So think about it from the farmer's perspective now. Wow, suddenly you have all these tools. You can produce so much more stuff. You become much more productive. Does that mean you become richer? Does that mean you become more successful? Actually, just look at the numbers, you can see no actually it was ruinous. Ruinous for the typical farmer. What happened is that everyone got these tools and they began to produce tremendous amounts of stuff and prices for their agricultural products plummeted and so they were not able to make any money and the problem was they also took on a lot of debt to buy all these productivity enhancing tools and they could not repay that debt because their nominal income shrink. Even though in real terms they were producing more and more goods and services again in monetary terms the prices of those goods had imploded and so their income declined and so they were have trouble paying their debt and so many of them filed for bankruptcy. They had to go find new jobs elsewhere. Again the earlier adopters to this stuff the very very earlier people they had a head start. they were able to produce a lot of farm products and reap a lot of um income as prices were not yet imploded but that was only the early advantage people and eventually though of course prices imploded and they got uh impacted as well. At the end of the day the people who survived were the few very large farms that had a lot of capital were able to have economies of scale and consolidate their operations but for for most everyone else who was a farmer life was not good. So what happened was that they eventually had to leave the agriculture industry. They became they worked in manufacturing and they became people in the service industry. Back in the day they were the service industry wasn't very large. Now it's a larger sector in the US. And so basically you have this whole entire new realm of economic opportunity. I mean I mean think about it podcasters, substack writers, stuff like that. And so not just lawyers and doctors traditional side but all these new service industries that did not exist in the past were basically created and all these people found something to do. It was a long and painful process but eventually the economy uh writed itself.

So that is services that that is I think in real terms that means you are wealthier. Everyone is wealthier. I eat better today because of the farming revolution and I get much better information because of the AI revolution. information that would have in the past cost me a lot of money. But again, the people who are selling these services, their income is going to massively deflate, right? So, at the end of the day, they're not really making any money off of this. Nobody is really making any money of this uh except the providers of the chips and semiconductors. Just like back in the agricultural revolution, it was the people who sold farming equipment, sold the technology, the fertilizers that made a lot of money. Everyone else not really so much. the public of course got to eat better. So it is for the AI stuff, all these models, all these service providers, there's going to be massive deflation in the stuff that they sell. And so they're not going to make any money. All these anthropics, the open AIS, not just that they're competing amongst themselves, but you also have in China a whole bunch of models that are basically open sourced and um are just a few months behind the frontier models. And maybe one day as technology advances, we'll have just localized models on our cell phones. So the winners of course are going to be uh the big chip providers at the moment at least until it becomes more competitive. The chip providers, the people who buy the pick picks and shovels, but no one is really making any money off of that. And that's important to think of because let's say if you were thinking that the AI revolution would would somehow solve the national debt, well that's just not going to happen because the debt is in nominal terms. But the AI productivity that's in real terms and when you have a massive increase in real goods and services you have deflation in the nominal prices and so you don't actually make income. So like I said before is going to make all of us wealthier but at the end of the day uh not many of us are going to make money and a lot of us are just going to have to find new jobs. Where those jobs are I have no idea. No one imagined that we would have say podcaster, substack writer or whatnot 100 years ago. And so in the future there will be new jobs that um emerged that people cannot imagine right now at the moment.