The Art of InvestingCoreWeave Sends Shockwaves Through AI Capex Debt Markets
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Fresh from their first live show at Lord’s, Rich McDonald, Mark ‘Spice’ Holden and Chris ‘CJ’ Fellingham return to a bruising week for markets. Chip stocks have sold off sharply, Korea has slipped into a bear market, and the portfolio has had a tough week.
First up, Spice runs through the market update. It covers a higher oil price after Houthi attacks on Saudi refineries, a sharp sell-off in semiconductors and the start of earnings season. PepsiCo and Delta were both caught out by rising costs, while the big US banks impressed.
Then the team turn to CoreWeave, where soaring credit default swaps sparked a wobble across the AI trade. CJ explains what a credit default swap actually is, and why markets are now asking serious questions about the debt behind the AI build-out.
The team also tackle hot US inflation data and gloomy consumer sentiment, which have sent the odds of a Fed rate rise soaring. Is stagflation back on the table?
And finally, CJ makes the case that this bull market may have overstayed its welcome, while Spice argues why smaller and mid-sized companies could be the real winners from AI. Plus, the team reveal what the audience survey at Lord’s told them about how listeners are invested, and why so few are holding bonds.
This Week’s Highlights:
🤖 CoreWeave: Is the AI Debt Party Over?
CJ explains credit default swaps and why surging borrowing costs at CoreWeave rattled the whole AI trade.
💻 Chips, Korea and a Brutal Week for Tech
Spice unpacks the semiconductor sell-off, a Chinese memory chip breakthrough and Korea’s slide into a bear market.
🇺🇸 Stagflation: The Worst of Both Worlds?
Hot inflation and weak consumer confidence push up the odds of a Fed rate rise. CJ explains why stagflation is so hard to escape.
🐻 Has the Bull Market Overstayed Its Welcome?
From magazine covers to market breadth and concentration, CJ lays out the warning signs, and Spice makes the case for the optimists.
🇬🇧 The UK: A Beacon of Stability
The FTSE 100 and FTSE 250 lead the portfolio as money rotates out of AI and into more defensive names.
💰 Lessons from Lord’s
What the live audience survey revealed about investors’ portfolios, and why bonds may deserve a second look.
Portfolio Snapshot – Week 61:
📊 Weekly portfolio performance: -1.1%
📈 Total return since inception: +24.5%
📅 2026 year-to-date return: +11.9%
Top Performers:
📈 iShares Core FTSE 100 ETF: +2.2%
📈 Vanguard FTSE 250: +1.0%
📈 WisdomTree Copper ETF: +0.8%
Underperformers:
📉 iShares Core MSCI EM IMI ETC: -5.0%
📉 iShares Russell 2000 ETF: -3.9%
📉 iShares Nikkei 225 ETF: -3.7%
📉 BlackRock World Mining Trust PLC: -3.6%
Disclaimer:
This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.
Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.
