Samo Burja

You know, if you think about it straightforwardly, if a law firm, if America's most prestigious law firm can handle a million customers rather than 500 or 5000 customers, why would you ever hire anyone else?

Right.

Even if 99% of the time you're talking to an AI and then for five seconds, for two minutes on your screen flashes a human lawyer that signs off and just asks you, hey, did you read the statement we sent you?

Telehealth for lawyers.

Exactly.

Right.

So.

I think that that might still work for some white collar economies, but it will be a winner take all.

Meanwhile, when it comes to industrialization, you know, you have Taiwan reach 10% growth.

Taiwan is the country I was referring to.

South Korea might reach 10% growth in the short run because of memory chip production.

And then when you follow this chain, you realize, actually, if ASML keeps growing to meet demand, and currently it's the only company that can, the Netherlands might see 10% economic growth eventually as well.

Now, politically, the government of the Netherlands might be kind of at war with ASML, but it's far from a given that they won't just embrace it because it might be a much needed cash infusion for the problems of aging.

I mean, my opinion is, and I'm curious whether you would agree, that we should assume that's going to at least double and that that's a very conservative estimate.

Yeah.

Mm-hmm.

So if we think of ASML then as a company where the growth is already priced in, and maybe we see 10% growth in the Netherlands, you have to understand that the company does as much gardening of its industrial ecosystem as Nvidia ever does, right?

They rely greatly on many other Dutch companies and many German companies, especially in the optics sector.

So I think Germany, of course, is a larger economy than the Netherlands and, of course, much larger even still than Taiwan.

However, you know, despite the high energy costs, I think we're going to see something like three or four extra points of economic growth.