Jordi Visser

Gas at the pump is down to the lowest level in a few years.

And at the same time, housing or rents are coming down across the country.

So we have declining inflation.

And now what people are starting to talk about, and this is why I'm not going to give the credit

to Trump in terms of the overall situation.

I do think by the end of this year, people will start to realize that productivity gains are going up.

And the question is, how much of this is around artificial intelligence?

And I think a really, really high part of it is about artificial intelligence.

It's crazy in the fact that it's unthinkable, but at the same time, whenever I do on-site presentations, I always talk about the fact that you should think the unthinkable because AI is moving at such a fast pace and the cost of labor is such a big part of...

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.