Affirms it is Trump's economy, citing his leadership on current and future policy. Acknowledges inflation is down and real incomes are growing, but the hole from past inflation isn't fully filled.

States unequivocally the US is in its biggest productivity boom since the 90s, driven by AI, similar to the internet's impact. Links Caterpillar's outperformance to Trump's capital expensing policies and AI-driven productivity gains across all companies.

Raises the open question of job creation lagging as productivity soars, suggesting a potential transition period where fewer workers are needed for the same output.

Reports from Silicon Valley contacts that software engineer productivity is up 50-80% due to new AI tools. Argues client relationships and trust will protect established big firms (like Salesforce) from rapid displacement by pure AI platforms for a long time.

Identifies three forces: 1) Strong GDP growth (4% into year-end) pushing demand up. 2) Productivity boom potentially reducing labor demand. 3) Decline in labor force due to reduced illegal immigration, lowering the breakeven job number.

Believes the government shutdown threat is behind them, as he hasn't talked to anyone on either side interested in another shutdown.