Robert Armstrong

And then it's like a fun game of chicken among speculative traders where they chase the momentum up and it's like, who's going to get out first and whatever.

I just cannot believe, despite the existence of an AI tool that helps you pick your coffee.

which suggests that terrible things about humanity.

I just don't believe anyone is this dumb.

I don't believe there is one single person, one single trader in the entire world who is buying this story.

I don't believe it.

But I think the bullshit has become self-aware is the argument that I'm making to you, Katie, that no one actually buys the story, right?

It's a trading event.

The markets are exuberant.

People have high risk appetites.

There is a community of people somewhere out there that wants to have fun trading this little wave, but they don't think that Allbirds AI is going to be competing with OpenAI and Anthropic anytime soon.

Let me reframe your question slightly, Katie.

I would say the question is, there is consensus that AI is going to be very valuable indeed.

It is going to be worth a lot.

The question is, who captures the value?

So the example you might give is airlines.

Airlines are incredible companies in terms of generating value for the world.

Like, we get to go to France whenever we want, right?

We can fly to Japan.

It's like world-changing industry.