Andy Halliday

And that's the rub, right?

Really, the bubble that we think of as AI, where incredible valuations are achieved, is also concurrent with the threat of significant unemployment.

Right.

Indeed.

So Demis Hassabis of Google DeepMind said something that was akin to that.

And he said that we could see AI driven slowdowns in junior hiring in this year, but that AI tools could ultimately enable more skill creation among those people who are junior, but didn't get a job, uh,

than the traditional path would have provided.

So that one of the big pieces of advice from Dennis was,

Take the time off that you get as a result of not having an entry-level position to work with the tools.

Use the tools extensively.

And he described this capability overhang, which is all the engineers who are building AI tools, they're not using them.

They're just building them.

And so they don't have the time to actually develop the skill set of the application of AI in collaboration with humans.

So I thought that was all very interesting.

Meanwhile, news that...

PricewaterhouseCoopers survey found that 56%, the majority of CEOs saw no ROI from AI spending despite massive investments.

Now, I believe this is looking in the rearview mirror.

I would say that massive investments by enterprise in AI probably didn't see a full return on the invested capital yet, right?

But that's the AI that we knew in 2024 and 2025.

That's not the AI that we're seeing in 2026 and 2027.