Paul Kudrowski

If that continues to come back, I'd be watching that because now it's the reverse phenomenon.

where it's like, oh, wait, if I can actually get stuff, that must mean things are slowing down.

So these are things to watch for if you suddenly hear about, you know, any industrial class air conditioner suddenly missing their numbers.

Well, the only reason they're going to miss their numbers today is because they don't have data centers to sell to.

That's the only reason, because otherwise they're going to blow the doors off from now into eternity.

So these are some – it's these things at the edges that you need to watch as opposed to saying, you know, my brother-in-law tried open AI and doesn't like it anymore.

Or, you know, or even to go back to your original point, yes, AI is stealing jobs probably and people are increasingly being – feel threatened, especially in white-collar jobs, especially in areas like software, maybe in law and so on.

But the bigger risk remains this great sucking sound of capital being pulled out of small manufacturers who might otherwise be on shoring and employing people and are now forced to say, wait a minute, I can't compete against this.

So this goes back to a point I make all the time about this stuff, which is that this is how you end up making bad policy decisions.

So if you say to yourself, oh, wait, people say the economy's weak.

It grew 3% in the second quarter.

It's not weak at all.

Well, yeah, but you're not factoring in how much of that was tied to data centers and how transient that spending is.

And I make this stupid joke all the time, but I'll make it one more time, which is that

When you having messed up causality in terms of understanding the causal nature of what's going on is a little bit like my dog.

He barks every time the mailman comes to the house and then he keeps barking and the mailman goes away.

And he's like, dude, I totally have this.

If I bark long enough, the mailman goes away.

No, no, no, the mailman goes away every time.

It doesn't matter how long you bark.