Jay Jacobs

So yes, the average allocation is 3.6% as of our last reading.

But you go back a few years ago, it was less than 3%.

So we're seeing a tick upwards.

It's just somewhat lagging what we've seen in our own models, which have more rapidly deployed thematic exposures given this market environment.

I would expect this growth in advisors' use of thematic to continue, though, in the coming years.

That's exactly right.

On the scale of other major transformational events within the United States, AI CapEx has still not reached the upper echelons of that type of investment.

And part of it is we're early.

This AI boom has really only started since the end of 2022.

So we're a few years into it.

We're seeing some of these capital expenditure numbers really accelerate upwards at a tremendous rate.

So I think we're going to see that percentage of GDP invested in AI continue to rise over the next several years.

But the fact that it's still below what we saw as investment in railroads, investments in automobiles from a historical context just shows we're early.

This country has been through transformations before.

It's taken a tremendous amount of investment in each of these transformations.

But the impact of those transformations can span many decades, as we've of course seen with the automobile, as we've of course seen with telephones.

So it's a reminder that we're early and it's still going to play out over the next several years.

Frankly, I think a lot of this build-out is just a lot less speculative because so much of this compute that is being built out is almost instantaneously being monetized because of AI demand.

What we show in the report is that token consumption last year grew 17 times.

not 17%, which I think most people would view as a pretty good growth company, 17 times growth of token consumption.