Is the AI trade a bubble? Imran Khan — founder of Proem Asset Management, former Snap executive, and the banker behind the Alibaba and Mercado Libre IPOs — isn't convinced. Dan Nathan sits down with Imran to pressure-test the bear case, from Nvidia's below-market multiple to the cyclical-vs-secular debate in memory, and to dig into why a big chunk of SpaceX's $2.5T valuation may not be a space story at all.

Topics Covered

Why hyperscalers underperform during heavy CapEx cycles — and why that's historically the best time to buy
Distribution vs. technology: how Gemini won while arguably being the inferior model, and why Grok couldn't
Meta's setup — cheap on earnings, not cheap on free cash flow — and the Zuckerberg "big swing" risk
Nvidia at a $5T market cap: the $20B debt raise, buybacks, and the customers-are-competitors problem
Micron and high-bandwidth memory sold out into 2027, and the cyclical-vs-secular question that decides the stock
The "bottleneck trade" everyone's chasing — and why earnings durability is the thing to watch
Energy constraints, data center delays, and the long-term demand picture
Imran's contrarian case that AI won't create structural unemployment
SpaceX's valuation decoded: rocket launch, Starlink, and the xAI cloud ramp
What OpenAI and Anthropic coming to market could mean for the AI trade

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