Michael Batnick

There was an economic report last week, and personal consumption expenditure, basically what consumers are spending, grew 1.6% on a real basis.

Not terrible, certainly not gangbusters.

It's whatever.

It's fine.

But it was all about non-residential investment, aka AI.

Heather Long tweeted, this is the AI economy now.

Just incredible to see the 10.4% jump in business investment at Q1.

That's the highest since Q2 2023, and this is the point.

When the big semiconductor factory build-out was underway, and now it's all AI.

And then she said, pretty tepid consumer spending.

But it's the AI economy, and I suppose you could do worse.

I really don't.

So Ben and I were talking about the different handoffs that we've experienced as investors in the 21st century, from internet to mobile to cloud, AI infrastructure, inference,

We don't even have robots yet.

What if robots are legitimately $5 trillion, Tam?

Bank of America Global Research forecasts annual humanoid robot shipments will surge from 20,000 units in 2025 to 10 million by 2025.

by 2035, that's an 86% CAGR.

They say the robot population could reach 300 million by 2040.

And if they're even in the ballpark, this is another couple of trillion dollars in market cap that we're not talking about today.

Real quick.