- Several good points in Ross Douthat’s interview with Jennifer Frey.
- The history of Memorial Day, via WSJ.
- ”Standard GDP accounting glosses over several channels through which the tech capital spending boom is affecting the economy: equity wealth supporting consumption and equity-driven tax windfalls supporting state government budgets. Put differently, if all the AI capex boom were doing is adding half a percentage point to quarterly GDP growth, one might expect little blowback to the rest of the economy when the cycle slows,” according to Bloomberg.
- We appreciated attending the final chapel service for the class of 2026 at LPS.