Daniel Priestley

Well, the bear case is that we have something called the Engels pause.

The Engels pause is what happened in the industrial age, where for 50 years, all the wealth went to the top because of the new technology of the industrialization.

When we went from agriculture to industrial age, that new technology displaced so many people that there were revolutions off the back of it.

Yeah, it's very disruptive, yeah.

So your toothbrush will tell you whether you've brushed your teeth well enough and it'll probably be the thing that books an appointment for your dentist and all that sort of stuff.

I'll go even further.

I'd say even things that don't, like my bed sheet, my bed sheets, my pillows, my mattresses.

And they will all have access to agents and all that sort of stuff.

My bare case for AI is not about the intelligence side of things.

I generally believe that more intelligence means a better society.

There's never been a situation where lots of intelligence was a bad thing.

So I think intelligence has a pretty strong bull case to it.

But financial bubbles are a real thing.

And I've lived through a couple of them.

And what I've discovered is that they have widespread, massive impacts on all sorts of areas of society that you wouldn't even expect.

And my real bear case for AI is that we overinvest in these data centres, we cause a massive financial collapse and that we wipe out pension funds.

I don't know if you know this, but they're packaging up the debt for these financial assets and they're selling that to pension funds as private credit.

So all of these huge data centres, what they're doing is paying 6% above inflation as a packaged up debt.

they send it over.

Now, when they go to the pension funds, they say, oh, this is backed by Google and backed by Microsoft and backed by Amazon.