00:00We also have your 2026 outlook. And what's interesting is you note that this is an important
00:05economic historical moment. How so? Well, we are in a technology revolution.
00:15And many people thought that the internet was a technology revolution, and to some extent it was.
00:21But today, instead of just one major platform evolving, we have five. So robotics, energy
00:29storage, AI, blockchain technology, and multiomic sequencing in the life science space, which
00:37we believe is the most profound application of AI, healthcare. And so this boom, if you
00:47look back at the railroad boom, the amount of investment that we saw back then was about
00:566% of GDP at its peak, 5 to 6%. The internet boom was more like the auto boom in the early
01:061900s, was more in the 3 to 4% of GDP range.
01:10We believe this, this five platform innovation strategy or boom is going to move to 12% of
01:24GDP. And we do believe also that productivity growth will accelerate to the 4 to 6% range
01:33and be sustained there. Normally, we see a cyclical peak around there, and then it falls back.
01:39We think it will be sustained. And we think that by the end of this decade, real GDP growth
01:47could be averaging more than 7% per year. And I know that sounds shocking, given that we've
01:54been at 3% for 125 years. But it is the history associated with technology revolutions, a step
02:02change up in GDP growth.
02:05I mean, it's...
02:23It's a jerk.
Comments