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Squawk Pod: Jeremy Grantham: The most expensive market in American history - 06/26/26 | Audio Only

Watch on YouTube ↗  |  June 26, 2026 at 18:00  |  41:12  |  CNBC
Speakers
Jeremy Grantham — GMO co-founder and long-term investment strategist
Mackenzie Sigalos — Crypto Reporter/Analyst, CNBC

Summary

Jeremy Grantham, co-founder of GMO, warns that the US stock market is the most expensive in history and could crash 70%, advising investors to avoid US equities and favor foreign stocks. He also calls Bitcoin a worthless speculation destined to go to zero, and views SpaceX's recent IPO price as a bubble peak. The episode covers Apple's price hikes due to surging memory costs and its potential shift to Chinese suppliers, as well as Asian chip stock declines.

  • Grantham says US stocks are in extreme bubble territory and may fall 70%
  • He recommends avoiding US equities and buying international stocks
  • Grantham dismisses Bitcoin as a chain letter that will eventually go to zero
  • He calls SpaceX's $2 trillion IPO valuation a classic market peak signal
  • Apple raises Mac and iPad prices because of skyrocketing memory and storage costs
  • Apple explores using Chinese memory makers YMTC and CXMT to diversify supply
  • Asian semiconductor shares drop sharply amid AI infrastructure spending fears
  • OpenAI may delay its IPO to 2027 as it pursues a $1 trillion valuation
Ideas
Jeremy Grantham GMO co-founder and long-term investment strategist 0:48
Avoid US stocks, buy international equities.
The US stock market is the most expensive in American history, exceeding even the 2000 bubble on metrics like market cap to GDP, and is likely to suffer a 70% decline to return to trend. Meanwhile, the rest of the world is not in a bubble and looks perfectly fine, so investors should avoid US stocks and favor non-US equities including emerging markets, Europe, Canada, and Australia.
SPY HIGH
Jeremy Grantham GMO co-founder and long-term investment strategist 0:48
Avoid US stocks, buy international equities.
The US stock market is the most expensive in American history, exceeding even the 2000 bubble on metrics like market cap to GDP, and is likely to suffer a 70% decline to return to trend. Meanwhile, the rest of the world is not in a bubble and looks perfectly fine, so investors should avoid US stocks and favor non-US equities including emerging markets, Europe, Canada, and Australia.
International equities ex-US HIGH
Jeremy Grantham GMO co-founder and long-term investment strategist 21:46
SpaceX valuation is a bubble peak.
SpaceX's recent IPO at a $2 trillion valuation relies on extravagant extrapolation of its addressable market and a currently inferior AI. This is exactly the kind of speculative peak seen at market tops, and it is likely to crash like Amazon did in 2000 before possibly recovering later.
SPCX HIGH
Jeremy Grantham GMO co-founder and long-term investment strategist 31:16
Bitcoin will go to zero, avoid it.
Bitcoin is a useless speculative asset with no intrinsic value; it pays no dividend, represents no tangible asset, and is not a stable store of value. It behaves like a chain letter and will gradually dwindle to zero over decades, failing to survive a bear market.
BTC HIGH
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This CNBC video, published June 26, 2026, features Jeremy Grantham discussing SPY, International equities ex-US, SPCX, BTC. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jeremy Grantham  · Tickers: SPY, International equities ex-US, SPCX, BTC