Today’s Animal Spirits is brought to you by Nuveen and KraneShares:
This episode is sponsored by Nuveen. Invest like the future is watching. Visit https://www.nuveen.com/future to learn more.
To learn more about KraneShares’ KOID ETF visit, http://kraneshares.com/koid/?adsource=koid.
On today’s show, we discuss:
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Nvidia plans to invest up to $100 billion in OpenAI as part of data center buildout
- Oracle and animal spirits
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U.S. Investors Are Flush With Cash, and Happy to Keep It There
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The Two-Speed Economy Is Back as Low-Income Americans Give Up Gains
- How Misleading Headlines Frame the Narrative
- How Amazon Built The World’s Fastest Growing Ad Business
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This long-shot move could get the 30-year mortgage rate to 5% next year, says BofA Global
- Jonathan Clements, Farewell Friends
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Listen here:
Charts:
Recommendations:
- Black Rabbit
- The Paper
- Butch Cassidy And The Sundance Kid
- Alexander Hamilton, by Ron Chernow
- Field of Dreams (James Earl Jones Scene)
Tweets/Bluesky:
Our proprietary @CarsonResearch LEI shows very little chance of a recession (just as it did in early 2023 when everyone said a recession was coming).
In fact, it has been improving of late, suggesting there could be an economic recovery coming. pic.twitter.com/Y50dachzzh
— Ryan Detrick, CMT (@RyanDetrick) September 16, 2025
US data center energy consumption (TWh) and as % of total US power demand (RHS)
Growth rate increasing through 2030 pic.twitter.com/SaV4vWqBfR
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) September 20, 2025
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