Micron Earnings Inflate the AI Bubble: 3-Minutes MLIV

Summary

Mark Cudmore discusses how Micron's strong earnings reaffirm that the AI CapEx bubble continues to inflate, with the volatile end phase potentially lasting through year-end. He explains that weakness in gold, silver, and Bitcoin is driven by a strong dollar and elevated real yields due to falling oil prices and inflation expectations, rather than rotation into chipmakers. Retail interest in those alternative assets has faded, with equities now the preferred high-volatility play.

• Micron earnings show AI capex bubble still expanding, chipmakers very profitable
• AI bubble's volatile end phase could persist for months, from May toward year-end
• Gold, silver, Bitcoin under pressure from strong dollar and high real yields
• Collapsing oil prices reduce inflation expectations, keeping real yields elevated
• Retail dip-buying in gold/silver/crypto waned; stocks now the 'fun casino'