The Market, the Fed, and the Financial Future of AI

WSJ Opinion: Potomac Watch

The Wall Street Journal

Society & Culture, News

4 • 2.7K Ratings

🗓️ 4 December 2025

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

The economy is sending mixed signals, but is the stock market in a bubble? Paul Gigot and “Inside View” columnist Andy Kessler discuss the valuations of various technology and AI companies, and look at the list of possible replacements for Jerome Powell as chairman of the Federal Reserve. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:32.6	From the opinion pages of the Wall Street Journal, this is Potomac Watch. Is the stock market in a bubble?
0:42.1	And what about artificial intelligence with the fabulous stock market valuations of Navidia, Google, Microsoft, and more?
0:52.0	And what about Donald Trump's choice to run the Federal Reserve? Are the markets worried
0:57.3	if he appoints a pushover for lower interest rates? This is Potomac. Watch the daily podcast of the
1:03.5	Wall Street Journal opinion pages. And I'm Paul as you go. And my guest today, Andy Kessler,
1:09.2	visiting us in studio from his abode in California.
1:13.5	Andy writes the Inside View column for the journal and is a former hedge fund manager who follows the financial markets and Silicon Valley for us.
1:22.4	Welcome, Andy.
1:22.9	Good to see you here.
1:24.0	Yeah, that's right.
1:24.8	Let's take up the overall economy first.
1:28.3	How are you seeing things?
1:29.3	ADP number, jobs numbers this week, not good, down 30,000 or so.
1:35.3	So the job market a little shaky.
1:37.3	Unemployment rate's still not that high.
	...

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