Friday links: one big AI trade

MarketsEnergy stocks are at all-time highs. (trendlabs.com)A look at 2027 expected corporate earnings. (ft.com)ETFsETF fees are low, but could be lower. (wsj.com)Some people are confusing ETF distributions for returns. (fa-mag.com)The case for TIPS ladder ETFs. (barrons.com)AI debtHow much more AI debt can the market stomach? (axios.com)CDS rates on Corweave ($CRWV) debt has blown out. (axios.com)AI talkEzra Klein talks with Paul Kedrosky and Azeem Azhar about the AI boom. (podcasts.apple.com)Josh Brown and Michael Batnick talk with Steve Eisman about how how OpenAI and Anthropic became systemically important. (youtube.com)Tyler Cowen talks with Dwarkesh Patel about what we misunderstand about AI. (nytimes.com)AppleApple ($AAPL) has a pricing problem. (daringfireball.net)AI device makers are betting on unbundling the iPhone. (asymco.com)Signs that demand is high for the new iPhone Duo. (sixcolors.com)Stay in touchDon't miss a thing! Sign up for our daily e-mail newsletter. (abnorma