Andrew Ross Sorkin

Jason Furman from Harvard did a study on this.

If you removed the spending on artificial intelligence in America right now, you would have flat GDP in this country practically.

And so you have all of the growth concentrated in this one particular area.

And so much of it

is requiring a big bet, which is that the economics of artificial intelligence grow into these remarkable valuations.

You look at a company like OpenAI, which runs ChatGPT.

They're talking about a company that could be worth $500 billion, a trillion dollars.

Well, for it to reach those numbers, it's also going to have to invest real cash, hundreds of billions of dollars.

And the question is whether those numbers will all add up and add up

in the time sequence that they need to, which is to say if you're investing hundreds of billion dollars today, you need to make the revenue to pay for it.

And there's a question about whether they will be able to do that.

Cryptocurrency, to me, is a little nerve-wracking because there's a lot of people who have taken out extraordinary loans, very similar to 1929, to buy that cryptocurrency.

So as long as Bitcoin, for example, is at these very high prices, $90,000 now, for example, it may be okay.

But if Bitcoin drops to $50,000 or less...

A lot of people who had taken out those loans not just will have less value in their Bitcoin, but they're going to owe a lot of money to a lot of other people.

And that then can have a knock-on effect to the rest of the economy.

People are borrowing to buy Bitcoin.

They're borrowing to buy Ethereum.

They're borrowing to buy what's called Solana.

They're borrowing to buy a lot of these different cryptocurrencies.