In a “60 Minutes” interview, New York Times journalist Andrew Ross Sorkin warns that today’s market exuberance, propelled by a wave of AI-related spending, echoes late-cycle dynamics of 1929. While stocks had been hitting records before a tariff scare sparked a selloff, Sorkin argues the economy is being “propped up” by hundreds of billions flowing into artificial intelligence, a surge he says could prove either a gold rush or a sugar rush. He cautions that investor protections have eroded as regulatory guardrails loosen and access to riskier private investments broadens, including proposals to allow private-market assets in 401(k)s. BlackRock CEO Larry Fink backs more exposure to private markets and sees a role for crypto as a diversifier, even as Sorkin flags manipulation risks in meme coins. Sorkin draws historical parallels to speculation and leverage in 1929 and says a market crash is inevitable, though its timing and depth are uncertain. He also notes CEOs are increasingly reluctant to challenge policymakers publicly, leaving confidence vulnerable to sudden shocks.
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