Railroads
"I did speak with one fund who pointed to a far rosier view of the potential for AI, where the revenue ultimately grew into the capital spending.
"However, to get there, the revenue came from displacing highly skilled workers.
"If you assume that the global economy spends trillions of dollars on highly skilled employees, then AI could potentially disintermediate these individuals and capture their salaries, justifying its existence.
"While I see this as partly inevitable, I also recognize that it’s also years into the future."
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