Alex Imas

the firm is gonna fire a bunch of people because they can do more with less.

But when prices come down, people buy way more of the product

then they might hire more of the same people.

And in many sectors, we've seen kind of the second thing play out.

What's an example?

So people are arguing that software is actually one of those sectors.

So there's been a bunch of talk kind of looking historically at like, what does productivity mean for the technology sector?

It usually means a lot more consumer demand.

So there's this really active debate now about what are coding agents actually going to do to software engineers.

And some people are arguing, look, we have seen historically pretty elastic demand.

And so we're going to potentially see a lot more hiring in that sector.

And many people are saying this.

But other people are saying, wait, maybe it's not as elastic as we think.

And people are going to become so productive.

that we really are going to see a downsizing.

Wipeout.

Two things.

Well, let me talk about three things.

One is just full automation.

The models are so good that they just automate all of the tasks.