Saagar Enjeti

But to be actually serious, what he was pointing out was the distortionary impact that that will have on politics and political spending will be enormous.

immense.

I mean, almost undescribable.

And one of the things that makes that really dangerous is that all of these people, all of these people will have their wealth directly tied into these AI companies and they will need it to function, which means a couple of things.

Number one is it will become too big to fail.

It probably already is, which we'll get into in a little bit, requiring government bailouts and all kinds of stock manipulation or regulation

incentive to keep the companies at the valuations they need because it's just too much money being sloshed around.

But the second thing on that is then it fuses their political power with this technological power and genuinely sets the ground.

I don't want to be hyperbolic, but for genuine techno-feudalism.

That's where things currently seem to be going.

Yeah, we've talked before about the variations in public attitudes in China versus here when it comes to the advent of AI.

And in China, people generally have much less anxiety about it and feel like it's going to be deployed responsibly.

Here in the United States, people feel the opposite, that it's going to lead to enormous numbers of job losses and yawning inequality and just produce a whole bunch of new billionaires and make life much more miserable.

And none of this...

None of this, I think, is going to disabuse people of that feeling.

The only possibility that I can think of, well, two possibilities.

One is what we'll talk about later with Bernie.

And two would be that it runs into a wall of arithmetic and that they just can't compete with the Chinese products because their valuation is built on the idea that they are selling something of serious value.

The Chinese are basically giving it away.

Mm-hmm.