The AI Bubble Has a Bigger Problem Than Valuations

July 31, 2026 – Amazon's earnings, Apple's selloff, soaring Treasury yields, and AI spending continue to send conflicting signals across the market. So what's actually driving prices? Zach Abraham and Chase Taylor discuss why hyperscaler valuations continue to climb despite rising rates, whether Microsoft's accounting changes reveal a deeper issue with AI economics, why Amazon's capital spending could create opportunities elsewhere, and what today's market structure says about price discovery. They also break down developments in the Strait of Hormuz, oil prices, the Strategic Petroleum Reserve, the Fed's growing challenge as long-term yields rise, and why political incentives continue to shape economic decisions.