Rory Sutherland

Because you're right, as a reminder, I can't remember the details, but the US government has 10% of Intel, a couple of the other, I think with some of the battery companies.

So weird stuff is being happening.

You're right at that level, Jason.

But just to put it out there, I think it would be A, a mistake, and B, toxic over the medium term.

And also, let me just, now I'm going to don my political hat for a second.

I don't think there's votes in Congress or anywhere to bail out the people making AI that's putting us out of jobs.

I was calling to someone.

It took me a while to process why I think you're wrong, but I think you're wrong.

I think there's two separate questions.

The financing of AI, and then is the actual stuff that's being invested on going to yield a return?

We don't need the government's help to finance the AI CapEx.

The hyperscalers have infinite money.

The private markets have had infinite money.

The public markets are pretty hot to trot.

So all the money these guys need to play their game is going to be there.

I think if and when it goes wrong, it won't go wrong because nobody got the money to play.

It'll go wrong because after they played, they didn't get the money back.

In other words, they will invest $100 billion on Facebook, in Meta's case now, $130 billion next year, and the ROI mightn't be there.

Now, maybe it will, maybe.

But my point is,