Jason Calacanis

If you don't know COBOL, that's the like oldest coding language in the world.

That's where Saxon learned code when he was in college in the 70s.

That's where Saxon learned code when he was in college in the 70s.

It's used for banking, payroll, government, healthcare, healthcare runs 95% of ATMs.

It's used for banking, payroll, government, healthcare, healthcare runs 95% of ATMs.

in the US and it powers Social Security payments.

in the US and it powers Social Security payments.

85% of all Cold War code runs on IBM machines.

85% of all Cold War code runs on IBM machines.

So IBM decided they would tank 13% on Monday, their worst day since $2,031 billion in market cap losses.

So IBM decided they would tank 13% on Monday, their worst day since $2,031 billion in market cap losses.

So let's stop here before I get into the fanfiction piece.

So let's stop here before I get into the fanfiction piece.

What's your take here of what's happening in the market, Shamath?

What's your take here of what's happening in the market, Shamath?

Is this simply people are looking for an excuse to trim their positions because things have been top-ticking, all-time highs, and people are just looking for an excuse?

Is this simply people are looking for an excuse to trim their positions because things have been top-ticking, all-time highs, and people are just looking for an excuse?

Or is this reality?

Or is this reality?

Is this the go-forward reality that AI is going to compress these kind of stocks because it solves a lot of problems?