00:00There's also the Citrini report, right, saying that 5% of white-collar jobs could go in 18 months.
00:05Given that you are so impressed and enthusiastic about what could be done by AI,
00:11how much comfort should that anthropic narrative be that it's going to integrate rather than
00:18displace jobs? It's an excellent question and we obviously don't know the clear answer right now,
00:27but the doomsday scenario that's been portrayed in some of these reports that we're going to have a
00:32consumer-led recession in the US by 2028, there is simply not enough compute that's going to be
00:38available in that scenario for that to happen. And that's really interesting. So the thing that
00:44saves us from doomsday is not enough computers? Essentially, yes. I mean, if you read the
00:50transcripts of NVIDIA's entire supply chain this quarter from the optics providers like Momentum
00:55to TSMC, they're sold out. They're completely sold out. And so that is going to be a constraining
01:03factor. The other point is that with these technology platform transitions, whilst there
01:10is always job displacement and probably the only comparable transition to AI is electricity in terms
01:18of the impact it's going to have on the economy and every single sector in the economy, there's job
01:24displacement, there's also creation of new jobs. In Silicon Valley right now, there are new jobs
01:29that didn't exist two years ago. Prompt engineers, inference optimization experts. So we do think
01:35that there will be some good news in this as well.
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