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--></style></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal>An interesting outcome if there were a downturn..<o:p></o:p></p><p class=MsoNormal><br><a href="https://www.eetimes.com/ainekko-buys-esperanto-hardware-ip-open-sources-it/">https://www.eetimes.com/ainekko-buys-esperanto-hardware-ip-open-sources-it/</a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> Friam <friam-bounces@redfish.com> <b>On Behalf Of </b>Tom Johnson<br><b>Sent:</b> Sunday, November 16, 2025 6:00 AM<br><b>To:</b> Friam@redfish. com <friam@redfish.com><br><b>Subject:</b> [FRIAM] Fwd: The coming AI crash-worse than the Dot Com stock collapse?<o:p></o:p></span></p></div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal>What do you we think about Chris's analysis?<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>=======================<br>Tom Johnson<br>Inst. for Analytic Journalism<br>Santa Fe, New Mexico<br>505-577-6482<br>=======================<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal>---------- Forwarded message ---------<br>From: <strong><span style='font-family:"Aptos",sans-serif'>Christopher J Feola from Perfecting Equilibrium</span></strong> <<a href="mailto:perfectingequilibrium@substack.com">perfectingequilibrium@substack.com</a>><br>Date: Sun, Nov 16, 2025, 5:35<span style='font-family:"Arial",sans-serif'>\u202f</span>AM<br>Subject: The coming AI crash-worse than the Dot Com stock collapse?<br>To: <<a href="mailto:tom@jtjohnson.com">tom@jtjohnson.com</a>><o:p></o:p></p></div><p class=MsoNormal style='margin-bottom:12.0pt'><o:p> </o:p></p><div><p class=MsoNormal><img border=0 width=1 height=1 style='width:.0104in;height:.0104in' id="_x0000_i1041" src="https://eotrx.substackcdn.com/open?token=eyJtIjoiPDIwMjUxMTE2MTEzMjQ0LjMuNjAwNTk4OTBlZTBmYjk0YUBtZzEuc3Vic3RhY2suY29tPiIsInUiOjQ2MjgwMywiciI6InRvbUBqdGpvaG5zb24uY29tIiwiZCI6Im1nMS5zdWJzdGFjay5jb20iLCJwIjoxNzkwMjk2NjksInQiOiJuZXdzbGV0dGVyIiwiYSI6ImV2ZXJ5b25lIiwicyI6ODMwODcyLCJjIjoicG9zdCIsImYiOmZhbHNlLCJwb3NpdGlvbiI6InRvcCIsImlhdCI6MTc2MzI5NjQ5NiwiZXhwIjoxNzY1ODg4NDk2LCJpc3MiOiJwdWItMCIsInN1YiI6ImVvIn0.q65-wkW8EEZtpBdZ_69sLVxSaUFCpgNCOwepo1pClXw"><o:p></o:p></p><div><p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='font-size:1.0pt;color:#333333'>AIs will be enormously important some day. Today is not that day.<o:p></o:p></span></p></div><div><p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u034f</span><span style='font-size:1.0pt;color:#333333'> </span><span style='font-size:1.0pt;font-family:"Arial",sans-serif;color:#333333'>\u2007</span><span style='font-size:1.0pt;color:#333333'> <o:p></o:p></span></p></div><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:0in 0in 0in 0in'></td><td width=550 style='width:412.5pt;padding:0in 0in 0in 0in'></td><td style='padding:0in 0in 0in 0in'></td></tr><tr><td style='padding:0in 0in 0in 0in'></td><td width=550 style='width:412.5pt;padding:0in 0in 0in 0in'><div><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr style='height:15.0pt'><td style='padding:0in 0in 0in 0in;height:15.0pt'><div align=right><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=right style='text-align:right;line-height:12.0pt'><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif'>Forwarded this email? <a href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9wZXJmZWN0aW5nZXF1aWxpYnJpdW0uc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj05eDNuJm5leHQ9aHR0cHMlM0ElMkYlMkZwZXJmZWN0aW5nZXF1aWxpYnJpdW0uc3Vic3RhY2suY29tJTJGcCUyRnRoZS1jb21pbmctYWktY3Jhc2gtd29yc2UtdGhhbi10aGUiLCJwIjoxNzkwMjk2NjksInMiOjgzMDg3MiwiZiI6ZmFsc2UsInUiOjQ2MjgwMywiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjIwNzg4NzI0OTYsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.Ur8THELjXRK6CbH0UHSDjsZyesW40y11i2A1tkZQrj0?" target="_blank">Subscribe here</a> for more<o:p></o:p></span></p></td></tr></table></div></td></tr></table><p class=MsoNormal style='line-height:19.5pt'><span style='display:none'><o:p> </o:p></span></p><table class=MsoNormalTable border=0 cellpadding=0 style='border-spacing:0'><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.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.XtM_IIDoiQYOGIQORIKIZD1wXo1TeQ6Hb3e9cRyUuqk?" target="_blank"><span style='text-decoration:none'><img border=0 width=550 height=191 style='width:5.7291in;height:1.9895in' id="_x0000_i1040" src="https://substackcdn.com/image/fetch/$s_!g9xj!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc805b51d-6044-4aa7-8215-f5634da17b00_1100x381.png"></span></a><o:p></o:p></p></td></tr></table><div><div><h1 style='margin:0in;line-height:27.0pt'><span style='font-family:"Roboto Mono";color:#363737'><a href="https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=false&r=9x3n&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE" target="_blank"><span style='color:#363737;text-decoration:none'>The coming AI crash-worse than the Dot Com stock collapse?</span></a><o:p></o:p></span></h1><h3 style='mso-margin-top-alt:9.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;line-height:18.0pt;direction:auto;text-align:start;unicode-bidi:isolate'><span style='font-family:"Segoe UI",sans-serif;color:#777777;font-weight:normal'>AIs will be enormously important some day. Today is not that day.<o:p></o:p></span></h3><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:8.5pt;font-family:"Segoe UI",sans-serif;color:#363737;text-transform:uppercase;letter-spacing:.15pt'><a href="https://substack.com/@perfectingequilibrium" target="_blank"><span style='color:#363737;text-decoration:none'>Christopher J Feola</span></a><o:p></o:p></span></p></div></td></tr></table></td></tr><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:8.5pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;letter-spacing:.15pt'>Nov 16<o:p></o:p></span></p></div></td></tr></table></td></tr></table></td><td style='padding:0in 0in 0in 0in'><div align=right><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal><a href="https://substack.com/@perfectingequilibrium" target="_blank"><span style='text-decoration:none'><img border=0 width=40 height=41 style='width:.4166in;height:.427in' id="_x0000_i1039" src="https://substackcdn.com/image/fetch/$s_!vSwP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F35b52b89-c379-49b2-a603-417b7d6ec255_654x1216.jpeg"></span></a><o:p></o:p></p></td></tr></table></div></td></tr></table><p class=MsoNormal style='line-height:19.5pt'><span style='display:none'><o:p> </o:p></span></p><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;border-top:rgb(0,0,0,.1);border-bottom:rgb(0,0,0,.1);min-width:100%'><tr style='height:12.0pt'><td style='padding:0in 0in 0in 0in;height:12.0pt'><p class=MsoNormal style='line-height:0%'><span style='font-size:1.0pt'> <o:p></o:p></span></p></td></tr><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=38 style='width:28.5pt'><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&isFreemail=false&submitLike=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3NjMyOTY0OTYsImV4cCI6MTc2NTg4ODQ5NiwiaXNzIjoicHViLTgzMDg3MiIsInN1YiI6InJlYWN0aW9uIn0.ElEIOZMNtsWav1lQHrZory9QnLEzgAyoOl23szVDbgg&utm_medium=email&utm_campaign=email-reaction&r=9x3n" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><img border=0 width=18 height=18 style='width:.1875in;height:.1875in' id="_x0000_i1038" src="https://substackcdn.com/image/fetch/$s_!PeVs!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideHeart%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2"></span></a><o:p></o:p></p></td></tr></table></td><td width=8 style='width:6.0pt;padding:0in 0in 0in 0in;min-width:8px'></td><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=38 style='width:28.5pt'><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&utm_medium=email&isFreemail=false&comments=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE&r=9x3n&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><img border=0 width=18 height=18 style='width:.1875in;height:.1875in' id="_x0000_i1037" src="https://substackcdn.com/image/fetch/$s_!x1tS!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideComments%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2"></span></a><o:p></o:p></p></td></tr></table></td><td width=8 style='width:6.0pt;padding:0in 0in 0in 0in;min-width:8px'></td><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=38 style='width:28.5pt'><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=false&r=9x3n&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjE3NjU4ODg0OTYsImlzcyI6InB1Yi04MzA4NzIiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.pwme8GZ1ptwbuz-0LaUTJChHv8aYhGY_maB0WOnE1cE" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><img border=0 width=18 height=18 style='width:.1875in;height:.1875in' id="_x0000_i1036" src="https://substackcdn.com/image/fetch/$s_!_L14!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideShare2%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2"></span></a><o:p></o:p></p></td></tr></table></td><td width=8 style='width:6.0pt;padding:0in 0in 0in 0in;min-width:8px'></td><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=38 style='width:28.5pt'><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.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.s8lGOk_HPC27LSiCcn0523wLBDTNHLgyt5j8inpKvVI?&utm_source=substack&utm_medium=email" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><img border=0 width=18 height=18 style='width:.1875in;height:.1875in' id="_x0000_i1035" src="https://substackcdn.com/image/fetch/$s_!5EGt!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FNoteForwardIcon%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2"></span></a><o:p></o:p></p></td></tr></table></td></tr></table></td><td style='padding:0in 0in 0in 0in'><div align=right><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center;mso-line-height-alt:9.0pt'><a href="https://open.substack.com/pub/perfectingequilibrium/p/the-coming-ai-crash-worse-than-the?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><o:p></o:p></span></a></p><p class=MsoNormal align=center style='text-align:center'><span class=MsoHyperlink><span style='font-size:9.0pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;text-decoration:none'><a href="https://open.substack.com/pub/perfectingequilibrium/p/the-coming-ai-crash-worse-than-the?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app" target="_blank"><span style='color:#777777;text-decoration:none'>READ IN APP</span><span style='color:#777777;text-decoration:none'><img border=0 width=18 height=18 style='width:.1875in;height:.1875in' id="_x0000_i1034" src="https://substackcdn.com/image/fetch/$s_!ET-_!,w_36,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideArrowUpRight%3Fv%3D4%26height%3D36%26fill%3Dnone%26stroke%3D%2523808080%26strokeWidth%3D2"></span></a></span></span><o:p></o:p></p></td></tr></table></td></tr></table></div></td></tr></table></td></tr><tr style='height:12.0pt'><td style='padding:0in 0in 0in 0in;height:12.0pt'><p class=MsoNormal style='line-height:0%'><span style='font-size:1.0pt'> <o:p></o:p></span></p></td></tr></table></div></div><div><div style='margin-bottom:12.0pt;text-align:initial;word-break:break-word'><h3 style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;mso-line-height-alt:13.9pt'><span style='font-size:16.5pt;font-family:"Segoe UI",sans-serif;color:#363737'>Perfecting Equilibrium Volume Four, Issue 23<o:p></o:p></span></h3><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><em><span style='font-family:"Roboto Mono";color:#363737'>The word is about, there\u2019s something evolving,</span></em><i><span style='font-family:"Roboto Mono";color:#363737'><br><em><span style='font-family:"Roboto Mono"'>Whatever may come, the world keeps revolving...</span></em><br><em><span style='font-family:"Roboto Mono"'>They say the next big thing is here,</span></em><br><em><span style='font-family:"Roboto Mono"'>That the revolution\u2019s near,</span></em></span></i><span style='font-family:"Roboto Mono";color:#363737'><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><em><span style='font-family:"Roboto Mono";color:#363737'>But to me it seems quite clear</span></em><i><span style='font-family:"Roboto Mono";color:#363737'><br><em><span style='font-family:"Roboto Mono"'>That\u2019s it\u2019s all just a little bit of history repeating.</span></em><br><em><span style='font-family:"Roboto Mono"'>The newspapers shout a new style is growing,</span></em><br><em><span style='font-family:"Roboto Mono"'>But it don\u2019t know if it\u2019s coming or going,</span></em></span></i><span style='font-family:"Roboto Mono";color:#363737'><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><em><span style='font-family:"Roboto Mono";color:#363737'>There is fashion, there is fad</span></em><i><span style='font-family:"Roboto Mono";color:#363737'><br><em><span style='font-family:"Roboto Mono"'>Some is good, some is bad</span></em><br><em><span style='font-family:"Roboto Mono"'>And the joke rather sad,</span></em><br><em><span style='font-family:"Roboto Mono"'>That it\u2019s all just a little bit of History repeating.</span></em></span></i><span style='font-family:"Roboto Mono";color:#363737'><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><em><span style='font-family:"Roboto Mono";color:#363737'>And I\u2019ve seen it before</span></em><i><span style='font-family:"Roboto Mono";color:#363737'><br><em><span style='font-family:"Roboto Mono"'>And I\u2019ll see it again</span></em><br><em><span style='font-family:"Roboto Mono"'>Yes I\u2019ve seen it before</span></em><br><em><span style='font-family:"Roboto Mono"'><a href="https://substack.com/redirect/1f3f0fa9-aae4-44b5-a224-d2ee81b5e002?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737'>Just little bits of history repeating</span></a></span></em></span></i><span style='font-family:"Roboto Mono";color:#363737'><o:p></o:p></span></p><h1 style='mso-margin-top-alt:12.0pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;mso-line-height-alt:13.9pt'><span style='font-family:"Segoe UI",sans-serif;color:#363737'>The Sunday Reader, Nov 16 2025<o:p></o:p></span></h1><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>America Online was the most important company in the world for one brief, shining moment.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>The new millennium dawned on an unstoppable tech wave. The Y2K bug had turned out to be a big nothing. And 10 days into the year 2000 AOL announced the largest merger in US history, buying Time Warner to form a $350 billion mega-corp, the media model for the 21</span><sup><span style='font-size:9.0pt;font-family:"Roboto Mono";color:#363737'>st</span></sup><span style='font-family:"Roboto Mono";color:#363737'> Century. For a moment it was the third most valuable company in the world.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And then the bottom fell out.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>The Dot Com boom turned into the Dot Bomb crash. AOL was able to buy Time Warner because it had growth and enormous equity. After the Dot Bomb crash it had neither. It was effectively absorbed by Time Warner, the company it had planned to lead into the future.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And that was a better fate than many of the Dot Com boom companies, which simply collapsed and disappeared.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And that crushed Sun Microsystems.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Sun had been riding high, powered by the enormous profits generated by selling servers to Dot Com boom companies. Those startups kept growing, and buying servers to host more web traffic, and growing, and buying more and more servers to host more and more users.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And then the bottom fell out. And all the accounting tricks came scurrying out.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>The rise of Linux on cheap Intel boxes, it turned out, was a deadly threat to Sun. Which Sun had countered by loaning money at below market rates to startups to buy Sun equipment. And then booking the loans as assets.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Think about it: Sun would offer a below-market loan to MyKewlWebStartup.com, which would then use the loan to buy servers from Sun. Sun would book the sale as revenue, and keep the loan on its books as an asset.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Cheap finance tricks like this produce great numbers as long as the market keeps growing, and you can shuffle money fast enough from one pocket to another. When the market resets\u2026the whole thing comes crashing down. Sun went from being the Dot in Dot Com to being sold off for parts.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>But no one is stupid enough to do that again, right?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Right?<o:p></o:p></span></p><p align=center style='margin:0in;text-align:center;line-height:19.5pt;border-radius:4px'><span style='font-family:"Roboto Mono";color:#363737'><a href="https://substack.com/redirect/a223694d-ddf9-4cb7-a347-8e3c849708e8?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><b><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif;color:#363737;border:none windowtext 1.0pt;padding:0in;background:#00FA98;text-decoration:none'>Buy Me a Cup of Coffee</span></b></a><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Please meet Nvidia, the most valuable company in the world at $4.68 TRILLION. At a Price-to-Earnings ratio of 54.13. For comparison, those pikers over at Apple are worth a paltry $4 trillion at a P/E of 36.49.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Nvidia\u2019s market cap has grown 40 percent year-to-date. That\u2019s four times better than the Dow Jones Industrial Average, which is up 10 percent year to date.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>But Nvidia\u2019s wild stock growth is justified, right? They have huge orders for their industry-leading chips that power AI data centers, like the announced $40 billion purchase by Oracle.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Which needs the chips to build data centers for the $300 billion deal to supply computing power to OpenAI.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>But where will OpenAI get that kind of money? Its current annual revenue is only $12 billion.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Oh, here we go: Nvidia is investing $100 billion in OpenAI.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>So Nvidia gives $100 billion to OpenAI, which gives it to Oracle, which uses it to buy $40 billion in chips from\u2026Nvidia.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>How does Nvidia profit?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>It makes it up on the volume.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>If this all sounds familiar, it should. As Goldman Sachs told investors: <em><span style='font-family:"Roboto Mono"'>NVIDIA\u2019s investments flow out as funding, returns are realised via GPU sales, therefore inflating the reported growth. </span></em>It\u2019s the same round-robin accounting Sun was running during the Dot Com Boom.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>It\u2019s why Sun didn\u2019t survive the Dot Bomb crash.<o:p></o:p></span></p><div><div style='margin-top:.25in;margin-bottom:.25in;direction:ltr!important'><div style='margin-top:12.0pt;width:fit-content;display:flex'><p align=center style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;text-align:center;line-height:19.5pt'><span style='font-family:"Segoe UI",sans-serif;color:#363737'>Please consider supporting Perfecting Equilibrium by becoming a subscriber.<o:p></o:p></span></p></div><div style='margin-bottom:12.0pt'><p class=MsoNormal align=center style='text-align:center;line-height:19.5pt'><span style='font-family:"Segoe UI",sans-serif;color:#363737'><a href="https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9wZXJmZWN0aW5nZXF1aWxpYnJpdW0uc3Vic3RhY2suY29tL2FjY291bnQiLCJwIjoxNzkwMjk2NjksInMiOjgzMDg3MiwiZiI6ZmFsc2UsInUiOjQ2MjgwMywiaWF0IjoxNzYzMjk2NDk2LCJleHAiOjIwNzg4NzI0OTYsImlzcyI6InB1Yi0wIiwic3ViIjoibGluay1yZWRpcmVjdCJ9.0ws5dUmWQ5RlGkoHXCS7JZr_lfIWErRd3Q9CS9nE5gw?" target="_blank"><b><span style='font-size:10.5pt;text-decoration:none'><img border=0 width=20 height=20 style='width:.2083in;height:.2083in' id="_x0000_i1033" src="https://substackcdn.com/image/fetch/$s_!7EJV!,w_40,c_scale,f_png,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Ficon%2FLucideCheck%3Fv%3D4%26height%3D40%26fill%3Dtransparent%26stroke%3D%252300FA98%26strokeWidth%3D3.6"></span></b><b><span style='font-size:10.5pt;text-decoration:none'>Subscribed</span></b></a><o:p></o:p></span></p></div></div></div><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Now I know what you\u2019re thinking, dear reader: Feola, who cares about the stock market? And look at the huge layoffs taking place because of AI! Doesn\u2019t that mean we\u2019re entering the Age of AI!?!<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>True, the stock market is at best amusing. And you should never, ever invest based on what I write. I look at macro trends; think years, not months, never mind day trading.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And there\u2019s a reason a stock market crash is called a correction. All tech waves follow the same pattern:<o:p></o:p></span></p><blockquote style='border:none;border-left:solid #00FA98 3.0pt;padding:0in 0in 0in 0in;margin-left:0in;margin-top:15.0pt;margin-right:0in;margin-bottom:15.0pt'><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>Some nerd comes up with some crazy thing. Everyone makes fun of the crazy nerd<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>The crazy thing starts to work; there are few spectacular breakthroughs<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>The hype wave launches! This new tech will change the world!<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>It\u2019s the tech that launches a thousand startups<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>Those startups start running hard aground on reality. Infrastructure must be built. Annoying users won\u2019t use the tech as predicted and insist on doing it their way<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>There\u2019s a correction, and all those startup mistakes die<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:75.0pt;text-indent:-.25in;line-height:19.5pt;mso-list:l0 level1 lfo1;box-sizing:border-box'><![if !supportLists]><span style='font-size:10.0pt;font-family:Symbol;color:#363737'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Roboto Mono";color:#363737'>The survivors buy up the resources of the failures at pennies on the dollar, and the real growth phase begins<o:p></o:p></span></p></blockquote><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>It\u2019s happened several times during the last quarter-century. When was the last time you Asked Jeeves? Looked things up on Yahoo! or Alta Vista?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>How many of your friends are sporting Blackberries or Windows CE smartphones?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>The reason for accounting shenanigans is always the same: the growth isn\u2019t there. If there\u2019s growth, there\u2019s no need for Stupid Accountant Tricks.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And the reason the growth isn\u2019t there is that AI Just. Doesn\u2019t. Work.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><em><span style='font-family:"Roboto Mono";color:#363737'>Despite $30\u201340 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return. The outcomes are so starkly divided across both buyers (enterprises, mid-market, SMBs) and builders (startups, vendors, consultancies) that we call it the GenAI Divide. Just 5% of integrated AI pilots are extracting millions in value, while the vast majority remain stuck with no measurable P&L impact: <a href="https://substack.com/redirect/777df2aa-943e-48d7-ab1a-c844b6ca9289?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737'>MIT-</span></a></span></em><span style='font-family:"Roboto Mono";color:#363737'><a href="https://substack.com/redirect/777df2aa-943e-48d7-ab1a-c844b6ca9289?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737'>STATE OF AI IN BUSINESS 2025</span></a><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Well it\u2019s early days; meanwhile AI is putting all sorts of creatives and freelancers out of work, right?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Right?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'><a href="https://substack.com/redirect/b0f53de5-a05e-4d45-aa19-eedbacdfc54f?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737'>Scale AI and the Center for AI Safety</span></a> ran hundreds of tasks through an array of AIs, then gave the resulting work product to a panel of 40 judges.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Less than 3 percent were acceptable. Gemini couldn\u2019t even hit 1 percent; 99.2 percent of its work was unacceptable.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Overall, 46 percent of the work was poor quality; 36 percent was incomplete; 18 percent of the files were corrupted; and 15 percent had inconsistencies.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>We\u2019ve been discussing why the current generation of Large Language Models \u2013 so called AIs \u2013 are an evolutionary dead end.<o:p></o:p></span></p><div style='margin-bottom:15.0pt'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal><a href="https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='text-decoration:none'><o:p></o:p></span></a></p><h2 style='margin:0in;line-height:27.0pt'><span style='font-size:22.5pt;font-family:"Segoe UI",sans-serif;color:#363737'><a href="https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737;text-decoration:none'>AIs are doomed dinosaurs as we enter the Information Age<o:p></o:p></span></a></span></h2><p class=MsoNormal><o:p> </o:p></p></td></tr><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:8.5pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;letter-spacing:.15pt'><a href="https://substack.com/profile/85705212-christopher-j-feola" target="_blank"><span style='text-decoration:none'>Christopher J Feola</span></a><o:p></o:p></span></p></div></td><td width=4 style='width:3.0pt;padding:0in 0in 0in 0in;min-width:4px'></td><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:19.5pt'><span style='color:#777777'>·<o:p></o:p></span></p></div></td></tr></table></td><td width=4 style='width:3.0pt;padding:0in 0in 0in 0in;min-width:4px'></td><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:15.0pt'><span style='font-size:8.5pt;font-family:"Segoe UI",sans-serif;color:#777777;text-transform:uppercase;letter-spacing:.15pt'>Sep 7<o:p></o:p></span></p></div></td></tr></table></td></tr><tr><td style='padding:0in 0in 0in 0in'><div><p class=MsoNormal style='line-height:19.5pt'><a href="https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='text-decoration:none'><img border=0 width=1300 height=650 style='width:13.5416in;height:6.7708in' id="_x0000_i1032" src="https://substackcdn.com/image/fetch/$s_!OR1b!,w_1300,h_650,c_fill,f_auto,q_auto:good,fl_progressive:steep,g_auto/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb2c75527-89a0-433c-a22f-c7c1d70071b7_588x543.png" alt="AIs are doomed dinosaurs as we enter the Information Age"></span></a><o:p></o:p></p></div></td></tr><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal><a href="https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='text-decoration:none'><o:p></o:p></span></a></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='color:#363737'><a href="https://substack.com/redirect/6b70ab18-082f-496c-8fec-8c8476ec8a88?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='color:#363737;text-decoration:none'>Perfecting Equilibrium Volume Four, Issue 12<o:p></o:p></span></a></span></p><p class=MsoNormal><o:p> </o:p></p></td></tr><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal><span style='font-size:10.5pt;font-family:"Segoe UI",sans-serif;color:#FF6719'>Read full story</span><o:p></o:p></p></td></tr></table></td></tr></table></td></tr></table></div><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>So a correction is not only coming, it is necessary. Nature is red in tooth and claw, and so is actual capitalism, which occurs during shifts like this one. Big corporations spend enormous time and money capturing regulators and politicians to stymie competition. Economic corrections wipe out all the failed startup ideas, and fatally wound many of the big legacy corporations.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>So a correction is necessary, and healthy for the economy and society in general.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>If you\u2019re the one being corrected, not so much. It\u2019s no fun being Sun, or Blackberry.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Or their employees. There\u2019s no return on being the world\u2019s best Blackberry programmer when there are no more Blackberries.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>If AIs are failing and AI companies are resorting to accounting tricks to show growth, why is there such carnage in the labor market?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Last month was the worst October for layoffs since 2003, according to Challenger, Gray & Christmas. Amazon is laying off 14,000. Microsoft has cut 15,000. Intel plans to lay off 21,000 this year.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Outside of tech, UPS has cut 48,000, and Target is cutting 1,800 corporate employees.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And everyone is blaming AI.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>So if AI doesn\u2019t work, what gives?<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Simple. AI is a handy excuse that sounds way better to boards and investors than <em><span style='font-family:"Roboto Mono"'>we screwed up and hired way too many people.</span></em><o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Several forces are at work here. We\u2019re transitioning from Industrial Age companies with massive layers of middle management to the much flatter corporate structures of the Information Age. And even though current AI implementations are failing, companies are investing in AI looking for The Next Big Thing. And that requires defunding old business lines.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>And X, formerly know as Twitter, still exists, running just as well as it did before Elon Musk bought it and laid off 80 percent of the staff. Which left tech execs looking at their crowded offices and going Hmmmmmmmmmm\u2026<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>There is a bright future awaiting us in the Information Age. And it will include actual working AIs. (And yes, I\u2019m hoping Data Object Language Models will be in that mix.)<o:p></o:p></span></p><div style='margin-top:24.0pt;margin-bottom:24.0pt'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:0in 0in 0in 0in'></td><td width=1456 style='width:1092.0pt;padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.com/redirect/16c1a36c-f8df-4146-a660-94afcb66de51?j=eyJ1IjoiOXgzbiJ9.j2YJcg7r_Ks-v2w_82KwVnfJcIEQvzIifr8Nr2AEECg" target="_blank"><span style='border:none windowtext 1.0pt;padding:0in;text-decoration:none'><img border=0 width=550 height=550 style='width:5.7291in;height:5.7291in' id="_x0000_i1031" src="https://substackcdn.com/image/fetch/$s_!x2FB!,w_1100,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4991b49a-ec4b-4534-a548-7e2a74420187_2048x2048.jpeg"></span></a><o:p></o:p></p></td><td style='padding:0in 0in 0in 0in'></td></tr></table></div><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Alas, the road between here and there is treacherous, filled with layoffs, unemployment, corporate collapses and the disappearance of entire classes of jobs.<o:p></o:p></span></p><p style='mso-margin-top-alt:0in;margin-right:0in;margin-bottom:15.0pt;margin-left:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>AIs will be an enormously important piece of the economy some day.<o:p></o:p></span></p><p style='margin:0in;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'>Today is not that day.<o:p></o:p></span></p></div></div><div style='margin-top:24.0pt;margin-bottom:24.0pt;text-align:initial;word-break:break-word'><h4 align=center style='mso-margin-top-alt:12.0pt;margin-right:0in;margin-bottom:7.5pt;margin-left:0in;text-align:center;line-height:13.9pt'><span style='font-size:13.5pt;font-family:"Segoe UI",sans-serif;color:#363737'>Invite your friends and earn rewards<o:p></o:p></span></h4><p class=MsoNormal align=center style='text-align:center;line-height:19.5pt'><span style='font-size:10.5pt;font-family:"Roboto Mono"'>If you enjoy Perfecting Equilibrium, share it with your friends and earn rewards when they subscribe.<o:p></o:p></span></p><p align=center style='margin:0in;text-align:center;line-height:19.5pt'><span style='font-family:"Roboto Mono";color:#363737'><a 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<o:p></o:p></span></p></td></tr><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%'><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0><tr><td style='padding:0in 0in 0in 0in'><p class=MsoNormal align=center style='text-align:center'><a href="https://substack.com/app-link/post?publication_id=830872&post_id=179029669&utm_source=substack&isFreemail=false&submitLike=true&token=eyJ1c2VyX2lkIjo0NjI4MDMsInBvc3RfaWQiOjE3OTAyOTY2OSwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3NjMyOTY0OTYsImV4cCI6MTc2NTg4ODQ5NiwiaXNzIjoicHViLTgzMDg3MiIsInN1YiI6InJlYWN0aW9uIn0.ElEIOZMNtsWav1lQHrZory9QnLEzgAyoOl23szVDbgg&utm_medium=email&utm_campaign=email-reaction&r=9x3n" target="_blank"><span style='font-size:9.0pt;font-family:"Segoe 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