Episode Details

The Fed just changed the equation for Wall Street—but is the AI boom powerful enough to overcome higher rates, tariffs and growing economic risks?

On this high-energy episode of ⁠Wayve Wire⁠, ⁠Wayve Capital⁠ CEO Joe Besecker and CIO ⁠Rhys Williams⁠ join host ⁠Todd M. Schoenberger⁠ for a wide-ranging debate over the forces shaping markets heading into the final quarter of 2026.

The conversation begins with the Federal Reserve's first rate increase in three years. The Fed raised its benchmark range to 3.75%–4.00% this week as persistent inflation, energy costs and robust AI-related capital investment complicate the economic outlook.

But does a higher cost of capital actually derail the AI buildout?

Joe makes the bull case for data centers and AI infrastructure, arguing that the economics, tax advantages and potential returns remain powerful. Rhys examines the political debate surrounding data-center construction and why jobs, businesses and other local economic interests could influence how communities ultimately respond.

Then the debate gets bigger: tariffs, China, inflation and recession risk. Joe puts his recession risk at 25%–30%, while Rhys explains why he sees a 2026 recession as unlikely but acknowledges the economic risks ahead. Those are their assessments from the show—not forecasts from current economic data. Recent indicators remain mixed: August retail sales jumped 1.2%, while new data Friday showed U.S. factory production unexpectedly fell 0.3%.

The panel also tackles the growing divide between lower-income consumers and the broader economy, whether October's AI earnings could become the market's next major test, and the bull case built around earnings growth, economic resilience and AI spending finally translating into profits.

And Wayve Wire doesn't stop with Wall Street. Joe, Rhys and Todd turn to NFL and college football, NIL's transformation of college sports, Apple's newest iPhone, and the end of an era at Berkshire Hathaway following Warren Buffett's move to chairman emeritus.

Rates are rising. AI spending isn't stopping. Consumers are being tested. And Wall Street is trying to determine what comes next.

This is ⁠Wayve Wire⁠.

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