A K-shaped economy is evident both in consumption (top 10-15% consume driven by stock gains, bottom 80%+ weakens) and in GDP growth (top-line GDP ~1% without AI spending; AI capex is the primary driver of current growth), indicating fragile growth concentrated in asset-holder spending and corporate capex.

factualpending

Speaker

Michael Lebowitz

Evidence Quote

AI spending, AI investment is driving GDP. Without it, GDP is sub 1%...K-shaped consumption. The top 10, 15% are consuming...higher stock prices.

Source

What Bonds, Oil & Gold Are Telling Us | Michael LebowitzAdam Taggart | Thoughtful Money®
Created: 8/12/2026, 6:23:20 PM

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