Goldman Sachs: "We are starting to see clearer signs that the AI impact is spreading beyond the technology sector. Across nonmanufacturing industries, the share of US firms that have adopted AI in regular business functions now shows a statistically significant negative correlation with employment growth and a statistically significant positive correlation with unemployment."

JPMorgan CEO Jamie Dimon warns Trump’s proposed 10% credit card interest rate cap would be an “ECONOMIC DISASTER” potentially cutting off credit to 80% of Americans. 🇺🇸 “It would be an economic disaster. I’m not making that up. Our business would survive it, by the way. In the worst case, you’d have a drastic reduction in the credit card business. It would remove credit from 80% of Americans, and that is their backup credit. I have a great idea. We should test it. The government should force all the banks to do it in two states—Vermont and Massachusetts—and see what happens. The people crying the most won’t be the credit card companies. It’ll be the restaurants, the retailers, the travel companies, the schools, the municipalities, because people will miss their water payments and all kinds of other payments. It would be something else to watch. I think they should test it.”

Elon Musk says debt markets have "almost entirely shut off" for AI-only neoclouds and expects "guppy-level death and consolidation" across the 200+ operators. I think bigger distinction is that financing isn't disappearing but becoming more selective which could favor stronger operators like $NBIS, $CIFR and $IREN as lenders prioritize contracted revenue, customer prepayments and asset-backed financing.

One bottleneck for the AI buildout is skilled labor US manufacturers are working existing staff longer and paying up for new ones: - Hours per worker are outpacing headcount growth in 7 out of 10 sectors - Workers who switch jobs are getting ~10% pay increases, about double the ~5% for those who stick around Charts of the Week: a16z.news/p/charts-of-the-we…

Milton Friedman: “Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax.” “If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or borrowing.”

JPMorgan CEO Jamie Dimon says America’s economy isn’t working for everyone… and proposes giving low-income workers direct government checks instead of letting Washington dictate how they spend their money. 🇺🇸 “The government should be focused on policies conducive to growth. And then, of course, you have policies that help the old, the sick, and others who need support. We could do a better job making the economy work for everybody. Upper-income Americans are doing fine with their houses and stocks. But at the lower end, people don’t have enough of a rainy-day fund, jobs are harder to get, and incomes are growing only a little bit. I would expand the Earned Income Tax Credit. I would give people more money as a negative tax. You’re making $14,000? You get a $12,000 check from the government. Get rid of the child requirement. Give the money to people who will actually use it to further their lives, spend in their communities, and take care of their kids—instead of the government dictating how they spend money on every little thing. There are real fixes that make society work better for everybody.”

The next AI-led economy shouldn't be built on the backs of foreign, cheap labor. It should be build in the USA. @USDOL @Sonderling47 @WorkWhileAI @BenoitSf let us push for Corporate Tax code that rewards hiring in the US and penalizes offshoring. Let them make the call, but let us make it attractive to build and keep the talent here.

An analysis of earnings calls over 10 years finds that inviting others to speak makes an executive seem more cooperative and collaborative. on.wsj.com/4ifSbU3

There's going to be a day when Claude, ChatGTP, and Google launch an easy way to switch between accounts and auto-recognize which account has access to a doc/artifact, and that day is going to be awesome...

Financing AI may sound boring but that could just be its Achilles heel (via @opinion) bloomberg.com/opinion/newsle…

Cost of capital is the new AI bottleneck.

As we rebuild our economy for the AI world, let us make sure we have them humans to do the work. It has been a flowed assumption that human labor won't be needed. Quite the contrary. Our Economy is short on labor. In the past we have outsourced and used immigration to stop the gap, these two options are not available. #AILaborShortage @BenoitSf @alanarmen44