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Speaker 2: single Best Idea Brian Levitt and today with Investco, always
Speaker 2: looking at the greater strategy. He's got a new mission
Speaker 2: in Investco, which is a study of personal finance. Brian
Speaker 2: Levitt of Investco.
Speaker 3: The nation's personal finds. I would say in terms of
Speaker 3: the literacy, we still have work to do in terms
Speaker 3: of guiding people on saving money and how to invest.
Speaker 3: I think there's a lot of superfluous purchases being made.
Speaker 3: Those little purposes add up over time.
Speaker 2: But what I see is particularly a generational mixture of
Speaker 2: investment versus speculation. Correct, there's a lot of people doing
Speaker 2: what you and I brought when you were at Michigan.
Speaker 2: You're in class. This is a speculation the Detroit Tigers
Speaker 2: will win. That's a speculation. There's way too much speculation
Speaker 2: going on, right.
Speaker 3: Yeah, back in eighty four, I guess the Tigers did
Speaker 3: actually win. So you know, if you look at the
Speaker 3: broad market. I think there's a perception from people that
Speaker 3: it might be speculation. The reality is in the broad
Speaker 3: marketing companies in the S and P five hundred are
Speaker 3: growing earnings double digits, and so price to forward earnings
Speaker 3: are above average. But I wouldn't say they're as excessive
Speaker 3: as people think. There's certainly speculation in other parts of
Speaker 3: the market where the younger generation may be looking to
Speaker 3: get a little bit richer, quicker than perhaps.
Speaker 2: We tried to Brian Levete of Invesco Damien SASA in
Speaker 2: Today for Paul Sweenyan. I thought Damien had a really
Speaker 2: trenchant idea that maybe what's percolating here is another bout
Speaker 2: of this American exceptionalism with a resilient dollar. And of
Speaker 2: the course how well in Nvidia did and AI and such.
Speaker 2: Sometimes as zeitgeist changes, and it changes on a dime.
Speaker 2: That happened overnight with a really acute observation that Microsoft
Speaker 2: is really upset at the expense of claud Internally translated,
Speaker 2: the you know, the being counters, the accounting people at
Speaker 2: any given company are really like, is this what AI costs?
Speaker 2: On the U side? All of a sudden, it's become
Speaker 2: an issue. We were advantaged with this issue exploding. Jeffrey
Speaker 2: Curry ex Golden Sachs out with a really important microeconomics
Speaker 2: of AI tweet. What an advantage to have dan Ive's
Speaker 2: with us this morning here on the innings of AI.
Speaker 4: I mean, look that it just speaks to we're still
Speaker 4: in the early stage. Great, there's more data centers being built.
Speaker 4: In active data centers, costs over time will come down,
Speaker 4: but right now in this arms raise, no company, whether
Speaker 4: it's large cap tech, small cap international, could basically not
Speaker 4: go down this route because eventually what's going to happen
Speaker 4: is the cost and the MONIZI they'll flip flop over
Speaker 4: the next few years, and that's why companies are spending
Speaker 4: at this pace.
Speaker 2: I agree on that, but on a macro basis in
Speaker 2: your world famous on this. Does that mean we see
Speaker 2: a consolidation within the industry? And is that in the
Speaker 2: second inning year, is it Red Sox try to get
Speaker 2: to fourth of July or is it in the eighth
Speaker 2: inning the Yankees are ready to lose to the Blue
Speaker 2: Jays again? Which is it it's second and third inning?
Speaker 4: Because this is look, it speaks to like the Bears
Speaker 4: in their caves hibernation mood that have missed every transmission
Speaker 4: in TECHTOC the last twenty years. They'll continue to miss
Speaker 4: the AI trade, underestimating the scale and scope of what
Speaker 4: the spending looks like. And I've seen it, you know,
Speaker 4: just even a few weeks ago in Taiwan, Inesia demand.
Speaker 4: This is what twelve to one, and that is going
Speaker 4: to continue to drive this massive cap BAC and the
Speaker 4: ripple effects across tech, energy and everything else.
Speaker 2: Daniel Eves Well timed from webbush I put this out
Speaker 2: on Twitter and LinkedIn today. It's a Deloitte paper from January.
Speaker 2: It's quite long. I will read the whole thing this weekend,
Speaker 2: but a lot of people are thinking about the microeconomics
Speaker 2: of artificial intelligence. Suddenly it's a theme for Bloomberg Surveillance
Speaker 2: into the rest of two thousand and twenty six. On
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