Bull cope coded but the fact that people actually think it’s over, at the exact same time that agent teams are emerging as a new vector of the Scaling Laws, shows just how much people rely on stock prices to inform their views and just how little they understand the technology. Bulls need to believe inference is a multi-trillion dollar TAM in the next few years. But guess what? The capabilities are utterly there. There is little doubt for anyone who understands the technology that AI already is - and certainly in the near future will be - capable of doing a large share of tasks of a large share of jobs in the economy. Digital labor is very, very real. John Collison is telling you Stripe is spending 1% of OpEx on tokens with line-of-sight to “tens of points” over time. Anthropic, at >$70B ARR, is telling you their customers spend 0.1% of OpEx on tokens. Is Stripe a leading indicator for the rest of the economy? The question is rhetorical. The direction of travel is blindingly clear. And Stripe is far from an anomaly - the large delta in token spend between AI/digital-natives and the aggregate economy is a very clear signal about where budgets are headed. Aggregate AI ARR + AI-driven digital ad uplift + Hyper cost avoidance is likely ~$400B growing 3-4x y/y. In what version of the world is this number not $2-5T in 3-5 years?