David Rosenberg Isn’t Drinking The “AI Productivity” Kool-Aid

RiskReversal Pod

RiskReversal Media

Investing, Business, News, Business News

4.7 • 836 Ratings

🗓️ 1 May 2026

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity’s most powerful trading experience yet: www.Fidelity.com/TraderPlus Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC. Dan Nathan speaks with David Rosenberg about a market week packed with tech earnings, GDP, PCE, the Fed, oil above $100, and a sharp USD/JPY move. Rosenberg argues the U.S. economy is K-shaped, with Q1 GDP growth heavily driven by AI-related tech capex while non-tech business investment contracts, and consumer spending exceeding flat-to-negative real disposable income mainly due to a falling savings rate, wealth effects at the high end, and credit reliance at the low end amid rising delinquencies. He says most sectors are losing jobs, productivity has driven nearly all recent growth, and an oil price shock is a supply-side tax likely to weaken demand rather than create sustained inflation. They discuss a divided Fed under new chair Kevin Warsh, high market concentration, extreme valuations with a near-zero equity risk premium, and whether yen moves or oil are bigger risks for equities. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

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0:30.9	This episode of the Risk Reversal podcast is presented by Fidelity Investments.
0:36.1	When timing is everything, you need a platform that can meet
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1:00.8	wherever you trade with free third-party single-score analyst ratings and custom alerts.
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1:12.5	IConnections is the largest membership-only platform for the alternative investment industry.
1:16.5	Bringing together thousands of fund managers and allocators in one powerful hub.
1:19.7	IConnections reimagines how the industry connects through its digital offerings and premier in-person events,
1:24.4	empowering allocators and managers to meet, build relationships, and do business
1:27.9	anytime, anywhere.
1:29.3	To explore more about IConnections, its events, and gain access to the members-only
1:32.7	platform, visit iConnections.io.
1:37.6	Welcome to the Risk Reversal Podcast.
1:39.6	I am Dan Neath, and I am joined today by David Rosenberg.
	...

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