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JT
Joseph Tanious
Northern Trust (chief investment strategist)
First call on the ledger
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else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
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He opens 'I think there's plenty to worry about' @0:37 and expects consolidation as in the early-2000s tech boom @1:01, but says 'in every earning season over the next couple of quarters, the demand for AI is just continuing without slowing down' @1:18.
“However, we continue to believe we're in the early innings of this, and I think the demand for compute and what's happening with chip makers and semiconductors, this is just the beginning.”
Nasdaq since this was said: ▲ +0.9% · 25,508 → 25,742 · as of 2026-07-22
Asked if some names like Oracle are more entangled in the circularity problem: 'Absolutely, without question' @1:52, some names carrying more of it than others; unlike 2025 when anything AI-adjacent rallied, 'as we continue to go throughout the year, you're going to see more winners and losers' @2:22, urging close attention to guidance and margins.
“it's no longer an AI trade where a rising tide is simply lifting all boats.”
Nasdaq since this was said: ▲ +0.9% · 25,508 → 25,742 · as of 2026-07-22
Responding to the host citing Morgan Stanley estimates of hyperscaler debt issuance rising from about $100 billion last year to $130 to $150 billion, and total AI-linked issuance possibly hitting $570 billion this year: 'You're a hundred percent right' @3:37, since capex once funded by internal cashflow now taps equity and bond markets; 'we have to be very mindful of how concentrated parts of our portfolios in certain segments are becoming to this AI trade' @4:03.
“This is simply exacerbating the issue with respect to concentration risk. If you take a look at issuance in the bond market over the course of this year, a meaningful portion of that is related to AI.”
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