Zanny Minton-Beddoes

or at least for most of the past hundred years, has been a country that has been a magnet for migration.

Now, what is certainly true is that under the Biden administration in particular, there was an absolute surge of illegal migration across the southern border.

And it's also true that that caused real political disquiet, I think, frankly, in both parties.

I understand that, and I understand that

people felt that there was a sort of loss of control of the border.

And what the Trump administration is doing is in reaction to that.

And the reason it is actually quite popular is because people felt the border was out of control.

So I absolutely understand why a country needs to be able to secure its borders.

But we are now, it looks like, going from a world of extremely high levels of migration to what looks to be zero or possibly negative.

And my worry is if that is sustained for any number of years, particularly in high skilled migration, but frankly, also in in less skilled migration, because you need farm workers, you need construction workers, you need the U.S.

needs people for its economy to grow.

I think it will really hurt the U.S.

economy.

Well, let's stand back.

Artificial intelligence is, I think, going to prove to be the biggest transformational technology since the Industrial Revolution.

I do think this is a sort of epochal change over the next few years in the way our economies are run and in the capacity that artificial intelligence brings and the potential disruption.

So I think this is a big, big deal.

I don't think it's a question of the next year or two.

It'll be, you know, probably decades until we see the full effects.

What we're seeing in the stock market is a kind of collective realization by investors that this could indeed be a big, big thing.