The Real Threat To AI Stocks Is AI Itself
Adam Taggart | Thoughtful Money® Jun 30, 2026
Adam Taggart's takeaways
- Top takeaway Hosts the discussion with Michael Lebowitz, framing the hidden risk to AI stocks as innovation itself disrupting today's market leaders faster than investors expect.
- Directs viewers to his Substack for notes with the key takeaways from the interview.
Michael Lebowitz's takeaways
- Top takeaway Lebowitz argues the biggest risk to the AI trade is AI itself: innovation that makes computing far more efficient could shrink the need for today's city-sized data centers and turn the current spending boom into wasted money.
- Citing Carlota Perez's book, which he wrote about a few months before this June 2026 video, he argues investors are poor predictors of the future and that early leaders in past revolutions, from railroads to the internet, rarely stayed dominant.
- He does not rule out Nvidia, Microsoft, Amazon, and Google remaining the leaders, but insists the AI era will not unfold the way the market currently prices.
- He reads the wave of large IPOs in mid-2026 as smelling like a late-stage cycle, with industry insiders selling while buyers take whatever comes to market.
- He guesses Apple is waiting in the weeds, as a company that is never first but makes everything much better, to become the leading broker of AI products to consumers and businesses.