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It’s All One Bubble - David Cahn's Substack

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America’s bubble economy has been hiding its economic weaknesses. What happens when it pops?

It’s All One Bubble America’s bubble economy has been hiding its economic weaknesses. What happens when it pops? David Cahn Jan 28, 2025 82 11 Share “The market feels toppy,” wrote the Wall Street Journal’s James Mackintosh back in December. With the AI bubble now on increasingly shaky ground post- DeepSeek , it seems credible that a correction is coming. But while AI clearly is a big driver of the market right now — it has been a dramatic boon to the world’s largest companies — AI doesn’t capture the extent of the mania: Meme coins are raging, gold is on a tear, and even real estate prices re

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