Ruchir Sharma

That, for me, is really what I'd say that if something which really surprised me over the years, it's that.

That...

America's ability to finance its deficit and the consequences of that and how it is inflating asset prices and everything, I think that is where it comes down to.

Let me ask you about something.

No, but I think what's happening with AI, like in all fairness, is that the adoption rates and even the monetization have been much quicker compared to past technological adoptions, including what happened in 99, 2000.

So it took many years to monetize anything on the net.

That way the...

that companies are being able to take and the adoption rates have been much quicker than past technological revolutions.

So that credit, we got to give to the AI phenomenon, that it's been much quicker than anything we've seen in the past.

Well, I think that once again, this happens, right?

So if you look at the world today, what we have today is what I call a new AI-driven world order, which is that if you look at the world today and all the countries, you can bucket them into three categories.

You have the winners, the followers, and the losers.

So who are the winners?

It's clearly America, parts of China, parts of Japan, where the leading companies now are all AI-based companies, Korea, Taiwan, and possibly Israel.

And you know what's common in all these countries?

Their tech spending as a share of GDP is very high, anywhere between 3% to 6%.

So they're all being rewarded for having created a tech stack.

Then you have what I call the followers.

These are countries which don't have too much of great technology of their own, but they're building data centers and other things to feed the ecosystem.

Malaysia, even Mexico, Thailand, Singapore, these are countries.