Robert Armstrong

They're going to be like curing cancer, nuclear fusion, energy, teleportation, everything, right?

And if that happens, the economy is going to get a lot bigger, right?

Things are going to be good.

I mean, so all I'm saying is if artificial intelligence allows us to make incredible scientific progress, that is going to be very good and valuable.

And we will be glad that Google and Microsoft and OpenAI and Oracle and everybody else invested badly.

billions in these data centers.

However, who will not be glad about that is the shareholders in the companies that did the investing.

Because if it's commoditized, their returns will be terrible.

And we'll all be glad that these things were built, but...

you know, the investors won't be rich.

There's plenty of examples exactly like this in the history of capitalism.

So like basically everyone who invested in the opening round of railroads went bust, right?

And it was the second round investors who made the big money, who like built businesses on the rubble, right?

And it's great for the world that those railroads got built.

It was just terrible for investors.

Yeah.

We're back to... It is so much nicer.

It's so much nicer.

It is so much nicer.

Katie, I am long the Strait of Vermouth.