The AI productivity boom everyone is celebrating isn’t real. Strip out semiconductor operating leverage, and the average S&P 500 company is still below its 2022 margin highs. What looks like a productivity story is really just fixed-cost businesses growing into their capacity.
Cameron Dawson, Chief Investment Officer at New Edge Wealth, joins Jim Iuorio and Bobby Iaccino to break down what's really driving markets and what history says could happen next.
In this episode:
◾️ Why the dot-com bubble had real earnings too and why that’s exactly what worries her
◾️ The “one trade” market: why Micron’s gross margin matters most
◾️ How retail investors now drive two-thirds of market volume and have been right
◾️ Gold breaks below its 200-day moving average for the first time in three years
◾️ Why hot inflation is actually bad for gold
◾️ SpaceX IPO: 80–90x sales, S&P inclusion pushback, and order book signals