Simon Jack

And a lot of that has been focused on quite a few big companies.

And here's a staggering statistic.

We have this thing called the S&P 500, which is a

an index of the 500 biggest publicly traded companies in America.

Now, the entire value of the S&P 500, 35% to 40% of it is concentrated in seven companies, and they are the ones that you would expect, NVIDIA, Microsoft, Amazon, et cetera, Google, well, the parent company, Alphabet.

So whether people like it or not,

Even people who put their money in index trackers or whatever, and a lot of people in the US do that, and a lot of pension funds here in the UK have got... Yeah, because you can just buy a fund that matches the price of that index.

And you think, well, I've got a nice diversified portfolio, I'm tracking 500 companies.

Well, actually, whether you like it or not, you're taking a pretty big one-way bet...

on the future of AI.

And that, with the tons of money going into it, lots of people have said a lot of that money will end up wasted.

Yes, it's going to change the world.

That doesn't mean, just like the railroad changed the world, doesn't mean there wasn't some massive busts there along the way.

Just like we had the dot-com boom and then bust.

The NASDAQ, tech-heavy NASDAQ, back in 2001,

lost 80% of its value in about a year and a half's time.

Now, no one is suggesting that's going to happen.

But once again, if you were to get somebody just in the market changing its mind, we've all got a bit too excited about AI.

We don't think it's going to get the returns to justify this investment.

If you get a fall in that, you get a fall in overall stock markets and that dense confidence and just adds the overall sense of uncertainty.