Jason Calacanis

Yes, exactly.

So Jack Dorsey came out and said that he was going to do a 50% elimination because of AI.

Okay.

And within 24 hours, all the financial analysts on X said that Jack was AI washing and that block had horribly overstaffed during COVID.

It was running much more inefficiently than all of its other peers in this category.

And they've needed to do a 50% job cut for a long time.

So pretty much everyone thought that was pure AI washing.

In fact, you've just proven my point.

And what exactly are the efficiencies that Jack is getting?

I mean, this is the most hand wavy thing ever that, oh, we're just magically going to be able to eliminate half our cost structure right now.

Zuck did not say this was due to AI.

He just did it.

That's your reading of it.

But like I said, even if you attribute those specific job losses to AI, which is questionable, you're not netting it against all the job creation that's happening and also the new company creation.

Furthermore, let me just give you some actual statistics.

Thank you.

Okay.

We currently have a 4.3% unemployment rate in the economy.

Economists consider 5% to be full employment.

So basically, unemployment is at or near record lows right now, despite the fact that we're over three years into this AI wave.