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The World You Knew Is Never Coming Back | TCAF 247, Sonic AI
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The World You Knew Is Never Coming Back | TCAF 247
The Compound and Friends
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Jun 19, 2026
•
1:03:10
Interview
The World You Knew Is Never Coming Back | TCAF 247
From
The Compound and Friends
Josh Brown
(Co-founder and CEO, Ritholtz, The Compound and Friends)
•
Downtown Josh Brown
(Host)
•
Michael Batnick
(Financial market commentator and analyst at…)
•
Michael Zezas
(Guest)
•
Michael Zizes
(Deputy Global Head of Research, Morgan Stanley)
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Executive Summary
A massive AI-driven capital expenditure cycle is underway, with an estimated $2.9 trillion in data center spending alone from 2025-2028, significantly boosting economic growth and corporate earnings for both infrastructure providers and adopters.
The global landscape is shifting to a multipolar world, compelling regions like Europe and Japan to re-industrialize and increase defense spending, creating new investment opportunities in developed ex-US equities.
A significant divergence exists between high policy uncertainty and low market volatility (VIX), suggesting investors are pricing in positive outcomes and focusing on strong secular growth trends like AI over geopolitical risks.
The equity market rally is expected to broaden beyond the initial AI infrastructure winners to a wider set of 'AI adopters' who are demonstrating tangible productivity gains and EBIT margin expansion.
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