Summary
The Diary of a CEO interviews Jeremy Grantham — veteran investor with 60 years of experience and a peak AUM of $165 billion — on his assessment that AI represents the largest investment bubble in recorded history. Grantham draws direct parallels to the railroad and dot-com bubbles: transformative technologies that were genuinely world-changing but drove irrational overinvestment, followed by painful corrections. He predicts significant market disruption within months to years and advises against holding US technology stocks, including major AI-adjacent positions.
The conversation broadens into AI’s societal consequences. Grantham and host Steven Bartlett discuss the acceleration of humanoid robotics now that cheap AI intelligence has been combined with mature hardware — citing Figure AI’s livestreamed demonstration of a humanoid robot outperforming a human in a multi-day package-sorting task (the robot won simply because it never needed to sleep). Grantham argues that a San Francisco hardware startup boom reflects this dynamic: the physical machinery always existed, but AI has made the intelligence component nearly free. He expresses concern that the pace of AI-driven automation may outrun society’s ability to adapt, stating he would prefer AI progress to slow down to buy time for human institutions to respond.
While primarily structured as a financial and macroeconomic interview, the episode offers a rare perspective from the traditional institutional investment world on AI’s trajectory — one largely skeptical of current valuations while taking the underlying technology’s disruptive potential seriously.
📺 Source: The Diary Of A CEO · Published June 25, 2026
🏷️ Format: Interview
