Skanda Amarnath

what you're earning through your paycheck.

There you go.

Voila!

Boom.

That's one thing that's aged quite well, I'd say.

I think we're clearly seeing, we've ripped past 7%.

So we've ripped past the peak for housing investment in the 2000s.

So the housing bubble and the residential investment that's happening there is a share of GDP.

I think you can look at the relevant components now for this AI boom.

So I'm talking about tech equipment, software, industrial equipment that powers all the data centers.

That's all past the peak of the 2000s boom.

It's very well past the peak of the 90s tech boom, the dot-com boom, the telecom structures boom.

So we're at a point where this is a very investment-intensive part of the expansion.

That is to your point about also the saving rate going down.

You see this stuff at the peak.

It's also a way of saying, if this turns, obviously it's going to leave a mark also on the downside.

I can't tell you that that's gonna happen right now, right?

I don't think that's like anything that suggests that, oh my God, all the spending is about to stop or all the spending is about to slow down.

If anything, we're just seeing more and more financing, expenditure, issuance, all tied to this boom.

And that just tells you this is the go-go time and everything that is,