Doug Burgum

And look, we're full speed ahead.

We had the first, June was the first positive

june for the treasury since 2015 we actually had a surplus and we did that in a good way we took in more revenues some from tariffs and we brought down spending and when i think about

what we can do here that what I'm really excited about is the idea with AI that we can go back to the paradigm.

When I was younger in the 90s, Alan Greenspan

was able to run the economy very hot in the 90s.

And because it was the IT boom and we had this very powerful noninflationary growth.

And I think that it's highly likely we could have that now.

And so that kind of growth would bring down the deficit very quickly.

So it's a combination, and it's a barbells.

So I've been in Pittsburgh twice in the past four weeks

Four weeks ago, I went with President Trump when he announced the US Steel, Nippon Steel deal, substantial investment by Nippon Steel into an old, very important industry.

And then last week, on Tuesday, there was an AI summit

in in pittsburgh all the big players and pittsburgh is a natural location for ai lots of cheap energy carnegie mellon pitt are there and so it was very interesting to see the juxtaposition there but we are seeing this incredible capex the hyperscalers are

obviously been in an arms race, the big five, the big seven.

We estimate that that is approximately 1% of GDP a year.

Wow.

So $300 billion.

Wow.

That's being spent on AI.