AI Bubble, Stablecoin Boom, and Runnin' Down a Dream | BG2 w/ Bill Gurley and Brad Gerstner

AI Bubble, Stablecoin Boom, and Runnin' Down a Dream | BG2 w/ Bill Gurley and Brad Gerstner

From BG2Pod with Brad Gerstner and Bill Gurley by BG2Pod

October 14, 2025 · 1h 2m · Episode 38

About this episode

The episode discusses the AI buildout, the rise of stablecoins, and insights from Bill Gurley's new book.

Pre-Order Runnin' Down a Dream now: https://a.co/d/0oIPPve Open Source bi-weekly convo w/ Bill Gurley and Brad Gerstner on all things tech, markets, investing & capitalism. This week, they unpack the $3T AI buildout, circular revenue red flags, and whether the boom is becoming a bubble. They dive into the rise of stablecoins and the new financial rails reshaping money, the fight over AI regulation in America, and Bill’s next chapter—his new book Runnin' Down a Dream and what it means to build a career you actually love. Enjoy another episode of BG2 ! Timestamps: (00:00) Intro (02:00) Two Years of BG2 (03:45) Bill Stepping Back to Write His Book (06:00) Runnin' Down a Dream (07:00) The AI CapEx Bubble? (09:30) Sham vs. Real Transactions in AI (11:00) Microsoft–OpenAI Credits & Cloud Economics (13:00) Nvidia’s Investments: Healthy or Hype? (17:00) CoreWeave, Hidden Leverage & Demand Risks (19:15) $3 Trillion CapEx: Are We Overbuilding AI? (21:45) The MAG5 CapEx Surge: Too Much, Too Fast? (24:30) Meta’s CapEx Comeback & AI ROI (25:30) OpenAI’s Race for Escape Velocity (28:30) AI Regulation: State Patchwork Madness (30:30) Why Federal Preemption Is Critical (33:15)…

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