The AI Bubble Will Pop from Equity Supply Says This $80 Billion Asset Manager | Ben Inker | GMO

Monetary Matters with Jack Farley · 14 октября 2026 г. · 1 ч 11 мин

This episode is brought to you by Sarmaya Partners. Learn more about Sarmaya’s LENS ETF, their full data and comparison, including performance here: https://sarmayaetf.com/ Ben Inker, Co-Head of Asset Allocation at GMO, joins Other People’s Money to discuss why the IPOs and subsequent shareholder unlocks of SpaceX, Anthropic, and OpenAI will bring an unprecedented amount of equity issuance and pop the AI bobble. Inker explains how this mechanism was responsible for popping tech bubbles in 2000 and 2021 and the mathematical relationship between below average equity returns and equity supply. He also outlines how this equity supply in conjunction with a slowdown in the AI buildout from realizations of an AI overbuild could send the stock market down as much as 50% with even greater pain for the most AI linked companies. Read GMO’s Q3 2026 Quarterly Letter: https://www.gmo.com/globalassets/articles/quarterly-letter/2026/gmo-quarterly-letter_3q-2026.pdf Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod Important Information The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. This and other important information are contained in the prospectus, which may be obtained by following the links Prospectus and Summary Prospectus or by calling +1.215.330.4476. Please read the prospectus carefully before investing. There is no assurance that the fund will achieve its investment objective. The Fund may not be suitable for all investors. Investors should continue to review their investment objectives and risk tolerance periodically. An investment in the Fund involves risk, including possible loss of principal. Exchange traded funds (ETFs) trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value (NAV), and are not individually redeemable directly with the ETF. Brokerage commissions and ETF expenses will reduce returns. ETFs are subject to specific risks, depending on the nature of the underlying strategy of the Fund, which should be considered carefully when making investment decisions. For a complete description of the Fund’s principal investment risks, please refer to the prospectus at https://sarmayaetf.com Metals and Mining Companies Risk. Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s, Sub-Adviser’s, or portfolio manager’s success or failure to implement investment strategies for the Fund. Shares of the Fund Are Not FDIC Insured, May Lose Value, and Have No Bank Guarantee. The Fund is distributed by PINE Distributors LLC. The Fund’s investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Sarmaya Partners LLC serves as the Sub-Advisor to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Sarmaya Partners LLC. Timestamps: 00:00 Intro 01:10 AI Bubble Setup 06:12 Equity Supply Matters More 10:44 IPO Wave Math 15:32 Sarmaya LENS ETF 16:59 Dotcom Fiber Parallel 20:32 Finding Non-AI Bets 24:06 Passive Flows and Liquidity 29:40 Credit Risks and Spillovers 37:51 Can Government Backstop AI? 41:48 Credit Stress Check 45:36 Energy Portf