AI 板块抛售考验投资者信心
AI Selloff Tests Investor Confidence
Ritholtz Wealth Management 董事长兼首席投资官 Barry Ritholtz 在 Bloomberg This Weekend 表示，AI 仍是变革性技术，但投资者难以判断哪些公司最终会成为赢家或输家。他谈及 CoreWeave 的抛售、市场对 AI 融资与估值的担忧，以及特斯拉在电动车竞争加剧下面临的挑战。
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Oct 17th, 2026
AI Selloff Tests Investor Confidence
Ritholtz Wealth Management Chairman and Chief Investment Officer Barry Ritholtz tells Bloomberg This Weekend that AI remains a transformational technology, but investors face a difficult task determining which companies will ultimately emerge as winners and losers. Speaking with hosts David Gura and Christina Ruffini, Ritholtz discusses CoreWeave’s selloff, concerns about AI financing and valuations, and the challenges facing Tesla as competition in electric vehicles intensifies.
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0:00
Now is Barry Ritholtz, the chairman and CIO of Ritholtz Wealth Management, of course, the host
0:04
of the Masters in Business Podcast. Barry, great to see you as always. Let's let's start
0:09
with Core Weave and the way that you're looking at what really drove markets over the
0:12
course of the week. Do do you see it as an outlier or something anomalous, or
0:16
is it telling you something about where the AI trade is going directionally?
0:21
So there are so many crosscurrents around the AI trade. It... It's... We're always searching for
0:28
the this is what happened. Hey. It was oil at a a $110 a barrel, and
0:34
that sent yields moving, and Core Weave has a lot of debt. But I think it's
0:39
really just a much broader issue, which is this market has had a spectacular run, not
0:45
only over the past four years, but really since the lows in o nine, and people
0:51
are starting to get a little nervous, especially when you're looking at a a a transformational
0:59
new technology. Market historians know every time a new technology comes along, there's always winners and
1:07
losers, massive misallocation, and people are starting to guess, hey. Who are the winners and losers
1:15
of this? Who has too much debt? Where do we need to throttle back a bit?
1:20
Well, we've been talking about this, I feel like, for months now, and it is unclear
1:24
which aspects of this technology, agentic, generative, task based, token based, are actually going to make
1:30
Wow. I learn eventually are actually going to make money. So is this a reflection of
1:36
exactly that? People are... Wanna take a pause and see. They wanna wait to see if
1:42
this technology is actually profitable.
1:45
Well, that... That's always a challenge. I think the bigger threat is is from the open
1:53
source AI systems like DeepSync. I have six different AI apps on my phone and
2:01
Barry, that's my nightmare, but okay.
2:04
So the the fun thing is I ask Claude something and, hey. You've used 75% of
2:11
your, credits for the month, it's only October 17. So then I'll hop over to chat,
2:18
and then I'll hop over to Gemini and work your way down. Perplexity, deep seek. So
2:23
it's just a way of allocating harder, more expensive tasks to to higher quality or not
2:32
as high quality issues. But but back to things like Core Weave, I don't think there's
2:38
a threat that this isn't gonna make money. I don't think that's the problem. This is
2:43
a giant transformational technology. I I I think it was Cantor Fitzgerald said all of the
2:51
2027 capacity that they had to go out to sell on constructing data centers was already
2:59
sold out 2027. So it's not that the funding isn't there. It's which of these companies
3:06
are gonna stick around, who are the winners, and who are the losers. It's always so
3:10
hard to tell. Think back to computers. You know, in addition to Apple and Dell, you
3:17
had IBM and Gateway and HP and go down the list that all those companies look
3:23
like winners. Most of those companies exited that space a long time ago.
3:28
One more question here on AI. Our colleague Emily Chang was trailing Jensen Huang as he
3:32
made his way across, Europe talking about the prospects for the growth of of AI, in
3:36
Europe, and he addressed the concern that we were seeing in the markets, this week. Let's
3:39
play a little bit what he had to say to Emily.
3:41
All of this is gonna pass, and the reason for that is very simple. We're going
3:44
through a new platform transition. The computer systems, the computers that we use to run society,
3:52
countries, and companies today is being reinvented, and we cannot go back. With respect to, some
3:58
of the news in in, it... It's it's choppy news. News, as you know, happens all
4:03
the time, and and... But it won't change the fundamentals.
4:07
Let me ask you about the role that Jensen Huang and NVIDIA is playing here, and
4:10
this isn't novel new ground. We've we've talked a bit about this before. I was on
4:15
air with Dani Burger this week. She talked about the central bank of NVIDIA or the
4:18
central bank of of Jensen Huang. He's an investor in Core Weave. He's he's playing this
4:22
outsized role here in the AI universe. And and I wonder if comments like that engender
4:28
confidence and comfort in you, Barry, as you you hear the worry and speculation about the
4:33
prospects and problems of of circular financing. Is Jensen Huang saying everything's gonna be fine, grounds
4:39
for you feeling fine about where things are headed?
4:42
You know, I I always laugh anytime somebody's a multibillionaire, and they come out and say,
4:47
hey. My company and all the revenue and profits we're generating, don't worry about the fining
4:54
or the excess capacity, or do we really need a thousand data centers that are 20
5:00
or the excess capacity, or do we really need a thousand data centers that are 20
5:00
acres each? He is not exactly a disinterested party in in this issue. I don't disagree
5:10
with him. That's the ironic part. I I think I think what he is... First of
5:16
all, there's few people in the world better situated to to evaluate what's going on other
5:23
than the fact that perhaps he's not the most disinterested objective person in this. All of
5:29
that said, every time a new technology, a transformational technology comes along, there are winners and
5:36
losers. There are the secondary effects. There are ups and downs. It's never a straight line.
5:44
Think back to the build out of broadband and companies like Juniper Networks and Global Crossing
5:51
and Metro Media Fiber and all those things.
5:56
Those companies all went belly up, and we were able to purchase the broadband on the
6:02
other side of bankruptcy for pennies on the dollar. That's what led to companies like YouTube
6:08
and Netflix being able to do streaming and Facebook and go down the whole list of
6:13
everybody that is, taking advantage of broadband, we're gonna see something similar with AI. It's just
6:22
all but impossible to guess which companies are gonna be the winners and losers. Forget next
6:28
year. You have to think five and ten years out. That's incredibly challenging. The technology changes
6:34
so fast. There's a reason why so many people have moved to indexing rather than guess
6:41
who's the winner. It's just, you know, own own them all. Let God sort it out.
6:46
Alright. Speaking of technology companies, we've got SpaceX and Tesla likely to merge. We have
6:53
Well, Elon Musk would hope.
6:55
Set to merge, trying to merge Perhaps to merge. To merge. What are the odds of
7:00
that? Do you think it's a good decision for a bigger conglomerate for Musk? And then
7:05
what is your take on the flying car?
7:07
Oh, yeah. Are you gonna buy a Roadster Barry?
7:10
So the flying car is obviously a gimmick and a stunt and and that's
7:15
See? David gave me a hard time. Call me a skeptic. I'm a Barry on this
7:19
one.
7:19
Kinda goofy, and look. They're taking the SpaceX technology and assuming that was actually done, and
7:28
it wasn't... It didn't look like there are any wires. But all that said, look. You
7:33
you look at you look at the the advantage Tesla had five years ago. They were
7:39
a decade ahead of everybody else. They had enormous, software advantages. They... The over the air
7:46
updates. The... They they just... Nobody was close to them. The problem is their valuation presumes
7:52
they're gonna have, you know, an 80% EV market share that they're, I don't know, five
7:59
times the market cap of, Toyota. At the same time, they're, like, an eighth of Toyota's
8:05
profit margin. It it it... The valuation is out of whack. You you look at the...
8:11
How poorly the company has done introducing, new products. Although this is the year where in
8:19
2027, a whole lot of new Tesla products are coming out. The problem is they they
8:25
failed to do this on a timely basis. BYD is taking over the world in terms
8:30
of EVs. Twice the the the distance, twice the range, double the horsepower, half the price,
8:39
the whole run of new BYD cars, which you can't buy in The United States, but
8:44
are moving into Europe, and Canada just announced a deal, when they were angry Trump to
8:50
let in... I... It was either 25 or 50,000 cars. The fear is once you open
8:54
up, the doors... And understand BYD has huge subsidies, free real estate, so the price reflects
9:02
a giant subsidy from the government, and so there is legitimate concerns about product dumping. But
9:09
all that said, it's hard to see how Tesla grows into its market cap. And if
9:17
I'm a SpaceX owner, and I guess everybody who's an indexer is, you have to worry
9:23
is is Elon using his own paper from one company to rescue a a company that
9:33
is at risk at faltering. His whole dalliance with with the president and with Doge alienated
9:41
his core audience at at Tesla. You know, most of the people who were buying Teslas
9:49
were in blue states and tended to lean left of center, and he basically pissed them
9:55
all off.
9:55
Yep.
9:56
So that's why Tesla numbers have been faltering. Tesla sales have been faltering plus the loss
10:00
So that's why Tesla numbers have been faltering. Tesla sales have been faltering plus the loss
10:02
of the $7,500 credit. It... It's it's been a little bit of a a rough road
10:08
the past couple
10:09
of years. And a good market for those making the bumper stickers that say I bought
10:11
this before Elon went crazy, which I see in and around Brooklyn and
10:15
them. Yeah.
10:16
Barry, thank you very much.
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