Perpetual Contract Inventor Arthur Hayes: Only AI Stocks Are Rising in the Global Capital Markets, While Other Tracks Are Bleak

In the May 22 episode of The Rollup podcast, Arthur Hayes stated that currently, the global capital markets are seeing a rise only in AI stocks, while other sectors are mostly dormant. He analyzed this trend citing three main reasons: a contraction in consumer demand due to widespread unemployment, AI behemoths absorbing all available global credit, and governments worldwide prioritizing AI capital expenditure, thereby crowding out financing for other industries. Hayes bluntly stated that this is not a "rising tide lifts all boats" bull market, and even within the crypto space, only a few coins are showing strength, making it a challenging period for most.