{"version":"1.0.0","segments":[{"startTime":3.403,"endTime":5.905,"body":"How much fuel, how many souls on board?"},{"startTime":7.073,"endTime":10.377,"body":"Those are the questions"},{"startTime":7.073,"endTime":10.377,"body":"every aircraft controller asks a pilot"},{"startTime":10.61,"endTime":12.946,"body":"after they've declared an emergency."},{"startTime":14.047,"endTime":18.018,"body":"The truth is they want to have an idea on"},{"startTime":14.047,"endTime":18.018,"body":"just how bad the crash is going to be"},{"startTime":18.685,"endTime":22.055,"body":"and how many people might die."},{"startTime":22.055,"endTime":26.092,"body":"As a commercial pilot and one who's had"},{"startTime":22.055,"endTime":26.092,"body":"this conversation, I can tell you"},{"startTime":26.092,"endTime":29.462,"body":"I don't want to have it again,"},{"startTime":26.092,"endTime":29.462,"body":"but it doesn't keep me from flying."},{"startTime":30.797,"endTime":33.933,"body":"Almost everything in life"},{"startTime":30.797,"endTime":33.933,"body":"worth doing has risks."},{"startTime":35.135,"endTime":38.338,"body":"Today, if that engine quits, I know where"},{"startTime":35.135,"endTime":38.338,"body":"I'm going to put the plane down."},{"startTime":38.972,"endTime":39.739,"body":"Running money."},{"startTime":39.739,"endTime":40.54,"body":"Same thing."},{"startTime":40.54,"endTime":42.442,"body":"When you invest in stocks."},{"startTime":42.442,"endTime":44.444,"body":"An emergency can pop up at any moment."},{"startTime":44.444,"endTime":46.179,"body":"What's your plan B?"},{"startTime":46.179,"endTime":47.647,"body":"Welcome to the Money Runner."},{"startTime":47.647,"endTime":51.985,"body":"I'm David Nelson."},{"startTime":69.469,"endTime":71.237,"body":"The market concentrations is a b**ch."},{"startTime":71.237,"endTime":72.372,"body":"I get it."},{"startTime":72.839,"endTime":75.175,"body":"You’re noticing a handful of stocks"},{"startTime":72.839,"endTime":75.175,"body":"dominating"},{"startTime":75.175,"endTime":78.144,"body":"index performance"},{"startTime":75.175,"endTime":78.144,"body":"and thinking something's off."},{"startTime":78.611,"endTime":80.413,"body":"Well, something is off."},{"startTime":80.413,"endTime":83.149,"body":"But it's not just the market, it's"},{"startTime":80.413,"endTime":83.149,"body":"the economy."},{"startTime":84.15,"endTime":87.854,"body":"The market concentration is being driven"},{"startTime":84.15,"endTime":87.854,"body":"by the earnings concentration."},{"startTime":88.121,"endTime":91.091,"body":"And as I pointed out in this week's"},{"startTime":88.121,"endTime":91.091,"body":"post, Bears looking for payback"},{"startTime":91.691,"endTime":95.195,"body":"outside a handful of mega-cap"},{"startTime":91.691,"endTime":95.195,"body":"tech giants in aggregate."},{"startTime":95.662,"endTime":99.132,"body":"The fundamentals just aren't there."},{"startTime":99.132,"endTime":101.668,"body":"The market is a reflection"},{"startTime":99.132,"endTime":101.668,"body":"of the economic winners"},{"startTime":101.668,"endTime":103.636,"body":"and losers"},{"startTime":101.668,"endTime":103.636,"body":"from Wall Street to Main Street."},{"startTime":103.636,"endTime":107.874,"body":"And right now,"},{"startTime":103.636,"endTime":107.874,"body":"the most dominant theme in the economy"},{"startTime":108.241,"endTime":111.377,"body":"is how every company is going to benefit"},{"startTime":108.241,"endTime":111.377,"body":"from a trickle down productivity"},{"startTime":111.377,"endTime":115.348,"body":"promise of artificial intelligence."},{"startTime":115.482,"endTime":117.55,"body":"Let's go to the charts."},{"startTime":117.55,"endTime":120.62,"body":"We know the S\u0026P 500 and tech heavy Nasdaq"},{"startTime":120.887,"endTime":123.156,"body":"are outpacing mid-caps and small caps."},{"startTime":123.823,"endTime":126.392,"body":"But even within the large cap"},{"startTime":123.823,"endTime":126.392,"body":"index, the gap"},{"startTime":126.726,"endTime":129.863,"body":"between winners and"},{"startTime":126.726,"endTime":129.863,"body":"losers continues to widen."},{"startTime":130.83,"endTime":131.131,"body":"In the"},{"startTime":131.131,"endTime":135.535,"body":"last four weeks, while the broad indices"},{"startTime":131.131,"endTime":135.535,"body":"rose, the percentage of stocks"},{"startTime":135.535,"endTime":138.671,"body":"trading above their 200 day"},{"startTime":135.535,"endTime":138.671,"body":"moving average continues to fall."},{"startTime":139.372,"endTime":142.575,"body":"Not unprecedented,"},{"startTime":139.372,"endTime":142.575,"body":"but certainly a red flag."},{"startTime":143.643,"endTime":146.246,"body":"Every bull market has corrections,"},{"startTime":146.479,"endTime":151.417,"body":"and every investment theme stumbles"},{"startTime":146.479,"endTime":151.417,"body":"during the long journey on I-95 north."},{"startTime":152.252,"endTime":155.088,"body":"How you handle the fall matters"},{"startTime":152.252,"endTime":155.088,"body":"more than you think."},{"startTime":155.088,"endTime":158.224,"body":"Even bulls like yours"},{"startTime":155.088,"endTime":158.224,"body":"truly have to plan ahead."},{"startTime":159.325,"endTime":163.029,"body":"When the correction in the AI trade comes,"},{"startTime":159.325,"endTime":163.029,"body":"it will be dramatic."},{"startTime":163.963,"endTime":165.798,"body":"Talking heads will be screaming."},{"startTime":165.798,"endTime":167.133,"body":"It's déja vu all over again."},{"startTime":167.133,"endTime":170.503,"body":"Your favorite financial news"},{"startTime":167.133,"endTime":170.503,"body":"outlet will show you comparison"},{"startTime":170.503,"endTime":172.972,"body":"charts"},{"startTime":170.503,"endTime":172.972,"body":"to the bursting of the Internet bubble."},{"startTime":173.573,"endTime":176.809,"body":"Some will hold prime time specials on"},{"startTime":176.809,"endTime":180.046,"body":"how to protect yourself from annihilation."},{"startTime":180.046,"endTime":182.649,"body":"The truth rarely lives on the extremes."},{"startTime":182.649,"endTime":185.985,"body":"So maybe a more"},{"startTime":182.649,"endTime":185.985,"body":"nuanced approach is in order."},{"startTime":187.42,"endTime":189.722,"body":"First,"},{"startTime":187.42,"endTime":189.722,"body":"look at what's driving the sell off."},{"startTime":190.423,"endTime":194.36,"body":"Is it a statistical reversion to the mean"},{"startTime":190.423,"endTime":194.36,"body":"to relieve an overbought condition?"},{"startTime":195.395,"endTime":198.464,"body":"That’s one possibility,"},{"startTime":195.395,"endTime":198.464,"body":"but here's a more likely scenario."},{"startTime":199.299,"endTime":202.802,"body":"A software company announces they aren't"},{"startTime":199.299,"endTime":202.802,"body":"getting the return on investment"},{"startTime":203.102,"endTime":207.24,"body":"from their artificial intelligence"},{"startTime":203.102,"endTime":207.24,"body":"rollout and decides to reallocate funds."},{"startTime":207.574,"endTime":211.844,"body":"A major chip manufacturer announces"},{"startTime":207.574,"endTime":211.844,"body":"they have to clear some inventory."},{"startTime":212.779,"endTime":215.782,"body":"Trust me, stocks won't open down 5%."},{"startTime":216.049,"endTime":219.452,"body":"Think 15 20"},{"startTime":221.921,"endTime":223.756,"body":"The above are possibilities,"},{"startTime":223.756,"endTime":227.427,"body":"but until there's evidence to back up"},{"startTime":223.756,"endTime":227.427,"body":"those fears, don't"},{"startTime":227.427,"endTime":230.897,"body":"convict and sentence your stocks"},{"startTime":227.427,"endTime":230.897,"body":"to be banished from your portfolio"},{"startTime":231.331,"endTime":233.9,"body":"just because you're afraid of giving back"},{"startTime":231.331,"endTime":233.9,"body":"some profits."},{"startTime":234.834,"endTime":238.238,"body":"Nvidia just passed Microsoft and Apple"},{"startTime":238.238,"endTime":240.94,"body":"and is now"},{"startTime":238.238,"endTime":240.94,"body":"the largest company on the planet."},{"startTime":241.841,"endTime":245.778,"body":"It shouldn't be surprising if it's the"},{"startTime":241.841,"endTime":245.778,"body":"largest position in your portfolio."},{"startTime":246.946,"endTime":247.914,"body":"Investors went"},{"startTime":247.914,"endTime":251.417,"body":"through the same anxiety"},{"startTime":247.914,"endTime":251.417,"body":"when Apple passed Exxon in 2011."},{"startTime":252.452,"endTime":255.355,"body":"Apple first hit the $1 trillion milestone"},{"startTime":255.355,"endTime":259.325,"body":"in 2018 and crossed"},{"startTime":255.355,"endTime":259.325,"body":"$3 Trillion 5 years later."},{"startTime":260.36,"endTime":263.696,"body":"What makes some Nvidia’s assent remarkable"},{"startTime":260.36,"endTime":263.696,"body":"is that its"},{"startTime":263.696,"endTime":267.433,"body":"market cap more than doubled last year"},{"startTime":263.696,"endTime":267.433,"body":"and then went on to pass the one,"},{"startTime":267.7,"endTime":271.704,"body":"two and $3 trillion milestones"},{"startTime":267.7,"endTime":271.704,"body":"in just over 12 months."},{"startTime":272.739,"endTime":274.907,"body":"For those of us"},{"startTime":272.739,"endTime":274.907,"body":"who manage money for a living,"},{"startTime":275.541,"endTime":278.878,"body":"we are judged relative to some benchmark,"},{"startTime":278.878,"endTime":281.481,"body":"maybe that's not the way it should be,"},{"startTime":278.878,"endTime":281.481,"body":"but that's the way it is."},{"startTime":282.215,"endTime":283.082,"body":"Fo PMs."},{"startTime":283.082,"endTime":284.851,"body":"Who are market cap weighted in Nvidia,"},{"startTime":284.851,"endTime":288.121,"body":"it likely represents"},{"startTime":284.851,"endTime":288.121,"body":"6 to 7% of the portfolio."},{"startTime":288.588,"endTime":292.125,"body":"If there's a 20% correction,"},{"startTime":288.588,"endTime":292.125,"body":"it will cost our funds"},{"startTime":292.425,"endTime":295.128,"body":"about 1.3%."},{"startTime":295.128,"endTime":297.63,"body":"Make no mistake, that would hurt."},{"startTime":297.93,"endTime":299.565,"body":"But it's recoverable."},{"startTime":299.565,"endTime":302.802,"body":"The bigger challenge"},{"startTime":299.565,"endTime":302.802,"body":"is that technology as a whole"},{"startTime":302.802,"endTime":307.907,"body":"now is 32% of the market, with many stocks"},{"startTime":302.802,"endTime":307.907,"body":"exposed to the AI trade."},{"startTime":307.907,"endTime":310.276,"body":"A 20% correction here."},{"startTime":310.276,"endTime":311.744,"body":"That's real money."},{"startTime":312.712,"endTime":314.881,"body":"It's worse than you think."},{"startTime":314.881,"endTime":318.818,"body":"How many companies in every industry"},{"startTime":314.881,"endTime":318.818,"body":"have mentioned AI in conference calls"},{"startTime":319.185,"endTime":321.721,"body":"and how it will benefit"},{"startTime":319.185,"endTime":321.721,"body":"their top and bottom lines?"},{"startTime":322.522,"endTime":325.625,"body":"And how many industries outside of tech"},{"startTime":322.522,"endTime":325.625,"body":"are direct"},{"startTime":325.625,"endTime":328.995,"body":"beneficiaries of the buildout"},{"startTime":325.625,"endTime":328.995,"body":"in AI infrastructure?"},{"startTime":329.896,"endTime":330.997,"body":"Utilities and energy"},{"startTime":330.997,"endTime":334.067,"body":"companies will profit as they provide"},{"startTime":330.997,"endTime":334.067,"body":"more power to data centers."},{"startTime":334.767,"endTime":337.47,"body":"The industrial sector as HVAC companies"},{"startTime":337.503,"endTime":340.606,"body":"make their fortunes"},{"startTime":337.503,"endTime":340.606,"body":"building cooling units for the chips."},{"startTime":340.84,"endTime":342.709,"body":"Even retail as A.I."},{"startTime":342.709,"endTime":346.512,"body":"is used to analyze consumer behavior"},{"startTime":342.709,"endTime":346.512,"body":"and better design products."},{"startTime":347.347,"endTime":350.583,"body":"Airlines use AI to manage"},{"startTime":347.347,"endTime":350.583,"body":"logistics and maintenance programs."},{"startTime":350.583,"endTime":352.852,"body":"The shipping companies do the same."},{"startTime":352.852,"endTime":357.056,"body":"And let's not forget, artificial"},{"startTime":352.852,"endTime":357.056,"body":"intelligence has military applications"},{"startTime":357.056,"endTime":360.593,"body":"and someday could be in charge"},{"startTime":357.056,"endTime":360.593,"body":"of our nuclear arsenal."},{"startTime":360.96,"endTime":363.629,"body":"In other words, the tentacles of the A.I."},{"startTime":363.629,"endTime":365.898,"body":"trade touch almost every industry"},{"startTime":366.165,"endTime":369.702,"body":"and are now embedded"},{"startTime":366.165,"endTime":369.702,"body":"into the future of our society."},{"startTime":370.703,"endTime":371.971,"body":"Nvidia may be the biggest A.I."},{"startTime":371.971,"endTime":375.274,"body":"stock in your portfolio,"},{"startTime":371.971,"endTime":375.274,"body":"but it isn't the biggest risk"},{"startTime":375.274,"endTime":377.81,"body":"we face."},{"startTime":380.346,"endTime":381.314,"body":"What if A.I."},{"startTime":381.314,"endTime":384.117,"body":"doesn't deliver on its promise?"},{"startTime":384.117,"endTime":387.787,"body":"What if the vast infrastructure"},{"startTime":384.117,"endTime":387.787,"body":"built around artificial intelligence"},{"startTime":388.121,"endTime":390.757,"body":"doesn't yield the expected returns?"},{"startTime":391.491,"endTime":394.494,"body":"The consequences"},{"startTime":391.491,"endTime":394.494,"body":"would ripple through every sector,"},{"startTime":394.794,"endTime":397.53,"body":"shaking"},{"startTime":394.794,"endTime":397.53,"body":"the very foundation of our economy."},{"startTime":398.464,"endTime":400.9,"body":"The stocks that have driven"},{"startTime":398.464,"endTime":400.9,"body":"the market performance could plummet,"},{"startTime":401.1,"endTime":404.237,"body":"dragging down indices and investor"},{"startTime":401.1,"endTime":404.237,"body":"portfolios alike."},{"startTime":405.204,"endTime":409.142,"body":"Imagine the panic as companies"},{"startTime":405.204,"endTime":409.142,"body":"across industries announce that their A.I."},{"startTime":409.142,"endTime":413.379,"body":"investments aren't paying off,"},{"startTime":409.142,"endTime":413.379,"body":"leading to massive sell offs"},{"startTime":413.513,"endTime":417.45,"body":"and a market correction"},{"startTime":413.513,"endTime":417.45,"body":"far more severe than anticipated."},{"startTime":418.584,"endTime":421.521,"body":"The very lifeblood of our economic"},{"startTime":418.584,"endTime":421.521,"body":"optimism"},{"startTime":421.921,"endTime":424.59,"body":"hinges on the success of A.I."},{"startTime":424.59,"endTime":429.061,"body":"If it falters,"},{"startTime":424.59,"endTime":429.061,"body":"the repercussions could be catastrophic,"},{"startTime":429.929,"endTime":432.064,"body":"leading to a crisis of confidence"},{"startTime":432.064,"endTime":436.235,"body":"not just in the tech sector,"},{"startTime":432.064,"endTime":436.235,"body":"but across the entire market landscape."},{"startTime":436.636,"endTime":438.871,"body":"The stakes have never been higher."},{"startTime":438.871,"endTime":439.539,"body":"The U.S."},{"startTime":439.539,"endTime":444.377,"body":"economy is now extremely linked"},{"startTime":439.539,"endTime":444.377,"body":"to the success of artificial intelligence."},{"startTime":444.377,"endTime":446.045,"body":"It better work!"},{"startTime":446.045,"endTime":451.017,"body":"Because if it doesn't, the fallout will be"},{"startTime":446.045,"endTime":451.017,"body":"unlike anything we've seen."},{"startTime":452.151,"endTime":454.12,"body":"There's a flip side."},{"startTime":454.12,"endTime":456.189,"body":"What if they AI does live up to the hype?"},{"startTime":457.59,"endTime":460.126,"body":"The potential for positive impact"},{"startTime":457.59,"endTime":460.126,"body":"is immense."},{"startTime":460.126,"endTime":462.895,"body":"Artificial intelligence"},{"startTime":460.126,"endTime":462.895,"body":"could revolutionize health care"},{"startTime":463.296,"endTime":465.998,"body":"with faster diagnosis"},{"startTime":463.296,"endTime":465.998,"body":"and personalized treatments,"},{"startTime":466.299,"endTime":470.102,"body":"leading to better patient"},{"startTime":466.299,"endTime":470.102,"body":"outcomes and longer, healthier lives."},{"startTime":470.703,"endTime":474.707,"body":"It could transform education,"},{"startTime":470.703,"endTime":474.707,"body":"making high quality learning accessible"},{"startTime":474.707,"endTime":479.345,"body":"to everyone, regardless of their location"},{"startTime":474.707,"endTime":479.345,"body":"or economic status."},{"startTime":480.346,"endTime":484.183,"body":"A.I. could drive innovation"},{"startTime":480.346,"endTime":484.183,"body":"in renewable energy, helping us combat"},{"startTime":484.183,"endTime":487.553,"body":"climate change"},{"startTime":484.183,"endTime":487.553,"body":"and build a sustainable future."},{"startTime":488.788,"endTime":491.057,"body":"The successful integration of A.I."},{"startTime":491.057,"endTime":495.695,"body":"could usher in an era"},{"startTime":491.057,"endTime":495.695,"body":"of unprecedented prosperity, solving"},{"startTime":495.695,"endTime":500.132,"body":"some of our most pressing challenges"},{"startTime":495.695,"endTime":500.132,"body":"and creating opportunities."},{"startTime":500.132,"endTime":502.502,"body":"We can't even imagine yet."},{"startTime":502.502,"endTime":502.935,"body":"If A.I."},{"startTime":502.935,"endTime":507.44,"body":"delivers a truly change the world"},{"startTime":502.935,"endTime":507.44,"body":"for the better, making our lives richer,"},{"startTime":507.907,"endTime":510.109,"body":"healthier and more fulfilling."},{"startTime":511.511,"endTime":515.882,"body":"Like I said, everything"},{"startTime":511.511,"endTime":515.882,"body":"in life we're doing has risks."},{"startTime":517.116,"endTime":517.783,"body":"The future's"},{"startTime":517.783,"endTime":520.853,"body":"uncertain, but the potential for greatness"},{"startTime":517.783,"endTime":520.853,"body":"is there."},{"startTime":521.287,"endTime":522.588,"body":"Embrace the possibility."},{"startTime":522.588,"endTime":524.59,"body":"Stay informed."},{"startTime":524.624,"endTime":528.728,"body":"The promise of artificial intelligence"},{"startTime":524.624,"endTime":528.728,"body":"is not just about economic growth."},{"startTime":529.462,"endTime":531.831,"body":"It's about the hope for a better tomorrow."},{"startTime":532.865,"endTime":533.933,"body":"I'm David Nelson."},{"startTime":533.933,"endTime":550.349,"body":"And this is the Money Runner."}]}