Katie Martin

They know what's at stake.

The most likely path from here is that you actually end up with a government bond market that offers decent compensation to domestic investors, maybe even to overseas investors.

That's a healthy adjustment.

But it does mean that along the way, you get some moves that do feel a little bit uncomfortable for people who are used to the Japanese government bond market being a place where fun goes to die.

Yeah, I think that thesis is correct.

I think there is...

you know, investors spend a lot of time noodling over this point of, you know, is there a bubble in AI?

Do valuations make sense?

Do, you know, does the stock market make sense?

Is it really tracking, you know, realised earnings or is there a lot of kind of, you know, a wing and a prayer going on here?

What strikes me is that,

I think it was the chair at OpenAI in Davos saying, no, no, sure, there's definitely a bubble going on here.

Sam Altman is saying, no, sure, there's a bubble going on here.

There's some money that's getting misallocated.

Jeff Bezos is saying, oh, yeah, there's a bubble going on here, but it's a good type of bubble.

The people inside the room are saying, there is a heap of stupid stuff going on here.

There's a lot of hopium...

There's a lot of imagining that some sort of computer god is being created and it's all powerful and crucially that it's monetizable.

For me, that argument is not one.

But what I think probably happens here is, look, NVIDIA is a proper company, right?