Key Takeaways
- • Jack Selby, managing director at Thiel Capital and managing partner of Copper Sky Capital, told the SALT London audience that the AI boom could pop before the end of 2026, saying he would "take the under before the end of this year."
- • Selby argued AI infrastructure spending is "outrageously" capital-intensive and questioned why Anthropic is rushing to public markets, citing its amended S-1 showing $2.4 billion of interest income versus a roughly $1.3 billion operating loss over the first nine months of the year, and about $96 billion in cash at end-September.
- • Nick Finegold, founder and executive chairman of Curation Capital, predicted that a SpaceX-Tesla merger could prompt Elon Musk to frame it as "the biggest job creation program in the history of the world," while expecting some commoditized jobs to be lost to AI.
- • Stephanie Link, chief investment strategist at Hightower Advisors, said cybersecurity will be "bigger than AI" and that robotics adoption is at an early stage, with active robots needing to grow about 30-fold to over 150 million by 2035.
- • The SALT London conference, hosted by SkyBridge Capital in Mayfair, featured panels on crypto regulation, AI safety, sports investing, and portfolio construction, with AI bubble risk, job market effects, and Musk dominating discussion.
Summary
At the second day of SALT London, the alternative investments conference hosted by Anthony Scaramucci's SkyBridge Capital at The Chancery Rosewood hotel in Mayfair, speakers focused on three themes: the AI bubble debate, the future of employment as AI scales, and Elon Musk's vision of the future, according to Business Insider's London correspondent Theron Mohamed.
The most pointed remarks on AI came from Jack Selby, managing director at Thiel Capital and managing partner of VC firm Copper Sky Capital. He told the audience that "at some point the music will stop," describing AI as capital-intensive given the cost of microchips, data centers and related infrastructure, and accusing AI executives of "outrageous, fanciful storytelling" to raise money. He said it was "pretty astounding" that debt markets continue to fund the buildout. Selby also questioned why Anthropic is pursuing public listing, noting that according to its amended S-1 filing this week, the company earned $2.4 billion of interest income in the first nine months of the year while posting an operating loss of around $1.3 billion, and held roughly $96 billion in cash and equivalents at end-September. He predicted that a Democratic takeover of the House and Senate in the midterms would be a headwind for defense-technology companies such as Anduril, though he suggested it could temper a "very hot sector" he described as the second-largest bubble after AI.
On labor and Musk, Nick Finegold, founder and executive chairman of Curation Capital, argued that Musk's promises of abundance from AI, robotics and space travel could translate into major job creation. He predicted that once SpaceX and Tesla merge, Musk would begin promoting "the biggest job creation program in the history of the world." Finegold acknowledged some commoditized jobs would be lost, but said hundreds of thousands of financial services roles could be created for workers adept with new tools. He cited collapsing content production costs, suggesting a $50,000 budget will soon buy what $10 million once did, and described his firm's Curation Connect platform, which uses AI video tools to turn regulatory disclosures into explainer films.
Stephanie Link, chief investment strategist at Hightower Advisors, said there is substantial room for AI hyperscalers and their supply chain, citing the need for data centers, grid upgrades and additional power generation. She said cybersecurity would be "bigger than AI" due to the security challenges AI creates. Referencing Amazon CEO Andy Jassy's April shareholder letter, which said Amazon has more than 1 million robots in its fulfillment centers, Link estimated active robots would need to grow about 30-fold to over 150 million by 2035, adding that robotics remains early in its development.
The most pointed remarks on AI came from Jack Selby, managing director at Thiel Capital and managing partner of VC firm Copper Sky Capital. He told the audience that "at some point the music will stop," describing AI as capital-intensive given the cost of microchips, data centers and related infrastructure, and accusing AI executives of "outrageous, fanciful storytelling" to raise money. He said it was "pretty astounding" that debt markets continue to fund the buildout. Selby also questioned why Anthropic is pursuing public listing, noting that according to its amended S-1 filing this week, the company earned $2.4 billion of interest income in the first nine months of the year while posting an operating loss of around $1.3 billion, and held roughly $96 billion in cash and equivalents at end-September. He predicted that a Democratic takeover of the House and Senate in the midterms would be a headwind for defense-technology companies such as Anduril, though he suggested it could temper a "very hot sector" he described as the second-largest bubble after AI.
On labor and Musk, Nick Finegold, founder and executive chairman of Curation Capital, argued that Musk's promises of abundance from AI, robotics and space travel could translate into major job creation. He predicted that once SpaceX and Tesla merge, Musk would begin promoting "the biggest job creation program in the history of the world." Finegold acknowledged some commoditized jobs would be lost, but said hundreds of thousands of financial services roles could be created for workers adept with new tools. He cited collapsing content production costs, suggesting a $50,000 budget will soon buy what $10 million once did, and described his firm's Curation Connect platform, which uses AI video tools to turn regulatory disclosures into explainer films.
Stephanie Link, chief investment strategist at Hightower Advisors, said there is substantial room for AI hyperscalers and their supply chain, citing the need for data centers, grid upgrades and additional power generation. She said cybersecurity would be "bigger than AI" due to the security challenges AI creates. Referencing Amazon CEO Andy Jassy's April shareholder letter, which said Amazon has more than 1 million robots in its fulfillment centers, Link estimated active robots would need to grow about 30-fold to over 150 million by 2035, adding that robotics remains early in its development.
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