The “Barnes and Noble Moment”: AI Is Becoming Existential for Businesses

the Barnes & Noble moment in 1998 99 was the recognition by bricks and mortar companies that they had to get online. Everybody had to take the investment, spend the money, get online because Amazon's online, now I've got to get online. And during that phase, the markets priced in the internet eating the world. You have this huge surge in this period in dot com stocks, the NASDAQ, and this decline in the rest of the world and the Dow. And that was a dangerous period in markets in terms of navigating that. Of course, in that case, it turned out it was a bubble. Now, if you look at today's version of that, right? You've got this concept being priced in now where AI's eating the world, and it's starting with software. So, you've got AI capability to change the way software is built, companies need they build software, what their software engineers look like, et cetera. So, you've seen this huge surge in um AI supply chain stocks and this decline in the most vulnerable sectors to AI. So, I believe it's just the first of many disruptions to come as this technology rolls out and has bigger and bigger impact.