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It’s the Elon Economy, Stupid

George Noble, the former Fidelity wunderkind, argues that hyperscaler capex, SpaceX euphoria, and passive investing have created the most dangerous market bubble of his lifetime. The only question, he says, is what gives way first.

Elon Musk
SpaceX C.E.O. Elon Musk Photo: Andrew Harnik / Getty Images
William D. Cohan
July 15, 2026

“All these guys are running toward the cliff. You know, My capex is bigger than your capex, and, If I don’t keep spending, you’re going to keep spending. I don’t want to lose out to you, so I have to keep spending,” the legendary investor George Noble told me earlier this week, describing the madness surrounding this A.I. moment in the market. As a seasoned investor, it’s difficult to know what to do, he conceded. “You just sit there, and it’s like, you want to blow your brains out,” he said.