Ryan Sean Adams

That's probably going to be true here.

I know you've got some slides where we're going to look at the particulars of how that might work in this market.

Let's get to this.

S&P 500 forward profit margins.

Is this a similar story?

A bull case could be like, this looks like the AI boom productivity miracle here, right?

Yeah.

We increased margins for everybody because AI is automating things away.

Isn't that getting priced into this?

Like, you know, if I'm looking at for profit margins, isn't that basically showing what you just said that, oh, these companies must be adding AI, incorporating AI and becoming more productive, becoming more profitable?

I mean, if it was costing more than it kind of like brought in, you'd see margin compression, wouldn't you?

What else would it be?

Isn't part of the bullish story that they're not hiring because they're able to backfill with AI?

I mean, you look at kind of like some of the layoffs that we've seen, even crypto, Coinbase laying off 14% of its workforce.

Brian Armstrong says, hey, we're doing this because of the cycle.

And also, you know, trading volume down, all these things.

And also because we can, you know, replace some of these jobs with AI effectively.

That at least is the narrative.

I think that's the same for me is I see it in spots sometimes, but I don't always see it.

And I'm not sure how much...