Rory Sutherland

There's a piece of paper.

with the Nvidia logo on it that said, we'll do up to a hundred billion.

And they put it out there and now they're like, where's my hundred billion?

It's going to be a little contentious.

You're implicitly saying you don't think it's the future.

So first of all, Harry, you said something that I just vehemently disagree with.

You said it's different than the multiple compression a while ago.

I actually think, as Jason said, it's actually the other side of the coin of the multiple contraction.

Things that are old and boring are going down, and a bunch of stuff in software has moved to old and boring.

Things that are new and exciting, the multiples are going up.

We're seeing a heightened dispersion here.

And I remember markets like this in 2010 and 11.

The high-growth companies were at 5x and the low-growth companies were at 3x.

And you literally, quote, unquote, remember something, didn't get paid for growth.

You now have a world where the low-growth companies are at 3x and the high-growth companies are at a 50x or 100x.

The dispersion for growth and perceived future has accelerated, I would argue, to a point that we very rarely see, maybe 99, 2000.

And so you look at something like Waymo, it's clearly one of the largest markets on earth.

I mean, people talk about AI displacement of white collar workers.

I think it's a bullshit discussion.

AI displacement of blue collar drivers is coming at us in real time.