@davidgerard@circumstances.run The good news is, some pension funds are avoiding the AI hot air. New York City Retirement Systems is actively avoiding yet more AI exposure. Teacher Retirement System of Texas is advising caution. So call your pension fund and express your concerns Good advice. But: That $518 billion total liability figure includes deals for $111 billion with Google, $110 billion with Amazon, and $31 billion with Microsoft. There’s also $161 billion of equipment leases with Broadcom that can’t be cancelled — and up to $84 billion for Nvidia rigs to go in Anthropic’s rented space in xAI. The current valuations of all of these companies are based on the idea that OpenAI and Anthropic will not only pay up on those contracts but will keep increasing their demand. Avoiding exposer to that risk is much harder. My estimate for the overexposure to the AI bubble for the US stock market was around $30 T . Real economists have given numbers between $15 T and $40 T. That much being wiped off the total stock market valuation is going to be hard to avoid.