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I struggle to see a transient explanation - meaning some temporal reason that won’t be here at some point soon. I think AI is causing a structural reset to how risky assets are priced. A digital super-god means both that you can disrupt someone else but that, in short order, someone else can disrupt you. As a result, you don’t want to pay a large premium for the future. A sustained repricing has huge implications for tech companies’ debt loads and SBC.