Show from 09/05/25

Host Jeremy Schwartz and Professor Siegel discuss the latest job report, which showed weaker-than-expected numbers, particularly in manufacturing and healthcare. The Professor highlights that while the household survey showed a gain, it's too volatile to weigh heavily. He emphasizes that the labor market is softening, which aligns with the bond market's pricing-in of rate cuts at upcoming Fed meetings. Siegel also notes productivity data remains unimpressive despite a recent bounce and reiterates his belief that equity markets remain in a bull phase, supported by anticipated rate cuts and broader AI optimism. (11:51) Jeremy is then joined by Sam Rines and Jeff Weniger, who analyze consumer behavior through companies like Costco and Lululemon, noting that middle- and upper-income consumers remain resilient. They dive into the struggles of traditional staples like Kraft-Heinz and Pepsi, which are facing breakup speculation and activist investor pressure, while also discussing historical examples of value creation through corporate spin-offs. The conversation expands to gold and gold miners, which are benefiting from central bank buying, falling interest rates, and improved operational efficiencies. In the second half of the episode, Blake Heimann and Chris Gannatti join to unpack insights from a tech conference, highlighting AI infrastructure trends, chip supply dynamics, and the rising relevance of companies like NVIDIA, Broadcom, and SoftBank. They also explore pressures in the software sector from private competitors and ongoing leadership transitions. The group discusses how firms are building agentic AI workflows atop specialized datasets, creating opportunities and risks as Big Tech integrates AI across platforms. The show closes with a detailed conversation on AI compute economics, GPU payback cycles, and the sustainability of massive CapEx spending in AI infrastructure.

Blake Heimann on LinkedIn: https://www.linkedin.com/in/blakeheimann/?originalSubdomain=uk

WisdomTree: https://www.wisdomtree.com/investments

Will AI Peak Eventually Rival 2000 Bubble Levels?

Jeremy Schwartz, Global Chief Investment Officer at WisdomTree and Jeremy Siegel, professor of finance at Wharton and author of Stocks for the Long Run, host this long-running podcast that dives into the how and why of market performance with leading economists and market strategists to inform you what’s ahead for the economy and your portfolio.
Regularly joining the two Jeremys is the Deep Rooted Macro Team that decodes the forces shaping markets and portfolios worldwide.
Chris Gannatti, CFA, Global Head of Research, offers an analytical and thematic edge—bridging macro trends with on-the-ground technology and innovation. Whether unpacking the infrastructure powering the AI age or latest biotech breakthroughs, Chris translates complexity into conviction.
Jeff Weniger, CFA, Head of Equity Strategy, injects the pulse of behavioral markets and valuation discipline. With sharp macro instincts, Jeff dissects cycles, sentiment, and structural change with trademark clarity and wit.
Sam Rines, Macro Strategist for Model Portfolios, ties the threads together—linking policy, politics, and portfolio construction. His pragmatic macro lens captures how geopolitics, industrial policy, and energy dynamics flow into real-world GeoAlpha.
Together, the Deep Rooted Macro squad creates a fusion of rigorous research, accessible insights, and genuine debate.
Behind the Markets provides a regular masterclass in how the world really works beneath the surface of prices, data, and headlines. Tune in to hear where the Deep Rooted Macro team sees the next big shifts taking root.