Trader Reveals 'Bubble' Assets; How Does Market Mania End? | Jason Shapiro

Summary

David Lin interviews veteran trader Jason Shapiro about whether AI and other assets are in a bubble and where markets are crowded. Jason argues bubbles are hard to define, sees gold as the most crowded trade and most of crypto/meme coins as speculative, but says AI investment is unlikely to stop because it is a national-security priority. He has gone flat U.S. equities due to worsened risk/reward and favors diversified AI power-generation exposure.

• Jason Shapiro says bubbles are hard to identify and valuation alone is not actionable.
• He sees gold as the most crowded long trade and would short only after a failed bullish-news rally.
• He calls most of crypto and meme coins a bubble or zero-value, while owning some Bitcoin.
• He says AI is a national-security race, so investment in AI and related infrastructure will continue.
• He is flat U.S. stocks after risk/reward changed and good news stopped lifting the market.
• He favors diversified AI power-generation exposure as the most buyable area.
• He notes retail FOMO in silver and resources as a late-cycle warning but not necessarily a top yet.
• He emphasizes discipline and not over-leveraging into hot AI or power names like Oklo.