Chris Friedberg

The top 50, 55% of the country own equities.

So what do you think about this narrative?

Do you think it's a false narrative, a true narrative somewhere in between?

Displacement, I think.

We're looking for suggestions.

Do you have any off the top of your head?

Do you think it's in education?

Do you think it's in explaining the value of AI and how those people in those states would benefit from it?

Or do you think it's just simple economics, lower their electricity bill?

Yeah, I'm not sure Altman is the greatest spokesperson for the industry.

Just to clean up a little bit here, Freeberg, my position isn't doomerism.

I just think displacement is going to be more significant than we think.

And the evidence I have of that is just watching what's happening with young people applying for jobs and the increase in unemployment there.

And then looking at the people who deploy AI at the highest velocity, which are obviously tech companies.

And if you look at Alphabet,

They had peak Googlers in 2022, 190,000, and they've had massive earnings and profits increase and have 187,000 people now.

In other words, less.

And then you do the same for Meta, Uber, and Amazon.

Meta peaked at 86,000 employees, now at 75.

Uber at 33, now at 31.