Jeffrey Sachs

Those jobs didn't go to China, those jobs went to the robots.

Now the jobs are going to Claude and to others.

And this is happening actually with a new swath.

We know it's with the college graduates this year.

They're not finding jobs when they come out.

And this is showing up as this shift of national income.

The second thing that's happening, I think,

most likely, this is always a judgment that only can be made ex post, is that we really have a bubble.

We really have the Elon Musk thrill that we got the gazillion dollar companies and the trillion dollar man and all the rest.

I see no way, personally, that the valuations that are being put on big tech and on the IPOs can in any way be justified because one of the

core features of these technologies is that they diffuse.

There really is competition.

There isn't somehow control by the first mover.

China runs AI on an open source stack because it's trying to compete with the United States.

So it's trying to get users all over the world.

That means there's going to be a lot of open source

ways to access this very powerful technology and all these huge, huge revenues that are being anticipated by these companies that are now, you know, 50 times earnings or 100 times earnings or infinite because there are no earnings.

I don't think this is going to materialize in the way that is expected.

So on top of

the fundamental shift towards profits, which I think is real and deep, there is also, I think, a financial bubble that is underway.