This is CBS, I Am The World. I'm John Bachelor. To Lancaster County, Pennsylvania, the

paradise of the Amish Farms and Jim McTague, former Washington editor of Baron's magazine,

now a novelist, commenting on the market, the Fed, shopping, and restaurant tours in Lancaster

County, watching the consumer, watching the pennies, going out to food or shopping at

the supermarkets. Jim, a very good evening to you. We'll start with the market. The

market doesn't know what it wants to do up, down, up, down, up, down. Looking at the Federal

Reserve, the Federal Reserve is looking back at the market. You get the idea they're staring

at each other over a golf. And nobody knows which way to move. So right now, what we have

is one bubble I can guarantee on the markets. It's called artificial intelligence, AI

bubble. All of the bubble-related stocks from Oracle to the new IPO for ARM are doing

so well that it's no split territory for the multiples. That's the bubble we talk about

all the time. No matter what happens, people like to buy those stocks. Apple accounts,

the magnificent seven Facebook Microsoft. Is that bubble going to pop Jim or does it go

up forever? Good evening, too. Good evening, Sean. You know, I've been very bearish.

So I think the bubble pops. And maybe this is a faulty comparison. But I remember the

promise of biotech many years ago and biotech stocks went through the roof. And it turned

out that it took science 20 years to actually turn the promise into an actuality before

we had the new drugs. It took a COVID epidemic before we had had this magical engine here at

medicine. So I'm wondering with AI, if it takes five or 10 years before we get useful marketable

products or if I will happen much more quickly. We used to talk in the 80s and 90s about something

called Murphy's Law, which you don't hear about anymore. But it's actually it's if something

can go wrong, it will and probably at the very worst time. So I think AI is going to encounter

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