A 50% NASDAQ Crash Is Coming After This Last Great Rally | Jean Josse & Michelle Makori
A 50% NASDAQ Crash Is Coming After This Last Great Rally | Jean Josse & Michelle Makori
Miles Franklin Media: 8-2-2026
Michelle Makori, President and Editor-in-Chief of Miles Franklin Media, speaks with Jean Josse, Chief Investment Officer of GlassBead Capital Management, who says investors may be entering the final – and potentially most profitable – phase of the AI-driven bull market.
Josse predicts the Federal Reserve could eventually raise rates four, five or even six times in the first half of 2027, potentially taking the federal funds rate as high as 6%, while stocks continue climbing.
But he warns that the boom will ultimately end when tighter financial conditions expose excessive borrowing, leverage and overspending across the AI industry.
Josse says the IPO cycle, including potential public listings from Anthropic and OpenAI, could signal that the market is approaching its peak, after which the NASDAQ could lose as much as 50% in a “cataclysmic” collapse.
Josse also explains what could trigger the bust, why the resulting bear market could last one to two years, how the Fed may respond and what the entire cycle could mean for gold. In this episode of The Real Story with Michelle Makori:
Why the Fed may wait until December to raise rates
How rates could eventually climb as high as 6%
Why stocks may continue rallying through several Fed hikes
The final and potentially most explosive phase of the AI boom
Why Anthropic and OpenAI IPOs could signal the market top
What could trigger an AI debt or credit crisis
Why the NASDAQ could ultimately fall 50%
How long the coming bear market and recession could last
When gold could begin to outperform again
00:00 Coming Up
01:30 Introduction
04:22 Markets React and Rebound
06:29 Letting Bonds Tighten
07:44 No Pause Message
09:19 Hike Timing and Inflation Drivers
13:18 Fed Credibility and Talk
15:39 Oil War and Supply Shocks
18:06 AI CapEx Inflation Debate
21:48 Politics and Midterms Trap
25:38 Debt Doom Loop Debate
30:50 OpenAI IPO Top Signal
35:39 IPO Wave and Endgame
37:36 OpenAI IPO Liquidity
41:02 Three AI Stock Buckets
42:31 What Pops the Bubble
46:00 Aftermath Bear Market
50:36 Fed Response and Wildcards
52:43 Gold in This Cycle
58:19 AI Trading and Greed Phase
01:00:56 What Could Derail It
01:04:53 History Rhymes and Robots