Why AI Is NOT the Next Dot-Com Bubble with Andreas Steno and Mikkel Rosenvold | Macro Mondays

Andreas Steno and Mikkel Rosenvold are back to challenge one of the biggest narratives in markets: that the AI boom is simply another dot-com bubble waiting to burst. They break down why today's AI investment cycle may be fundamentally different from the late 1990s, and what that means for tech stocks and the broader market outlook. They also unpack the latest political surprise involving Brazil's Lula and the implications for emerging markets, before turning to renewed EU–China trade tensions and what another escalation could mean for global trade, European industry, and investors. 🏆 The Real Vision Trading is now open! The best trade ideas on the platform compete for $80,000 in cash. 📈 Trading League: https://realvision.com/your-future?utm_medium=social&utm_source=youtube&utm_campaign=2026_uyf&utm_content=macro-mondays Timestamps: 00:00 - Anthropic IPO Filing: What It Reveals About the AI Buildout 02:41 - AI vs Dot-Com: Why the Comparison Still Doesn’t Hold 05:54 - Why Higher Rates Are Forcing AI to Prove ROI Now 08:15 - Big Tech Earnings: Can Alphabet, Amazon, and Microsoft Calm Credit Markets? 09:32 - GPU Rental Prices Are Rising — and That Changes the AI Bear Case 12:33 - Is Anthropic Running Out of Compute? 15:22 - Anthropic IPO: Could It Pull Capital Away From the Mag 7? 16:42 - Where to Position If the Fed Finally Acknowledges Tight Financial Conditions 18:33 - Has the Market Already Priced in the End of the AI Boom? 19:19 - Brazil Election Shock: Lula Wins and Markets Get Hit 22:08 - Israel Election: Why Policy Toward Iran May Not Change Much 23:50 - EU vs China: Europe Escalates the Trade War Learn more about your ad choices. Visit podcastchoices.com/adchoices