00:00 Speaker A
You don't seem worried about the AI bubble. If AI can help us achieve this much productivity,
00:03 Speaker B
Right, III I don't know.
00:04 Speaker A
It's not a bubble, that's right.
00:04 Speaker B
In other words, bubbles are a natural phenomenon that occurs within market and technology cycles.
00:15 Speaker A
And what about tulips?
00:16 Speaker B
Well, within the industrialization of the world economy over the past few hundred years, right? There were many bubbles, railroad bubbles, electricity bubbles, and many more. Do you know how much investment is being made in these five to seven to 10 companies if you include China and everything else? Well, not everyone wins, right? That is, there may be winners and there may be losers. But the real question is how quickly the infrastructure will unlock economic speed. So I'm very focused on that and we're very focused on that. In fact, this is critical to Circle's strategy. Because we believe economic OSs like the one we're building at Ark are designed for agent economies. We're designing for the idea that over the next three to five years, a huge amount of economic activity, work, labor, coordination, value exchange that's happening in the world will be performed, performed by AI, and performed by AI agents. And that requires a different paradigm, a different economic infrastructure paradigm. And we design for that. Well, we have another 3-5 years, and the bubble could burst before then. So Yahoo, yeah, we've been through a lot of bubbles.
01:49 Speaker A
And now we're rockin'. Yeah. We're rockin' here.
01:51 Speaker B
Yes and no, that's great. And, you know, in the Internet bubble, there was overspending on certain types of capital equipment, but as technology improved, it was able to do a lot of things that people thought they could do in 1998 that they couldn't really do, and that was absorbed. We should be able to do that in 2004.
