RiskReversal Pod Lori Calvasina: Is This the Start of the AI Bubble Deflating?
8 snips
Nov 21, 2025 
Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital, shares her insights on market volatility and AI valuations. She discusses investor anxiety around potential Fed rate cuts and how this has impacted market support. Notably, she highlights consumer spending patterns and the risks of heavy capital expenditures in tech. The conversation also delves into geopolitical concerns, especially relating to China, and the implications of the upcoming U.S. midterms on markets. Lori emphasizes the importance of monitoring market dynamics and investor sentiment.
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Plan For A 5–10% Pullback
- Prepare for a garden-variety pullback of roughly 5–10% rather than a deep recession sell-off.
- Monitor economic data and recession chatter to reassess risk levels if negativity increases.
Crypto And Gold As Risk Barometers
- Bitcoin and gold movements act as alternative risk barometers for retail sentiment.
- Calvasina watched Bitcoin churn as an early warning for potential equity turmoil.
Consumer Stress Is Spreading Up The Income Ladder
- Consumer pressure is broadening from low to middle and now high-income cohorts.
- Calvasina sees smaller basket sizes and cracks under the surface despite headline spending.