The AI bubble won’t burst the way you think | Kai Wu
Full Signal
Phil Rosen
4.8 • 18 Ratings
🗓️ 12 February 2026
⏱️ 34 minutes
🧾️ Download transcript
Summary
Kai Wu is the founder of Sparkline Capital, and his research focuses on finding AI winners and losers in the stock market. He joined Phil Rosen to discuss the next phase of the AI boom, how to spot early adopters to invest in, market data drawn from earnings calls and AI implementations, and more.
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Timestamps:
0:00 - Intro
0:24 - Understanding the AI Adoption Phase
1:19 - Current Trends in AI, Historical Patterns
04:04 - Tracking AI Mentions & Economic Gains
7:15 - Excess Returns in AI
12:04 - AI Infrastructure vs. Early Adopters
17:30 - Market Sentiment, Saas Selloff
24:00 - Infrastructure Valuations
26:55 - AI ROI Examples
29:02 Conclusion and Final Thoughts
Disclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.
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Transcript
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| 0:00.0 | On this episode of Full Signal, I am rejoined by Kai Wu of Sparkline Capital. |
| 0:04.9 | He has a new research report out that's about the AI buildout and the next phase of AI adoption. |
| 0:10.4 | He has a ton of proprietary data, research, and charts. |
| 0:13.9 | We get into valuations, what to do in the next leg of the AI trade, and much more. |
| 0:18.8 | This is a fantastic conversation. |
| 0:20.3 | I think you're going to love it. |
| 0:23.1 | Kai, it's great to see you again. We're getting into the adoption phase of the AI boom, |
| 0:28.4 | according to your latest research. Can you walk us through what that means? |
| 0:33.2 | Yeah, so if you study the history of past technological diffusions, whether it's the electricity, |
| 0:38.9 | the internet, railroad, cell phone, there's this S-curve pattern that happens every single time. |
| 0:45.4 | And in the very beginning, the most foundational thing that happens is you see in stage one, |
| 0:50.7 | what I call the infrastructure phase. |
| 0:52.1 | There needs to be a build-out of the underlying |
| 0:54.3 | rails in order to support this new technology, whatever it might be. That would be the |
| 0:59.1 | fiber optic cables. Today, it's AI data centers. Then at some point in this diffusion process, |
| 1:05.9 | there's a switch where you move from phase one to phase two, which is what I call the adoption |
| 1:10.6 | phase. That's when the I call the adoption phase. |
| 1:11.4 | That's when the questions for the investor class and for CEOs switch from, can we build it, |
| 1:17.6 | to will they buy it? |
| 1:19.2 | So, you know, in the very beginning of the AI boom, the question was, can we put together, |
| 1:24.4 | you know, trillion-dollar deals to build all these data centers? |
| 1:27.4 | Can we actually |
... |
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