Just looking back over time, when has money growth been higher than the CPI and are there sustained periods where that is so and the answer is yes and it's usually in the early stages of a recovery and then expansion. You can see here in the 80s coming out of the backtoback recessions in early 1980 uh we had money growth well above inflation. And then again you can see it before and after the tech and telecom um uh bubble and bust again there it was well above and then uh you can see it after after the 0809 ...

Wall Street is positioned for stagflation. Cathie Wood thinks they have it backwards. In this month's "In The Know," ARK Invest CEO/CIO Cathie Wood lays out a framework where we believe inflation surprises lower (not higher), the dollar rallies (not crashes), the rolling recession ends, AI drives structural deflation the bond market is only starting to price, and a 30+ year base in US capital spending just broke to the upside. Real-time inflation: ~1%. Yield curve: flattening despite oil up 57%. Housing: 1. ...

And so maybe we can just break down the the layers of the stack here. Right. You've got the compute layer, you've got the model builders.Is there anything you've got the cursor level which is like the interface and then you've got the applications on top. Is that I think what's right. Jen- Jensen describes it as a five-layer cake and I think there's some utility in that where you have the apps, the models, let's see if I get them all.The compute infrastructure, the chips, and energy. And you need to you can ...