Paul Krugman

That somehow or other there's magic associated maybe with the political partnership.

But I take the lesson of the dot-com telecom bubble of the 90s to be that even a really great technology does not necessarily justify really high valuations.

Well, this does...

Yes, it does mean much faster increase in revenues.

I think it's very clear that the whole AI thing is moving much faster.

I mean, we thought things were moving fast in the 90s, but they're much faster.

The adoption rates have just been, you know, the S-curve of adoption is just far steeper.

The question is going to be revenue for whom.

Right.

Now, what is true is

And I think there's, which I'm, I think I'm learning to some extent from you right now is that the, the fact that this stuff in some ways sits on top of existing technologies and existing networks may actually be a reason to think that the incumbents can actually continue to capture a lot of this.

I mean, the, uh, you know, when we say something like Microsoft is it's all about

Network externalities.

Everybody uses Microsoft products because everybody uses Microsoft products.

And the interesting thing about AI is in a way how undisruptive it is.

That it goes, you know, it can be just put on top.

I spend a lot of time turning these things off because I don't want it.

But, you know, Copilot is right there.

And, you know, you're still, after all these years, using them.

Word and Excel, which is the network externalities and the moat.