00:00Your index at RAM went from 100 in January to more than 1,200 about 10 months later.
00:08So explain that pretty steep incline to us.
00:11For the last two years that we've been tracking AI's proliferation through the economy,
00:14it has been the fastest growing spend category we've ever tracked.
00:18In large part, that's because AI is this technology that has been transformational in certain sectors.
00:23Its adoption has proliferated across the economy.
00:25And it's also extremely expensive, so its spend has kind of spiraled out of control.
00:28What's happened uniquely over the last couple months is that volumes of AI token usage have continued to rise,
00:36but AI spend itself is starting to slow.
00:38So there's a couple things going on that might drive that kind of dynamic.
00:41One, AI is becoming much more common in the workplace.
00:44It's being deployed by organizations across the Fortune 500 and very high-intensity tech companies.
00:49At the same time, it's getting cheaper and cheaper and cheaper.
00:52And that ultimately poses a threat to the model companies that need to profit off this technology
00:56so they can reinvest in data centers and continue to grow their market share.
01:00That ends up being one of the causes of hysteria in the markets lately,
01:04is who's going to win from the AI trade.
01:06It still remains to be seen whether or not that kind of adoption will be able to proliferate
01:10or even make sense to proliferate outside the tech sector.
01:14If we're able to do anything that's something that's here,
01:14And I hope you see thatwe've been completed,
