Zanny Minton-Beddoes

And what the stock market is doing is essentially encapsulating all of the hopes around the technology.

But at the same time, as you point out, it could have all kinds of impacts for real people in the real economy, which are much more negative.

Yes.

The word bubble is one that is bounded around a lot and certainly I use too, but we have to be a little careful what we mean by bubble.

Clearly, these are very richly priced stocks and it's pretty clear that

even if the AI delivers in the most optimistic way possible, not every company is going to do as well as its current stock market price assumes it will do in terms of future revenues.

So there will be some losers and there'll be companies that don't fulfill the expectations that are currently priced into their stock prices.

However, does that mean it is a dangerous and pernicious bubble?

In 2007 and 2008, we had a housing bubble.

And the bursting of that housing bubble caused the global financial crisis.

And the reason that was so catastrophic and painful was because essentially it was the ripple effects to banks and the financial system from the collapse of that asset price, the housing prices.

This time around, it's much less...

connected to the banking system.

And the financial consequences, they're not going to be zero, there's definitely going to be a hit to those people who are invested in the stock market who will lose a lot of money.

And there will be some knock on consequences to the financial institutions that have lent to these companies, or lent to companies that are investing in data centers and so forth.

But I think it is likely to be less sort of financially corrosive

I don't actually know.

But what is very clear that this is an administration that is extremely pro-crypto.

I'm not as convinced as those in the Trump administration are that this is a sensible direction to really go in.

But what's very clear is that crypto is going mainstream for good or ill.