AI Euphoria Is Rolling Over | Lyn Alden on Bitcoin Correction, Who Satoshi Is, Data Center CapEx, and Whether AI Is A Bubble

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In a change of pace, Lyn Alden of Lyn Alden Investment Strategy returns to Monetary Matters not to talk macro, but to discuss in-depth her views on AI capital expenditures that are driving a majority of the economic growth in the United States. Describing herself as “a moderate bull on AI,” Alden argues that AI is masking the true weakness of the U.S. economy, and that, while AI will prove to transform industries, there could be hiccups in the huge sums that are being spent to build out this AI vision. She notes that “AI euphoria is rolling over” and shares her views on the chip depreciation, with analogues to Bitcoin mining.

Alden shares her view on Bitcoin in 2026 and explains in depth how the difficulty adjustments within Bitcoin support the long-term sustainability of the network. This is the most in-depth on Bitcoin Jack has gone with Lyn Alden in his many interviews going back to 2020. Recorded on November 17, 2025.

Pieces discussed:

“Liquidity, Shutdowns, Tariffs, and Earnings,” November 9, 2025: https://www.lynalden.com/premium-2025-11-9/

“Liquidity Pivot and Banking Update,” October 26, 2025: https://www.lynalden.com/premium-2025-10-26/

“Two AI Stock Rotations,” October 12, 2025: https://www.lynalden.com/premium-2025-10-12/

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