Peter Boockvar on AI, the Wealth Effect and the Two-Speed Economy

Peter Boockvar of OnePoint BFG Wealth Partners discusses how AI demand can keep growing while the companies building data centers struggle to earn a return, including the risk around CoreWeave’s multiyear lease commitments and falling computing prices. He traces how a slowdown would affect lenders, chipmakers and data center workers differently, and compares the memory chip business to explain why a stock can look cheapest as earnings peak. The episode also covers consumer signals from concerts, hotels and hiring, oil inventories after shipping resumes, and where Boockvar sees value overseas and in healthcare and consumer staples.

1. AI demand can keep growing while data center builders struggle to earn a return, and CoreWeave’s lease commitments carry risk if the price it can charge for computing power falls.
2. Boockvar draws on the memory chip business to explain why a stock can look cheapest just as its earnings are peaking, with new supply mattering to Micron shareholders.
3. He compares what concert venues and hotel operators are hearing from customers and explains why reopening the Strait of Hormuz would still leave oil inventories to rebuild.
4. He shares where he sees value in overseas stocks, healthcare and consumer staples, and discusses what gold prices mean for miners’ margins and why refinancing matters for private credit.