Are We On The Brink Of An AI Bubble Stock Market Crash?
Summary
AI Bubble Concerns: The podcast discusses the potential of an AI bubble akin to the dot-com bust, highlighting concerns about the sustainability of current AI company valuations.
Spending vs. Revenue: David Einhorn's interview is referenced, emphasizing the disparity between AI companies' massive spending on infrastructure and their relatively low revenues, questioning the long-term viability of such investments.
Nvidia's Role: Nvidia is highlighted as a significant component of the S&P 500, with concerns that its potential decline could impact the index and broader market, given its substantial contribution to this year's gains.
Market Risks: The podcast warns of potential capital destruction in the AI sector, which could lead to a broader market downturn, impacting investors' portfolios, especially those invested in index funds.
Economic Implications: The discussion raises questions about the potential for a balance sheet recession, where asset prices fall without necessarily triggering a broader economic downturn, but still affecting employment and economic stability.
Vendor Financing Concerns: The podcast draws parallels between current AI market practices and past financial engineering seen in the Enron scandal, suggesting potential risks of unsustainable financial practices.
Government Intervention: Speculation about possible government intervention to stabilize markets, such as purchasing significant stakes in companies like Nvidia, is mentioned as a potential response to a market collapse.
Transcript
Hello fellow Rubble Capitals. Hope you're well. So, we have a brand new hedge fund manager coming out and talking about the AI bubble, which begs the question, could this be the next dot blow up? Now, I know what a lot of you are saying right now, George. No, no, it's not because all these great companies, they have massive amounts of earnings. Yeah, but their earnings are just going around in a circle. number one and number two it doesn't mean that the revenue they are creating even with the circle jerking if you want to call it that equals the or justifies the amount they have to spend and that so let's we we got to think this one through here and let's go first into an article from Bloomberg talking about a recent interview with David Einhorn and he outlines the math math and the the the math just doesn't work. It doesn't work. And then you have to also ask the question, okay, with this S&P 500 being a weighted index, well, if Nvidia's 8% of the S&P and if that goes down, then what happens to the S&P? What percentage of the S&P's gains this year actually come from Nvidia, which is possibly a ticking time bomb? And by the way, for the viewers right now, quick trivia question. Do you know who replaced Enron in the S&P 500? Josh, do you know this one? I do not. Who Who do you think? Give it a guess. Who do you think replaced Enron in the S&P 500 when they blew up in 2001? I have no like an oil company. No, that would be Nvidia. Oh, really? So, just in case you were wondering, the person who is in control of the simulation we are all living in definitely has a sense of humor. So, that's good. But, you just can't make this stuff up, can you? All right, let's go over to this article on this Einhorn interview sounds warning on the AI spending splurge. And basically what's happening here, if I could give you an analogy, it would be like a a a someone graduating from college or excuse me, graduating from high school and going into college, taking some sort of uh studying something that might give them, let's just say, a job that pays $100,000 when they get out of school. But what they're doing is they're spending $1 billion on that college education that's going to get them a job that pays them a h 100,000 a year. That's in a nutshell what's going on right now in the AI, we'll call it circular economy. Here we go. Einhorn cautioned that unprecedented amounts of spending on AI infrastructure may destroy vast amounts of capital even if the technology proves itself transformative which I'm sure it will be. I there's no bigger proponent of AI out maybe there are there is but I'm a huge proponent of AI and I think it's going to really change the way we live and I think it's going to be fantastic for productivity assuming the government doesn't get in the way over the next 5 to 10 years but that doesn't mean that you can make money from it that doesn't mean that these companies like Open AI can make money but it does mean that in order to get from A to B they have to spend insane insane amounts of money that their revenues just can't justify. Just like the college student going in and majoring in a degree that might give them $100,000 a year in revenue, but yet paying $1 billion for the college education. Exactly what's going on here. So, Greenlight Capital founder said, "Trillion dollar buildout by companies overall such as Apple, Meta, OpenAI is so extreme that eventual returns are highly uncertain." In other words, almost impossible. That that's that's what he's saying right there. And and look, you could be the biggest fan of AI on the planet, but you have to admit that the math don't work. While he expects AI will ultimately surpass today's bullish forecasts, we and what he's talking about here is AI's contribution to society, not necessarily how much revenue it's going to produce. He questions whether spending a trillion dollars a year or 500 billion a year will deliver good outcomes for the firms making those investments. And by the way, it's not like at least for the next it is true that things will get more efficient. So, they'll likely have to spend less, but over the next, let's just say five years. Let's say they have to spend a trillion dollars a year. And by the way, every single year, these GPUs are basically obsolete. So, they have to spend it over and over and over and over and over again. It's not like building a factory where, okay, you've got your your factory to manufacture cars and you're probably not going to have to build a new factory for whatever 10 years, 20 years. You might have to upgrade the factory, but you're not going to have to build a brand new one. Where with this stuff, it's like it's like a disposable razor that you're paying a trillion dollars a year for. And the problem is you got to pay a trillion dollars, but you ain't making a trillion dollars from AI. And like every other commodity, it's just a race to the bottom as far as price. So, let's keep going. The numbers that are being thrown around are so extreme that it's really really hard to understand them. Einhorn says, I'm sure it's not zero, but there's a reasonable chance that a tremendous amount of capital destruction is going to come through the cycle. In other words, these stocks are going to get smoked. And if these stocks get smoked, what happens to the S&P 500? Because they're such a large portion of the S&P 500. More on that in just a moment. And then you have to ask yourself if the S&P 500 comes down, what happens to the US economy? Because the economy is is propped up by these asset prices. OpenAI Sam Alman has said he wants to spend trillions on infrastructure over the not very distant future. Trillions on infrastructure. So then you've got to ask yourself, okay, well, how much is OpenAI actually like making in revenue? So there's no better person to ask than OpenAI. So let's go over. We're going to come back to this article, but let's go over to chat GPT himself or herself or whatever you want to call Mr. Chat GPT. So I asked Mr. GPT, how much will Open AI have to spend on data centers per year? And so it's probably, you know, this year or next year, Sam Alman probably wants to spend a trillion according to his own words. But moving forward, Chat GPT said bottom line estimate here, maybe longer term 50 to hundred billion dollar a year or more or more. So according to Sam Alman, he want the next couple years, he wants to spend a trillion dollars a year building out. And then moving forward, let's just say you've got to spend nh 50 or hundred billion every single year just to keep pace, keep up with the Joneses, so to speak. Well, then what's he making? I ask, what is their current annual revenue? That would be 12 billion. So 1 trillion a year in spending just on cap just on capex by the way and 12 billion in revenue. Yeah, that's a bit of a spread. That is a bit of a spread. And this is why you you can't look at this and say, "Oh, there's nothing to see here. This isn't concerning at all. Oh, this has nothing to do or this is nothing like the.com bust. Are you kidding me? These companies actually have revenues. Okay, fine. They they've got revenue. I'll admit 12 billion. Now, they've got expenses of a trillion dollars a year, but at least they have revenue. Like, so let's think that through. Would you rather be pets.com with no revenue at all, but let's just say you've got a burn rate of a million dollars a year. So net you're losing a million dollars a year. Or would you rather be open AI where you've got a burn rate of a trillion dollar a year but you're making 12 billion? I'll actually take pets.com. And this is the insanity we are dealing with right now on but you could have guessed that just by knowing that Nvidia replaced Enron in the S&P 500 in 2001. What did you think was going to happen here? Understanding that we all live in a simulation. We're all living in the Matrix and at least who's ever running the Matrix at least they have a sense of humor like we said earlier or at least they have a sense of irony. Now, let's go over to this from Yahoo because I think a lot of people that have 401ks, they have, you know, the majority of their purchasing power or the retirement is dependent on their 401k or they're just doing the smart thing by investing in a S&P index fund and every single month they just take 10% of their paycheck and they put it in at S&P index fund because that's what Dave Ramsey says is the smart thing to do. Okay. And I I I think those type of people, they look at Nvidia and they're like, "Ah, yeah, so what? It's in a bubble." Okay, whatever. So Nvidia goes down. I don't even own Nvidia. Duh. I own the S&P 500 index fund. So if Nvidia goes down, like, who cares? Doesn't impact me. And I obviously I'm I'm saying that kind of jokingly, but I I think that's not an inaccurate description of the average retail investor that that they don't even understand that a Nvidia is part of the S&P 500, but b how much Nvidia impacts their portfolio even if they don't actually own Nvidia. So, look at this. Nvidia alone accounts for more than a third of the S&P 500's gains this year. And it's a big risk for investors. Now, you may be saying to yourself, "Well, George, wait a minute. Whoa, whoa, whoa, whoa, whoa. Time out. If Open AI and all these AI companies have to spend a trillion dollars a year just on stuff on capex, isn't most of the stuff they're going to buy coming from Nvidia? So, wouldn't that benefit Nvidia? I mean, if anything, this is bullish. No, let's remember the fact that they have $12 billion of revenue. So, if they have $12 billion of revenue, where are they going to get the trillion dollar they need to give to Nvidia? And if Nvidia is only going to get 12 billion as opposed to 1 trillion, meaning the 1 trillion's what's baked into the price, then what's going to happen to their share price when reality sets in? And then what's going to happen to the S&P 500? What's going to happen to people's 401ks? And what's going to happen to the K-shaped economy that we have? You know, the Kshape is the people with asset price or the people with assets, they're doing all the spending and that's propping up the economy. And everyone on the on the lower part of that K, they're in recession. They to them it feels like a recession. They're having a hard time putting food on the table or a roof over their head. Okay. Okay. Well, if the K component the the the uptick or whatever you want to call that, the upside of the K if that goes to where now all of a sudden it's like an H economy. It's not a K economy. So, it's not like this anymore. Now it's just like this where everyone's like that because the upper part of the K is now pointed down because Nvidia tanks because they don't have as much. They don't have a fraction of the revenue because these AI companies aren't making any money. They don't have enough money to pay them. And you say, "Oh, George, there there you go again. fear-mongering in this is not a problem for AI or Nvidia because Nvidia is just going to give OpenAI the trillion dollars they need to give Nvidia the trillion dollars and problem solved. Problem solved right there. There you go. There you go. So go ahead and just buy a a triple X leverage Nvidia fund. Ah this is the insanity. So for anyone out there that says oh this is nothing like the dot bubble um I would in a way I'd agree. I think it's way worse because at least those companies with no revenues at least they were only losing millions of dollars per year. I mean, Altman and Open AI, they're talking about losing trillions of dollars per year. Who cares if they have revenue? So, we could very well see over the next maybe year, year and a half that this recession that the yield curve has been predicting for quite some time uh turns out to be maybe just a balance sheet recession where we just have asset prices go down. Now, how would that impact the economy? I think that's a completely different story. I mean, can we have a balance sheet recession without a massive economic recession that impacts the real economy, unemployment rate spiking, all the things that we saw during the GFC. Although it wouldn't be a financial crisis, it wouldn't be a global financial uh well, it wouldn't be a collapse, let's say. But would it still have the exact same effects when you look at the overall metrics or the data points that we saw during the GFC? In other words, unemployment rate going to let's say 10%. At the end of the day, if the unemployment rate goes to 10%, if you're one of the people that are unemployed, does it matter if it's just a balance sheet recession or if it's a GFC? I don't think so. You're still unemployed. And so I think these are the questions that we really have to ask. Now that said, could this continue on? Could it continue on indefinitely? No. Can it continue on for a lot longer than anyone can even imagine? Absolutely. Absolutely. And can the bubble get twice as big? Absolutely it can. For sure. For sure. For sure. But these are the exact same types of let's say financial engineering practices that we saw that took down Enron to begin with. And now Nvidia is is doing something maybe not the exact same but extremely extremely similar. And I think they call this vendor financing or something like that. And it was the same type of stuff when you were I mean for those of you who are younger you probably don't remember this. And I really wasn't paying attention back then either. But during the com and during Enron, during that whole blowup, it was like no one could really figure out what was going on with Enron. They're just like, "Oh, trust us. This is the future. We've got this black box and it just creates all this money and just don't even worry about it. Just buy our stock." And it it's it's very similar to the the type of narrative that you hear around AI. And especially, you know, more recently, what's coming out about their circular economy practices and the way that whether it's inadvertent or not, how they're propping up their share price and increasing their share price massively by just roundtpping the same dollars. And that usually that doesn't end well. So, this is something we've really got to pay attention to. And you know, how how this math fixes itself, I don't know. The only way for this math to continue to work is if you have investors continually finance these losses and and continually finance the delta between 12 billion and a trillion. So, where is that money going to come from? I mean, you could say it might come from passive. Okay. But but now all of a sudden, what if we get an uptick in unemployment and we get instead of uh net um instead of there being dollars going into passive on net, now all of a sudden instead of there being net inflows, there's net outflows. That's what I was trying to say. So if there's net outflows now, where does all the money come from to finance the spread between 12 billion and a trillion? It's gone. And it ain't coming from Nvidia because they're just doing that by their share price rising. So if their share price is going down, now they can't do the vendor financing. Now the whole circular economy blows up. So this is this is dangerous stuff. This is dangerous stuff. Could it go higher? Could the bubble get bigger and bigger and bigger and bigger? Absolutely. I mean, at the end of the day, for heaven's sakes, why wouldn't Donald Trump come in and just buy 50% of Nvidia? Meaning the government. I mean, would that would any of you be surprised at this point if the government stepped in if we had this collapse or this potential collapse and two weeks into it, the government stepped in and said, "Oh, we're buying 50% of Nvidia and we're going to recapitalize Nvidia with $10 trillion and then we could just keep this game. We can kick the can down the road further." That wouldn't surprise me at all. All right, guys. Enjoy the rest of your afternoon. And as always, make sure you are standing up for freedom, liberty, free market capitalism. And we'll see you in the next video.
Are We On The Brink Of An AI Bubble Stock Market Crash?
Summary
Transcript
Hello fellow Rubble Capitals. Hope you're well. So, we have a brand new hedge fund manager coming out and talking about the AI bubble, which begs the question, could this be the next dot blow up? Now, I know what a lot of you are saying right now, George. No, no, it's not because all these great companies, they have massive amounts of earnings. Yeah, but their earnings are just going around in a circle. number one and number two it doesn't mean that the revenue they are creating even with the circle jerking if you want to call it that equals the or justifies the amount they have to spend and that so let's we we got to think this one through here and let's go first into an article from Bloomberg talking about a recent interview with David Einhorn and he outlines the math math and the the the math just doesn't work. It doesn't work. And then you have to also ask the question, okay, with this S&P 500 being a weighted index, well, if Nvidia's 8% of the S&P and if that goes down, then what happens to the S&P? What percentage of the S&P's gains this year actually come from Nvidia, which is possibly a ticking time bomb? And by the way, for the viewers right now, quick trivia question. Do you know who replaced Enron in the S&P 500? Josh, do you know this one? I do not. Who Who do you think? Give it a guess. Who do you think replaced Enron in the S&P 500 when they blew up in 2001? I have no like an oil company. No, that would be Nvidia. Oh, really? So, just in case you were wondering, the person who is in control of the simulation we are all living in definitely has a sense of humor. So, that's good. But, you just can't make this stuff up, can you? All right, let's go over to this article on this Einhorn interview sounds warning on the AI spending splurge. And basically what's happening here, if I could give you an analogy, it would be like a a a someone graduating from college or excuse me, graduating from high school and going into college, taking some sort of uh studying something that might give them, let's just say, a job that pays $100,000 when they get out of school. But what they're doing is they're spending $1 billion on that college education that's going to get them a job that pays them a h 100,000 a year. That's in a nutshell what's going on right now in the AI, we'll call it circular economy. Here we go. Einhorn cautioned that unprecedented amounts of spending on AI infrastructure may destroy vast amounts of capital even if the technology proves itself transformative which I'm sure it will be. I there's no bigger proponent of AI out maybe there are there is but I'm a huge proponent of AI and I think it's going to really change the way we live and I think it's going to be fantastic for productivity assuming the government doesn't get in the way over the next 5 to 10 years but that doesn't mean that you can make money from it that doesn't mean that these companies like Open AI can make money but it does mean that in order to get from A to B they have to spend insane insane amounts of money that their revenues just can't justify. Just like the college student going in and majoring in a degree that might give them $100,000 a year in revenue, but yet paying $1 billion for the college education. Exactly what's going on here. So, Greenlight Capital founder said, "Trillion dollar buildout by companies overall such as Apple, Meta, OpenAI is so extreme that eventual returns are highly uncertain." In other words, almost impossible. That that's that's what he's saying right there. And and look, you could be the biggest fan of AI on the planet, but you have to admit that the math don't work. While he expects AI will ultimately surpass today's bullish forecasts, we and what he's talking about here is AI's contribution to society, not necessarily how much revenue it's going to produce. He questions whether spending a trillion dollars a year or 500 billion a year will deliver good outcomes for the firms making those investments. And by the way, it's not like at least for the next it is true that things will get more efficient. So, they'll likely have to spend less, but over the next, let's just say five years. Let's say they have to spend a trillion dollars a year. And by the way, every single year, these GPUs are basically obsolete. So, they have to spend it over and over and over and over and over again. It's not like building a factory where, okay, you've got your your factory to manufacture cars and you're probably not going to have to build a new factory for whatever 10 years, 20 years. You might have to upgrade the factory, but you're not going to have to build a brand new one. Where with this stuff, it's like it's like a disposable razor that you're paying a trillion dollars a year for. And the problem is you got to pay a trillion dollars, but you ain't making a trillion dollars from AI. And like every other commodity, it's just a race to the bottom as far as price. So, let's keep going. The numbers that are being thrown around are so extreme that it's really really hard to understand them. Einhorn says, I'm sure it's not zero, but there's a reasonable chance that a tremendous amount of capital destruction is going to come through the cycle. In other words, these stocks are going to get smoked. And if these stocks get smoked, what happens to the S&P 500? Because they're such a large portion of the S&P 500. More on that in just a moment. And then you have to ask yourself if the S&P 500 comes down, what happens to the US economy? Because the economy is is propped up by these asset prices. OpenAI Sam Alman has said he wants to spend trillions on infrastructure over the not very distant future. Trillions on infrastructure. So then you've got to ask yourself, okay, well, how much is OpenAI actually like making in revenue? So there's no better person to ask than OpenAI. So let's go over. We're going to come back to this article, but let's go over to chat GPT himself or herself or whatever you want to call Mr. Chat GPT. So I asked Mr. GPT, how much will Open AI have to spend on data centers per year? And so it's probably, you know, this year or next year, Sam Alman probably wants to spend a trillion according to his own words. But moving forward, Chat GPT said bottom line estimate here, maybe longer term 50 to hundred billion dollar a year or more or more. So according to Sam Alman, he want the next couple years, he wants to spend a trillion dollars a year building out. And then moving forward, let's just say you've got to spend nh 50 or hundred billion every single year just to keep pace, keep up with the Joneses, so to speak. Well, then what's he making? I ask, what is their current annual revenue? That would be 12 billion. So 1 trillion a year in spending just on cap just on capex by the way and 12 billion in revenue. Yeah, that's a bit of a spread. That is a bit of a spread. And this is why you you can't look at this and say, "Oh, there's nothing to see here. This isn't concerning at all. Oh, this has nothing to do or this is nothing like the.com bust. Are you kidding me? These companies actually have revenues. Okay, fine. They they've got revenue. I'll admit 12 billion. Now, they've got expenses of a trillion dollars a year, but at least they have revenue. Like, so let's think that through. Would you rather be pets.com with no revenue at all, but let's just say you've got a burn rate of a million dollars a year. So net you're losing a million dollars a year. Or would you rather be open AI where you've got a burn rate of a trillion dollar a year but you're making 12 billion? I'll actually take pets.com. And this is the insanity we are dealing with right now on but you could have guessed that just by knowing that Nvidia replaced Enron in the S&P 500 in 2001. What did you think was going to happen here? Understanding that we all live in a simulation. We're all living in the Matrix and at least who's ever running the Matrix at least they have a sense of humor like we said earlier or at least they have a sense of irony. Now, let's go over to this from Yahoo because I think a lot of people that have 401ks, they have, you know, the majority of their purchasing power or the retirement is dependent on their 401k or they're just doing the smart thing by investing in a S&P index fund and every single month they just take 10% of their paycheck and they put it in at S&P index fund because that's what Dave Ramsey says is the smart thing to do. Okay. And I I I think those type of people, they look at Nvidia and they're like, "Ah, yeah, so what? It's in a bubble." Okay, whatever. So Nvidia goes down. I don't even own Nvidia. Duh. I own the S&P 500 index fund. So if Nvidia goes down, like, who cares? Doesn't impact me. And I obviously I'm I'm saying that kind of jokingly, but I I think that's not an inaccurate description of the average retail investor that that they don't even understand that a Nvidia is part of the S&P 500, but b how much Nvidia impacts their portfolio even if they don't actually own Nvidia. So, look at this. Nvidia alone accounts for more than a third of the S&P 500's gains this year. And it's a big risk for investors. Now, you may be saying to yourself, "Well, George, wait a minute. Whoa, whoa, whoa, whoa, whoa. Time out. If Open AI and all these AI companies have to spend a trillion dollars a year just on stuff on capex, isn't most of the stuff they're going to buy coming from Nvidia? So, wouldn't that benefit Nvidia? I mean, if anything, this is bullish. No, let's remember the fact that they have $12 billion of revenue. So, if they have $12 billion of revenue, where are they going to get the trillion dollar they need to give to Nvidia? And if Nvidia is only going to get 12 billion as opposed to 1 trillion, meaning the 1 trillion's what's baked into the price, then what's going to happen to their share price when reality sets in? And then what's going to happen to the S&P 500? What's going to happen to people's 401ks? And what's going to happen to the K-shaped economy that we have? You know, the Kshape is the people with asset price or the people with assets, they're doing all the spending and that's propping up the economy. And everyone on the on the lower part of that K, they're in recession. They to them it feels like a recession. They're having a hard time putting food on the table or a roof over their head. Okay. Okay. Well, if the K component the the the uptick or whatever you want to call that, the upside of the K if that goes to where now all of a sudden it's like an H economy. It's not a K economy. So, it's not like this anymore. Now it's just like this where everyone's like that because the upper part of the K is now pointed down because Nvidia tanks because they don't have as much. They don't have a fraction of the revenue because these AI companies aren't making any money. They don't have enough money to pay them. And you say, "Oh, George, there there you go again. fear-mongering in this is not a problem for AI or Nvidia because Nvidia is just going to give OpenAI the trillion dollars they need to give Nvidia the trillion dollars and problem solved. Problem solved right there. There you go. There you go. So go ahead and just buy a a triple X leverage Nvidia fund. Ah this is the insanity. So for anyone out there that says oh this is nothing like the dot bubble um I would in a way I'd agree. I think it's way worse because at least those companies with no revenues at least they were only losing millions of dollars per year. I mean, Altman and Open AI, they're talking about losing trillions of dollars per year. Who cares if they have revenue? So, we could very well see over the next maybe year, year and a half that this recession that the yield curve has been predicting for quite some time uh turns out to be maybe just a balance sheet recession where we just have asset prices go down. Now, how would that impact the economy? I think that's a completely different story. I mean, can we have a balance sheet recession without a massive economic recession that impacts the real economy, unemployment rate spiking, all the things that we saw during the GFC. Although it wouldn't be a financial crisis, it wouldn't be a global financial uh well, it wouldn't be a collapse, let's say. But would it still have the exact same effects when you look at the overall metrics or the data points that we saw during the GFC? In other words, unemployment rate going to let's say 10%. At the end of the day, if the unemployment rate goes to 10%, if you're one of the people that are unemployed, does it matter if it's just a balance sheet recession or if it's a GFC? I don't think so. You're still unemployed. And so I think these are the questions that we really have to ask. Now that said, could this continue on? Could it continue on indefinitely? No. Can it continue on for a lot longer than anyone can even imagine? Absolutely. Absolutely. And can the bubble get twice as big? Absolutely it can. For sure. For sure. For sure. But these are the exact same types of let's say financial engineering practices that we saw that took down Enron to begin with. And now Nvidia is is doing something maybe not the exact same but extremely extremely similar. And I think they call this vendor financing or something like that. And it was the same type of stuff when you were I mean for those of you who are younger you probably don't remember this. And I really wasn't paying attention back then either. But during the com and during Enron, during that whole blowup, it was like no one could really figure out what was going on with Enron. They're just like, "Oh, trust us. This is the future. We've got this black box and it just creates all this money and just don't even worry about it. Just buy our stock." And it it's it's very similar to the the type of narrative that you hear around AI. And especially, you know, more recently, what's coming out about their circular economy practices and the way that whether it's inadvertent or not, how they're propping up their share price and increasing their share price massively by just roundtpping the same dollars. And that usually that doesn't end well. So, this is something we've really got to pay attention to. And you know, how how this math fixes itself, I don't know. The only way for this math to continue to work is if you have investors continually finance these losses and and continually finance the delta between 12 billion and a trillion. So, where is that money going to come from? I mean, you could say it might come from passive. Okay. But but now all of a sudden, what if we get an uptick in unemployment and we get instead of uh net um instead of there being dollars going into passive on net, now all of a sudden instead of there being net inflows, there's net outflows. That's what I was trying to say. So if there's net outflows now, where does all the money come from to finance the spread between 12 billion and a trillion? It's gone. And it ain't coming from Nvidia because they're just doing that by their share price rising. So if their share price is going down, now they can't do the vendor financing. Now the whole circular economy blows up. So this is this is dangerous stuff. This is dangerous stuff. Could it go higher? Could the bubble get bigger and bigger and bigger and bigger? Absolutely. I mean, at the end of the day, for heaven's sakes, why wouldn't Donald Trump come in and just buy 50% of Nvidia? Meaning the government. I mean, would that would any of you be surprised at this point if the government stepped in if we had this collapse or this potential collapse and two weeks into it, the government stepped in and said, "Oh, we're buying 50% of Nvidia and we're going to recapitalize Nvidia with $10 trillion and then we could just keep this game. We can kick the can down the road further." That wouldn't surprise me at all. All right, guys. Enjoy the rest of your afternoon. And as always, make sure you are standing up for freedom, liberty, free market capitalism. And we'll see you in the next video.