Jared Bernstein

I mean, I think crypto is largely an accident going out to happen in terms of systemic risk to the economy.

But what did the crypto bros do?

They lobbied up faster than any industry I've ever seen.

So, you know, these data centers are, they're, the MAG-7, I just looked this up, the market capitalization of the MAG-7 is $22 trillion.

Yeah.

So, you know, they have all the resources they need to purchase all the deregulation they want.

So I've got a great, it's funny you should ask that because I recently backed out a number that I thought was really compelling answer to that question, unless it's too obscure.

So I'll test it on you and see if it works.

This is a few days old, but I'm sure it doesn't matter.

If you look at the year-over-year increase in the S&P 500, it's 11%.

If you then, that's weighted, meaning that you weight it by market capitalization.

So that's how the S&P is measured.

Right.

So the Magnificent Seven get a huge weight.

I mean, they're not all public.

Like, AI is obviously still a private company.

But all I'm saying is that that 11% increase in the S&P is a weighted measure, weighted by market capitalization.

You can also look at an unweighted measure of the S&P.

That's up 0.8%.

over the last year.