Jason Calacanis

I know this example because we have a startup that does this specifically for brands like Nike.

They've seen a massive drop.

We have one that helped DoorDash with their food pictures.

All those pictures used to have to be taken by photographers.

Now it's all done by AI.

Massive reduction in cost.

And they're using ads and ad creative now that is, you know, double digit percentage more effective while costing half as much.

I definitely think we're seeing it on the earnings, but is that true?

Are you seeing it in the earnings of these companies yet?

Yeah, this is going to be a circular discussion.

But yeah, there's a lot of conflicting evidence.

The last piece of conflicting evidence, obviously,

is the labor participation rate, because if you are not even opting in to participate, then you don't get counted as unemployed.

And that's been, I think, a big challenge, 61.9% in March labor participation rate.

Back in before COVID, we were at 63.3.

Yeah, and college graduates are hearing different stories, certain degrees getting jobs, other ones not getting jobs.

It's too early to tell, I think, is probably what we all agree in, and it's a mixed bag.

No.

No, listen, I'm happy anybody gets a job.

But what you do is then you say, we don't trust the numbers and we should get rid of the Fed and we should get rid of the numbers.