Historian and investment strategist Edward Chancellor draws parallels between the current surge in tech giants — the Magnificent 7 — and past speculative bubbles such as the 19th-century British railway mania and the 1990s internet boom. He warns of overvaluation fuelled by massive investments in artificial intelligence.

Explore how rising interest rates, a soaring national debt – what Chancellor calls the "debt supercycle" – and the Federal Reserve’s repeated crisis interventions may be setting the stage for a more severe financial crash.

In this episode of PFI Talks, conducted by Jiří Zatloukal, Chancellor also discusses the contrasting impacts on U.S. residential versus commercial real estate, the rise in gold prices as a market “Armageddon” bet, and the economic consequences of deglobalization accelerated by tariffs and shifting capital flows under the Trump administration.