Chamath

And if you're outside AI, they've returned to much more normal levels in terms of valuation and company operations, all that kind of stuff. Just to go back to the state of the economy for a second, the reason why a lot of people were predicting a recession, including me for a while, is that the yield curve inverting has been an almost perfect gauge of whether a recession is coming.

And if you're outside AI, they've returned to much more normal levels in terms of valuation and company operations, all that kind of stuff. Just to go back to the state of the economy for a second, the reason why a lot of people were predicting a recession, including me for a while, is that the yield curve inverting has been an almost perfect gauge of whether a recession is coming.

It's when basically the Fed raises short-term interest rates above long-term interest rates. Normally, long rates are the ones that should be higher because investors demand a higher rate of return to tie up their money for longer. So something's really

It's when basically the Fed raises short-term interest rates above long-term interest rates. Normally, long rates are the ones that should be higher because investors demand a higher rate of return to tie up their money for longer. So something's really

and kind of broken when short rates go above long rates the yield curve inverts and it's always been the prelude to a recession but the recession doesn't come when the yield curve inverts it usually comes when the yield curve D inverts and the reason for that is because the Fed now sees weakness and dramatically cuts the short rates so in other words it jacks up the short rates to control inflation that works it trickles through the economy the economy cools down and

and kind of broken when short rates go above long rates the yield curve inverts and it's always been the prelude to a recession but the recession doesn't come when the yield curve inverts it usually comes when the yield curve D inverts and the reason for that is because the Fed now sees weakness and dramatically cuts the short rates so in other words it jacks up the short rates to control inflation that works it trickles through the economy the economy cools down and

And then the Fed says, oh, maybe we've overcorrected. They slam on the brakes and then they cut rates to basically make up for the effect on the economy. So the yield curve has finally de-inverted. And the question is just, do we now get that recession or did the Fed manage this to a soft landing? I don't think we know. I'm not

And then the Fed says, oh, maybe we've overcorrected. They slam on the brakes and then they cut rates to basically make up for the effect on the economy. So the yield curve has finally de-inverted. And the question is just, do we now get that recession or did the Fed manage this to a soft landing? I don't think we know. I'm not

I'm not like calling a recession, but this is the thing that people are concerned about. Yeah.

I'm not like calling a recession, but this is the thing that people are concerned about. Yeah.

Well, Sax, we were talking about AI in the group chat, right?

Well, Sax, we were talking about AI in the group chat, right?

Yeah. I think it's now becoming really clear that call centers are going to be the first really big disruption caused by AI. Yeah. I mean, all the level one customer support is going to get replaced by AI. I mean, LLMs plus voice because, you know, OpenAI just released their audio API and You saw that at the All In Summit, we released a Mearsheimer AI where we trained it on all of his work.

Yeah. I think it's now becoming really clear that call centers are going to be the first really big disruption caused by AI. Yeah. I mean, all the level one customer support is going to get replaced by AI. I mean, LLMs plus voice because, you know, OpenAI just released their audio API and You saw that at the All In Summit, we released a Mearsheimer AI where we trained it on all of his work.

And you can go to Mearsheimer.ai and ask it questions. And it will tell you the answers in his voice because we cloned his voice using Resemble AI. Anyway, so AI can do voice now. And it can be trained extremely well on large data sets to give you answers to questions, which is pretty much what customer support is.

And you can go to Mearsheimer.ai and ask it questions. And it will tell you the answers in his voice because we cloned his voice using Resemble AI. Anyway, so AI can do voice now. And it can be trained extremely well on large data sets to give you answers to questions, which is pretty much what customer support is.

So I think it's now becoming clear that I think within the next two to three years, you're going to see a massive disruption in that industry.

So I think it's now becoming clear that I think within the next two to three years, you're going to see a massive disruption in that industry.

I agree with that massively. And I think there's another underreported story, which is People don't like to call and talk to a customer service agent, like an actual human, if they can avoid it. They would much rather go on YouTube and say, how do I fix this? Or ask ChatGPT, how do I fix this? It's like, I don't want to waste another person's time. Just give me the answer as quick as possible.

I agree with that massively. And I think there's another underreported story, which is People don't like to call and talk to a customer service agent, like an actual human, if they can avoid it. They would much rather go on YouTube and say, how do I fix this? Or ask ChatGPT, how do I fix this? It's like, I don't want to waste another person's time. Just give me the answer as quick as possible.