Jordi Visser

kind of the the gdp side of of what we do meaning if gdp is 120 trillion it's estimated that compensation is 60 trillion across the globe well if you're going to take if you're going to replace 60 trillion with ai over the course of the next five years not overnight for people go well then there'll be no consumption but the consumption for better or worse has been exacerbated where it's dominated by

the top 10% of the people, not only in the country, but really across the globe.

So the consumer doesn't fall off.

So when Mohammed El-Erian talks about the consumer still spending, not all consumers are still spending and contributing the way that they were.

One of the things that I think people should pay attention to on this conversation, the tariffs have done another thing.

And so for Q4 GDP, the estimates so far from an Atlanta GDP now are close to 6%.

Now,

Howard Letting's number, 6%.

So the reason it's up there, we're still early in the data counting, so this is very early, but the reason is because the trade deficit is falling.

And again, the trade deficit is the other side of this.

We've been running a trade deficit in the country for a long time.

That has led to a capital account surplus, meaning the money leaves the U.S., it goes to these other countries, the other countries come in and they buy our securities.

So we have a capital...

The S&P underperformed the rest of the world last year.

The dollar underperformed last year.

And I think this is one of the things people are going to have to get used to is my belief is that we are in the early stages, as I've talked about, that the main theme is that I will make things more more productive.

you're gonna see profit margins continue to hang on the upside.

But I think the rest of the world, because the cost of coding is going to zero, the ability for anyone to do it has become ubiquitous.

That means companies around the world that are more bloated, that have run their businesses in Europe where they're not allowed to fire people,

One of the greatest things for profit margins is if you have a bloated business, it's much easier to make your profit margins go up with AI when you're starting from 10% than if you're starting from 75%.