Rob Armstrong

collapse of the u.s so this was it was called the great depression until the actual great depression made this just known as the long depression yeah it's like how the the great war the great war became world war one after world war two came along yeah exactly yeah exactly so like it strikes me there's two like uh takeaways from there one is that

It did, because sometimes you can go a little bit crazy seeing parallels in the past, but with AI, they're slapping you in the face.

It's very obvious.

It's quite similar.

Even though the technologies are different, how people think they can be transformative, the physical capex build-up, because some financial bubbles are almost purely financial, this was a real one.

I do think that bubbles and bursts get a bad rap, that...

The reality is that the optimal level of bubbles and bus is not zero.

That we almost need these.

We need people to lose the senses.

to do these big build-outs.

And yeah, people do lose money.

And unfortunately, sometimes, you know, there are individual tragedies or even societal tragedies among it.

But that's sort of part and parcel how we move forward as well.

Yeah, I'm hopeful that the energy-related infrastructure buildup is going to be helpful.

Because obviously you can't just build a data center, you need to power it as well.

And hopefully that may be, you know, if AI doesn't quite work out, that it doesn't quite revolutionize the world, we don't need all these data centers.

Well, we've built a lot of energy infrastructure and renewable energy and new gas turbines and things like that, that will be useful.

So I'm optimistic, though I suspect people will lose an ungodly amount of money at some point.

I hope still 20 years on we'll maybe say that maybe it was overall worth it for the world.

I mean, it could be a profitable one.