00:00Do you think the economy is in better shape because the markets are really over predicting
00:04what's going on?
00:05Look, as you look at our team, we have a great research team, as you know, David.
00:11Their projection for 26 is a strong economy, 2.4 percent U.S. GDP growth.
00:17And that's strong not only on a relative basis to trend above 2 percent, which is a trend.
00:22It's strong that way.
00:23It's also strong relative to the rest of the world in the sense that you see that other
00:28basically, whether it's Europe or Japan, other parts of the economy, you predict those to
00:32be flat to down.
00:34And so it's strong on an absolute basis relative to the United States history and strong on
00:38a relative basis to the other economies.
00:40And that's because, frankly, the great American engine of capitalism, consumers are driving
00:45it.
00:46And the markets are valuing that future growth rate.
00:48And that's why they've been very, very constructive this year.
00:52How much of that engine that you talk about is AI investment?
00:56Because that certainly has kicked in this year.
00:58How much of the growth is really attributable only to the AI investment?
01:02You know, I think you'd have to get people to parse it.
01:06But for this year, frankly, the AI investment's been building during the year and is probably
01:10a bigger contributor next year and the years beyond.
01:12And so if you look at the data center build out, which is one of the ways that evidence itself,
01:17that's a big deal.
01:18If you look at customer client spending, like us spending on AI, that's higher than it was last
01:23year, but frankly, overall spending levels are shifting towards that, not necessarily
01:27growing at a mid-single-digit rate type of number.
01:32So I think that's part why the reason we feel constructive for next year.
01:35We think AI spending continues.
01:37We think there's benefits to the American taxpayer from tax rebates, lower taxes due to the tax
01:44bill going through and being effective for next year.
01:46And we think the expense of expensing and other bonuses for businesses are good.
01:51So all that leads to our confidence that we go from basically a 2% type of growth level
01:56this year, plus or minus, up to 2.4%, which is all due to that.
02:01And AI is kicking in more and more.
02:03And so it's not only attributable to AI, but that's having a marginal impact that's pretty
02:07strong.
02:07So let's start with your thought window.
02:09All right.
02:09So let's go.
02:10This is a whole thing at the end of the day.
02:12It's the second time at the end of the day.
02:12Then once the end of the day, I'm talking about how it's actually appropriate for you to
02:15look at the next year.
02:16And you start your next time.
02:18If you take hours and your next time, you're going to work.
02:20You're gonna be able to do that next year.
02:20Well, if you've got to be here at the end of the day.
02:22Well, I'm starting to have a big deal of time.
02:25I'm starting to have a big deal of time.
02:28I want you to come up for this year.
02:29We'll be posting a lot of time.
02:30I'm waiting for you to have a big deal of time.
02:32I'm here.
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