Brad Gerstner

Brad, you want to pick up on this because I'm definitely taking the other side of it because I'm seeing with a lot of these companies, massive lowering of costs.

Their ads are getting more effective.

At the same time, they've stopped hiring.

They're not adding positions in a lot of cases.

And things like, just pick the Nike example, a lot of the photo shoots,

They used to do for their app, excuse me, a lot of the imagery they used to make.

Now they're able to make more of it without having to hire photographers and do that stuff.

I know this example because we have a startup that does this specifically for brands like Nike.

They've seen a massive drop.

We have one that helped DoorDash with their food pictures.

All those pictures used to have to be taken by photographers.

Now it's all done by AI.

Massive reduction in cost.

And they're using ads and ad creative now that is, you know, double digit percentage more effective while costing half as much.

I definitely think we're seeing it on the earnings, but is that true?

Are you seeing it in the earnings of these companies yet?

Yeah.

About any amount of money.

I bet you it's the same financial engineering that got these earnings to rise in the last decade.

Yeah, this is going to be a circular discussion.