00:00On one hand, there is a whole fear of war, positioning, etc, etc, but these earnings led by AI continues
00:07to power us through.
00:09There's big discussion whether we're closer to 1999, 1998, 2000, implications of when all this will stop.
00:16But I think all these stations have created what I keep calling empty positioning, empty boats, empty buses.
00:22There is so much skepticism and we continue to power through as long as AI remains the key narrative.
00:30And for stocks, it is at the moment. It's not the Iran war.
00:34I mean, does it change the labor dynamics in the longer term? Will it take longer than we think?
00:40Very good question. Two days, one week before the Iran war, the Feb 28th, the famous date,
00:47the whole obsession was to worry about labor market, the streny research, something big is happening, Twitter page.
00:56And people feared, some key names in US and beyond feared that 50% of white-collar jobs in 12
01:02to 18 months will be gone.
01:04Funny these things. Now, pendulum swings a lot with the rally, with all this CapEx extension, with the three key
01:12IPOs coming in.
01:12Now, it's more popular to say AI may actually be inflationary.
01:18My famous partners in success, both Jim Reed and George Cerevalos independently argue that AI will be inflationary,
01:26at least in the short term, that we don't need to fear about losing our jobs to robots yet.
01:31I'm more balanced. I think the labor side of things, the worry will come back.
01:35I think Walsh is keeping an eye on that. But for the moment, on that too, on your question,
01:40we're on a very different narrative than we were at Feb 27.
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