Matthew Sigel

Part of it is because the Office franchise, like, do we really need PowerPoint if Claude can make me a deck, right?

So the Office franchise might be threatened.

But also, they haven't done big layoffs.

And actually, Elizabeth Warren wrote them a strongly worded letter, like...

warning them not to do layoffs.

So there's political pressure when you're multi-trillion dollar companies have, there's political pressure for them to maybe not be as aggressive on headcount as they otherwise would be.

You can also see this in the way that the hyperscalers are approaching the electricity market.

They want to be obfuscated from the CO2 emissions.

And so that's one reason why the Bitcoin miners are actually really handy is because they can serve as that punching bag to absorb the negative entropy from

climate folks.

And I think it's this similar dynamic when it comes to headcount reductions, where they have these political considerations.

And I think changing minds on the return on capital around AI, that would change the whole market.

Yeah.

Follow me on X, Matthew underscore Siegel or vanak.com forward slash node.

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