Michael Batnick

I mean, just because it's not just because the PE multiple isn't like ridiculously high doesn't necessarily mean.

Yeah.

So I think that there's a little bit of that going on on the street.

The other thing I would say is this is like a really I mean, people talk about product.

I mean, I go to client meetings.

It's like, oh, productivity boom.

Like, you know.

This is a very unusual productivity boom.

What is the point of investment?

Ultimately, the point of investment is to raise household living standards.

Can we say that that's what's happening with AI?

If anything, it's a really weird productivity boom when the prices for information technology commodities, like Skanda was talking about, software, laptops, it's actually going up.

You pull up those charts in the 90s or 2000s, it was deflating.

month after month after month, sometimes at accelerating rates, you go back to that period too.

Again, very strong productivity growth.

You know what we also had?

Very strong growth in real income, right?

Like there should be some relationship between stronger productivity and stronger real compensation, right?

We just had negative real compensation growth this year.

So right now, all the growth is flowing to, you know, margins, I guess.