A 2026 theme I'm watching is AI as a source of inequality at several levels - Highest level: The AI economy (e.g., building data centers) surging while the non-AI economy (e.g., building houses) sputters - Next level: Sky-high valuations of (often private) AI companies --> huge wealth for small number of equity owners - Next level: Across firms, revenue per employee surging for the companies most plugged into AI (see tweet below) - Next level: Within firms, workers who use AI effectively could outperform their colleagues who are slower to adapt or averse to the whole AI thing generally