Natalie Kitro-Eff

Definitely never heard of them.

Got it.

And I was struck by something else that you said, Cade, which is that when you look at the debt here, it's actually hard to know how much of it there is.

What's that about?

Why don't we know that?

Reminiscent in a not great way.

You're saying there's this idea, right, that there could be real systemic risk baked into all this debt, that the leverage in the system is just hard to pin down.

And so we really can't actually know at this point how exposed we all might be to it.

Right.

It's obviously a really murky thing.

But is there anything that we know definitively about the magnitude of the debt in the system, about how big we're talking?

Wow.

Just pulling back from what you're saying, it sounds like it's actually quite hard to know what kind of bubble we may be in right now and how bad or not bad...

It may be.

I mean, there's the dot com example, right, which had fallout, but it sounds like was relatively contained and produced all these winners.

And then there's the much riskier version of things closer to elements of things that we saw during the housing crisis that could have a much broader effect.

And because of all that's unknowable in all this, we can't really tell.

Is that right?

You know, there's this irony that I've been thinking about in all this, which is that in some ways, the worst case scenario for the companies that are invested in the AI boom, right, is that they never actually reach AGI, that point where computers replace human workers en masse, where AI becomes as smart as the human brain, or that that really takes a very long time.

But I think there's a lot of us human workers who might actually view that worst-case scenario for Silicon Valley as a relief.