ATT Business: Switch to AT&T Business at business.att.com Paleovalley: 15% off https://bit.ly/ITPaleovalley 80% of every dollar the S&P 500 has gained over the last three years came from AI. If you own an index fund you don't own the broad market anymore — you own one concentrated bet on AI infrastructure. And China just demonstrated exactly how fragile that bet is. One Chinese AI model wiped out $1 trillion in US market value in a single day. Nvidia set the all-time record for the largest single-day loss by any company in history. The banks already know the debt is shaky — which is why they're running the 2008 playbook right now, slicing it up and selling it into your pension without a warning label. Welcome back to Impact Theory. In today’s episode, the conversation focused on the exploding risks and hidden fragilities underpinning the AI-driven stock market boom. A key theme that emerged was the AI “arms race” between the US and China, where China’s relentless drive for cheaper, competitive models—sometimes using questionable methods—threatens to undercut the entire US AI sector. The discussion explored the staggering costs and mounting debts behind AI infrastructure, the dangers posed by open source Chinese models, and how circular financing is masking deeper financial instability. Several points were raised, including the risk of regulatory capture, growing public opposition to AI, and the clever ways banks are spreading risk throughout the financial system. Ultimately, listeners are challenged to understand where the real risks lie, why having the right investment thesis isn’t enough, and how to play defense in a market rigged by both geopolitical and economic uncertainty. Sign up for my AI Masterclass: https://tombilyeu.com/ai-masterclass?utm_campaign=TBS-Livestream&utm_source=youtube&utm_medium=social Check us out wherever you get your podcasts: Spotify:https://open.spotify.com/show/1nARKz2vTIOb7gC9dusE4b?si=a8daffd2bf1f48fd Apple: https://podcasts.apple.com/us/podcast/tom-bilyeus-impact-theory/id1191775648 Do you need my help STARTING a business? Join me here inside ZERO TO FOUNDER: (https://tombilyeu.com/zero-to-founder) Get the exact systems, mindset shifts, and principles that built a $1B brand delivered straight to your inbox every week. Subscribe for free (https://tombilyeu.com) Check out our Video game - Project Kyzen: (https://projectkyzen.io/) Catch Me Streaming on Twitch - (https://twitch.tv/tombilyeu) Link to IT discord: https://discord.gg/TZKJ2etPbT Tom's Favorite Things List: https://amzn.to/41Ftt7e FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu