Jordi Visser

So the pharmaceuticals are going to be involved in this.

Insurance companies go through the list.

Anybody that's a paper pusher that can benefit from AI is going to see their margins increase.

And here's the story.

The same way when ChatGPT came out, if you had the forward look to go, oh, my God, we're going to need tons of GPUs.

The gift that keeps on giving for the next three years is once efficiency gains start.

I want people to think about this as Ozempic.

You take that first pill, you lose a little bit of weight.

As long as you stay on it, you're going to keep losing weight until you get to where you're as efficient in terms of your body as you can be.

The same thing's going to happen with profit margins.

Once you get more compute and you're replacing hiring and your profit margins are rising as a company that's been bloated,

Three years from now, it's gonna be even better.

So that story, people are gonna start focusing on companies that are probably have a value component where estimate revisions are going higher.

This is a major shift and I've said it before, the biggest risk for this year is the size of growth funds versus the size of commodity funds, the size of growth versus value, the size of quant strategies that are momentum based.

I think this is a massive shift that will last for more than a year

Three years, this bottleneck will never go away.

And Elon Musk said it, we can't get power fast enough.

You don't look like a believer in data centers in space.

No, no, no.

There's a difference between what can work and when it'll work.