and focused on rising jobs, pushing the S&P 500 to new highs. The macro story reinforces the case for rate cuts, fueling the bullishness. (Opening Bell Daily)

🏦 More Americans are stuck with jobs they don’t want. The hiring slowdown has pushed an increasing number of people into part-time work, even as the overall jobless rate remains historically low. One in four people looking for work have been unemployed for at least six months. (WSJ)

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📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.

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