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

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) The Colorado & California AI Acts (35:00) Stablecoin Surge: $18T in Settlements (36:45) Gurley’s Crypto Conversion (38:30) From PIX to FedNow: The Future of Digital Money (41:00) Coinbase, Circle, and the 4% Yield Revolution (43:00) Why Visa & Banks Fear Stablecoins (45:00) Gurley: “I’m Jumping on the Crypto Train” (46:00) Brad on Invest America (Trump Accounts) (49:00) Implementation Timeline & Treasury Update (50:30) Bill’s Book: Runnin' Down a Dream (53:15) The Great Career Reset: Passion vs. Grind (55:00) Bezos’ Regret Minimization Framework (57:00) Who the Book Is For (59:00) Gurley’s Next Mission Show Notes: All-In Summit: Bill Gurley presents 2,851 Miles: https://www.youtube.com/watch?v=F9cO3-MLHOM Plain English: This Is How the AI Bubble Could Burst: https://podcasts.apple.com/us/podcast/this-is-how-the-ai-bubble-could-burst/id1594471023?i=1000728026459 Bezos’ Regret Minimization Framework: https://www.youtube.com/watch?v=jwG_qR6XmDQ Produced by Dan Shevchuk Music by Yung Spielberg Available on Apple, Spotify, www.bg2pod.com Follow: Brad Gerstner @altcap https://x.com/altcap Bill Gurley @bgurley https://x.com/bgurley BG2 Pod @bg2pod https://x.com/BG2Pod