Uploaded February 2026 | Updated September 2026, 3 weeks ago
Steno Research founder Andreas Steno joins Raoul Pal to dissect a potential Goldilocks setup for technology, mid-caps, and commodities. Rather than a bubble, Raoul and Andreas argue that the AI-driven CapEx boom remains in the early innings of a productivity-led expansion, with strong earnings, low debt financing, and accelerating manufacturing driving further upside. From the business cycle and liquidity to Andreas's barbell approach to the market, they get into it all. Recorded on February 18, 2026.
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* rvtv.io/41fVHWF
Today's Episode is brought to you by Figure Markets.
Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan (figuremarkets.co/realvision) ( figuremarkets.co/realvision), allowing you to borrow against your BTC, ETH, or SOL with 12-month terms, 8.91% interest rates, and no prepayment penalties.
Or check out Democratized Prime and win up to $25k USDC!
Unlock your crypto’s potential today at Figure! figuremarkets.co/realvision
Disclosures
Figure Lending LLC dba Figure. Equal Opportunity Lender.
Today's episode is also brought to by Abra.
Abra provides custody, trading, yield, and BTC-backed loan products for digital assets for HNW and corporate clients. Abra provides full-service treasury management for digital asset treasuries and corporations. Buy and hold digital assets in segregated accounts with multi-sig security. Visit realvision.com/abra to learn more.
Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.
Timestamps:
00:00 - Sponsor Segment
00:53 - Trading The Future: AI, Macro & Portfolio Strategy
03:38 - Sponsor Segment: Bitcoin Yield & Liquidity
05:05 - The Exponential Age Of Technology
06:28 - Where Are We In The Macro Cycle?
07:12 - Is The AI CapEx Boom A Bubble?
09:35 - Cash-Funded CapEx Vs Dotcom Debt Excess
11:51 - Manufacturing Rebound & Goldilocks Setup
14:11 - Greenspan Playbook: Productivity Without Inflation
16:00 - AI Adoption Is Still Early
20:12 - ChatGPT As The Netscape Moment
21:42 - S-Curve Disruption & Sector Volatility
23:42 - Emerging Markets As The AI Trade
25:23 - Geopolitics, Energy & The Intelligence Arms Race
28:21 - Japan’s Re-Liquification & Bank Lending Revival
29:31 - Hyper-Globalized Labor Through AI & Robotics
32:10 - Margin Expansion In The AI Economy
35:45 - Bonus Depreciation & The CapEx Acceleration
38:06 - The Late-90s Liquidity Analogy
40:09 - Fed Liquidity, SOFR & Basis Trade Risks
46:56 - Fiscal Stimulus, TGA & Deposit Multipliers
49:39 - Top Trades: Solar Breakout & Mid-Cap Tech Rotation
🍌 Get your Banana Zone swag at the Real Vision merch store: shop.realvision.com
Connect with me:
Twitter (X): twitter.com/RaoulGMI
Instagram: instagram.com/raoulgmi
LinkedIn: linkedin.com/in/raoul-pal-real-vision
Connect with Real Vision™:
Twitter: rvtv.io/twitter
Instagram: rvtv.io/instagram
Get a FREE membership: rvtv.io/3Y4t5Pw
My other work:
Real Vision: rvtv.io/3LHYIaH
Global Macro Investor: globalmacroinvestor.com
The Exponentialist: realvision.com/thefuture
EXPAAM: expaam.com
Disclaimer: media.realvision.com/wp/20231004185303/Disclaimer-1.pdf
#raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews
Steno Research founder Andreas Steno joins Raoul Pal to dissect a potential Goldilocks setup for technology, mid-caps, and commodities. Rather than a bubble, Raoul and Andreas argue that the AI-driven CapEx boom remains in the early innings of a productivity-led expansion, with strong earnings, low debt financing, and accelerating manufacturing driving further upside. From the business cycle and liquidity to Andreas's barbell approach to the market, they get into it all. Recorded on February 18, 2026.
🔥 *Download Raoul Pal's 4-year investing roadmap for free:* rvtv.io/41fVHWF
Today's Episode is brought to you by Figure Markets.
Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan (figuremarkets.co/realvision) ( figuremarkets.co/realvision), allowing you to borrow against your BTC, ETH, or SOL with 12-month terms, 8.91% interest rates, and no prepayment penalties.
Or check out Democratized Prime and win up to $25k USDC!
Unlock your crypto’s potential today at Figure! figuremarkets.co/realvision
Disclosures
Figure Lending LLC dba Figure. Equal Opportunity Lender.
Today's episode is also brought to by Abra.
Abra provides custody, trading, yield, and BTC-backed loan products for digital assets for HNW and corporate clients. Abra provides full-service treasury management for digital asset treasuries and corporations. Buy and hold digital assets in segregated accounts with multi-sig security. Visit realvision.com/abra to learn more.
Unlock the potential to showcase your brand to our global audience. Contact us at partnerships@realvision.com for advertising inquiries.
Timestamps:
00:00 - Sponsor Segment
00:53 - Trading The Future: AI, Macro & Portfolio Strategy
03:38 - Sponsor Segment: Bitcoin Yield & Liquidity
05:05 - The Exponential Age Of Technology
06:28 - Where Are We In The Macro Cycle?
07:12 - Is The AI CapEx Boom A Bubble?
09:35 - Cash-Funded CapEx Vs Dotcom Debt Excess
11:51 - Manufacturing Rebound & Goldilocks Setup
14:11 - Greenspan Playbook: Productivity Without Inflation
16:00 - AI Adoption Is Still Early
20:12 - ChatGPT As The Netscape Moment
21:42 - S-Curve Disruption & Sector Volatility
23:42 - Emerging Markets As The AI Trade
25:23 - Geopolitics, Energy & The Intelligence Arms Race
28:21 - Japan’s Re-Liquification & Bank Lending Revival
29:31 - Hyper-Globalized Labor Through AI & Robotics
32:10 - Margin Expansion In The AI Economy
35:45 - Bonus Depreciation & The CapEx Acceleration
38:06 - The Late-90s Liquidity Analogy
40:09 - Fed Liquidity, SOFR & Basis Trade Risks
46:56 - Fiscal Stimulus, TGA & Deposit Multipliers
49:39 - Top Trades: Solar Breakout & Mid-Cap Tech Rotation
🍌 Get your Banana Zone swag at the Real Vision merch store: shop.realvision.com
Connect with me:
Twitter (X): twitter.com/RaoulGMI
Instagram: instagram.com/raoulgmi
LinkedIn: linkedin.com/in/raoul-pal-real-vision
Connect with Real Vision™:
Twitter: rvtv.io/twitter
Instagram: rvtv.io/instagram
Get a FREE membership: rvtv.io/3Y4t5Pw
My other work:
Real Vision: rvtv.io/3LHYIaH
Global Macro Investor: globalmacroinvestor.com
The Exponentialist: realvision.com/thefuture
EXPAAM: expaam.com
Disclaimer: media.realvision.com/wp/20231004185303/Disclaimer-1.pdf
#raoulpal #crypto #macro #macroeconomics #cryptocurrency #cryptonews #blockchain #web3 #nft #nfts #btc #eth #btcnews #bitcoin #bitcoinnews #bitcointoday #cryptotrading #cryptoinsights #cryptotips #cryptoinsights #macroinsights #realvision #solana #sol #solanasol #altcoins #bitcoinnews #btctoday #btcnews #sui #suicrypto #ethnews
