Skanda Amarnath

It's really hard to know in real time.

And it does seem like the best approximation is what we can see in the present.

What I can see in the present is risk on, right?

I can see just that there is a lot of appetite.

The capacity on compute is clearly very much tight as far as anthropic is concerned.

And at the same time, they are seeing revenue growth.

So that's all reasons to keep investing, right?

Reasons to keep being optimistic.

At some point, there are, I'm sure there is a point where exponential curves become S curves, but-

That point is not right now.

I honestly think for productivity, a lot of what people are talking about are things that happened in the previous years.

call it one to three years.

Like you look at Q1 data on productivity, not great.

If you think about the supply shocks that are hitting because of, hey, price of gasoline is much higher than it was in Q1, price of all sorts of energy, airfares.

You have a lot of other shortages and other shocks that are materializing too.

Yeah, right, cattle and beef, all that stuff is going to feed through as well.

If that's happening,

that's probably going to also weigh on productivity too.

And so productivity growth is not actually as rosy now as it probably was in 23, 24, 25.

That's right.