Arthur Hayes

We're here to make sure that the private investor makes money.

But guess what?

Trump's a politician.

What if you invest with Trump on some semiconductor fab?

You want to reduce headcount by 50% because that's more efficient.

But Trump says, huh, that's a district that's at risk for my – for this so-and-so Republican.

No, no, no.

You're not firing those workers.

I don't care if your return on equity declines.

I have an election to win.

These people put me in power to make sure that they have a job.

I'm going to make sure they have a job.

And so that's the risk when you invest alongside the government.

The government has different goals than you do.

as a as an investor and that's where essentially the ai is transforming into with all these massive deals uh that the us government is now supporting whether it's semiconductors it's nuclear it's data centers it's permitting for the building out of electric capacity with you know natural gas and utilities whatever right you're investing alongside the government it feels really good right now it's good for the stocks right now but if you hold it too long

you're going to be, you know, best case at flat, more likely you're going to crash out.

And you can look at China and you can look at this and see it happen over the last 20 years where, you know, the needs of the state came over the needs of private investors.

I'll wait for what comes after this build out of the hyperscalers.

After they spent the hundreds of billions or trillions of dollars building these data centers, creating this amazing intelligence.

Okay, what can we do with this intelligence after the fact?