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10AM Hour: AI Trade Comes Under Fire, Bending Spoons CEO on Berkshire Investment, New Anthropic Revenue Numbers 10/15/26

Oct 15, 2026 · 43m

Summary

Tech stocks face pressure as rising borrowing costs and political resistance to data centers fuel concerns over the AI buildout, with PPI data also showing hotter-than-expected inflation. The episode features Dave Mazza of Roundhill Investments on the memory chip sector's transition and Joe LaVornia on the Fed’s need for further rate hikes. Additionally, Luca Ferrari of Bending Spoons discusses the company’s roll-up strategy following a new Berkshire Hathaway investment, while Anthropic shares revenue details ahead of its anticipated IPO.

Topics discussed

Podcast intros: Savvy CIO and The Savvy CIO Squawk on the Street intro and AI market pressure Market concerns: yields and AI funding Data center delays and permitting friction Rising borrowing costs and AI investment risk Economic dependence on AI and construction spending Labor shortages and capital costs in data centers Credit market discrimination: hyperscalers vs neoclouds Shift from asset-light to heavy AI spending Issuer confidence and demand for AI infrastructure DRAM ETF sell-off and introduction of Dave Mazza Memory chip sentiment and macro headwinds Long-term memory chip fundamentals and valuation Threat of Chinese memory chip maker CXMT Export controls and Chinese chip technology Sam Altman comments and investor sentiment Impact of Musk and Altman on memory stocks Retail investor participation in South Korea Upcoming segments: Inflation and Anthropic IPO Ad: Google Workspace with Gemini Ad: Mint Mobile Anthropic investor meeting and IPO expectations Anthropic revenue projections and run rate Anthropic model extraction and revenue impact Questions on Anthropic's institutional meeting Anthropic's AI capabilities and safety concerns Perpetual futures and OpenAI/Anthropic valuations Pressure on neocloud and GPU stocks How perpetual futures trade and liquidity Speculation and premium in private company perps Ad: Google Workspace with Gemini Ad: Mint Mobile Interview with Luca: Buying old internet companies Value in legacy tech: AI vs mismanagement Leveraging AI in well-positioned businesses Case study: Rebuilding Evernote Roll-up strategy and organic growth concerns Revenue improvement post-acquisition Financing deals in a higher interest rate environment Hurdle rates and acquisition strategy Being an acquirer of choice for founders and PE Potential acquisition of Yahoo News: Fort Hood shooter execution and Pope Leo's health News: Pope Leo's recovery from lung cancer surgery Brief discussion on AI trade poster child Inflation concerns and CPI data with Joe LaVornia Fed policy expectations and potential hikes Optionality for the Fed in December Supply shocks: oil, AI, and interest rates Wages, inflation, and robust consumer demand Wealth effect and consumer spending trends Drivers of rising interest rates Midterm election risks for risk assets Polling vs fundamentals in consumer sentiment Upcoming segments: Space and KPMG AI survey Market update: Power generation and financials Data centers as a midterm election issue in Ohio Ohio congressional races and data center opposition Local control of data center decisions State races and defense sector news Squawk on the Street disclaimer Ad: Zepbound End of transcript
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