Antonio Linares
It's Happening.
10/28/2025, 2:48:19 PM
Economic Summary
- There is a growing dislocation between the S&P 500 and total job openings, indicating a low-hire environment and structural labor shifts driven in part by AI.
- AI is replacing many low-level and routine roles, producing a multi-year transition that could feel like an 'employment bubble' while firms adopt automation.
- Companies that leverage AI effectively (examples cited: PLTR, TSLA, DUOL, HIMS, SPOT) are showing rising free cash flow per share, implying durable top-line and margin improvements.
- Healthcare and longevity-related sectors (notably HIMS, Novo Nordisk NVO, Eli Lilly LLY) are likely to attract capital as medical innovation and weakened immune-system concerns accelerate investment.
Bullish
- AI is a clear tailwind that raises top line and margins for many companies
- Singularity scalers with best data/ontologies will generate exponential adoption
- Healthcare/biotech to receive capital flow from medical and immunity concerns
Bearish
- Short-term focus on quarterly beats causes trading volatility and investor missteps
- A few years of employment turmoil as AI displaces entry-level jobs
- Some people argue this could be an AI bubble
Bullish tickers
A&DTSLAPLTRDUOLHIMSSPOTNVOLLY
A&D
Bullish
Listed among companies benefiting from AI tailwinds in the speaker's portfolio.
Bearish
Not clearly defined in transcript; referenced as part of the speaker's portfolio list without specifics.
TSLA
Bullish
Viewed as a 'singularity scaler' benefiting from AI-driven improvements and exponential adoption potential.
Bearish
No explicit bearish thesis given; general market volatility and competition at margins could apply.
PLTR
1 price targets
7
Bullish
Strong free cash flow per share growth via digital twins and data-driven automation, large long-term upside.
Bearish
Short-term traders focused on quarterly results can create volatility and miss long-term value creation.
DUOL
Bullish
AI acts as a clear tailwind, improving top line and margins for education/consumer SaaS.
Bearish
No explicit bearish points raised; competitive pressures at margins noted generally.
HIMS
Bullish
Likely to benefit from increased capital toward medicine and longevity amid immune-system concerns.
Bearish
No direct bearish case provided in the transcript.
SPOT
Bullish
AI improves product experience and monetization, supporting top-line and margin expansion.
Bearish
No specific bearish case given; digital competition could pressure margins at the edges.
NVO
Bullish
Novo Nordisk likely to benefit from increased healthcare investment tied to longevity and medical innovation.
LLY
Bullish
Eli Lilly positioned to capture capital flowing into medical and longevity-focused investments.
People mentioned
Jerome PowellAlex Karp