Boom or Bust: Kai Wu on AI CapEx, Concentration Risk, and the Next Phase of Tech

In this episode of Lead-Lag Live, I sit down with Kai Wu, Founder and CIO of Sparkline Capital, to break down the AI-driven capital cycle reshaping markets.

From Nvidia’s record-shattering deals to hyperscalers pouring trillions into infrastructure, Kai explains why today’s AI boom echoes past capital cycles—and why investors may be missing the real risk.

In this episode:
– Why mega-cap tech is shifting from asset-light to asset-heavy
– The historic link between rapid asset growth and underperformance
– Why concentration in the “Magnificent Seven” is an overlooked AI risk
– Lessons from the dot-com and railroad booms that apply to AI today
– How to position across the full AI adoption cycle

Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.

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