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Stocks plunged after President Trump threatened steep China tariffs, prompting Andrew Ross Sorkin—promoting his book “1929”—to draw uneasy parallels to past manias. He says today’s rally, fueled by AI spending, may be a boom or a “sugar rush,” with speculation and debt rising as investor protections weaken. Larry Fink backs opening 401(k)s to private markets and sees a role for crypto, while Sorkin points to meme-coin manipulation—and a fleeting “Sorkin coin”—as cautionary tales. CEOs, he says, fear criticizing the administration. His bottom line: a crash will come; the timing and depth are unknowable.

Prepared by Christopher Adams and reviewed by editorial team.