Derek Thompson

Meta is exposed.

The private equity firms, maybe more importantly, are exposed.

Maybe some of these REITs are exposed.

And that means the limited partners, the LPs, whoever's putting the money into those private equity firms, they're exposed as well.

So the same way that, like, if you were going back to 2006, 2007, we were thinking, if this whole house of cards comes down, who's hurt?

You could say, oh, it's Bear Stearns.

Oh, it's AIG.

Like...

Give me a sense of the kind of companies that would be most exposed if we saw a significant slowdown in the AI CapEx world or some kind of significant pullback here.

And putting this all together, right, let's say you're a typical, you're an older investor, you're a conservative investor, you've got some money in REITs, you think this is just sort of your meat and potatoes investment vehicle.

And now you said between 10 and 20% of these REITs are directly or indirectly tied to data centers.

Assets under management.

Okay, so you're right.

So 10 to 20% of these REITs, assets under management, is in data centers.

You told me 25 minutes ago or whatever that data center costs are like 70% GPUs, which means in effect that these REITs are basically just like

significantly in nvidia right like i mean these grandparents who like don't even know that they're like nvidia investors are like significant investors in nvidia which means as nvidia goes so do their investment portfolios i mean that also seems like a significant part of this which is that like you know you've got this enormous us economy 35 trillion dollars and it's like

a significant amount of its growth on a quarter-to-quarter basis, whether it's equities or GDP, like balances on the narrow read of like, how's Nvidia doing?

It really, it just seems like an enormous share of economic growth right now is like basically, how are we doing with chip sales?

So going further along this particular train of thought, what does a bubble look like to you?

What are the news headlines?