Earlier, I spoke with David Chung, director at Azure Capital, to get his take on investors' reactions to the U.S. government's bond buyback operations.

I think the market reaction is quite telling.

Normally, when your treasury steps in to buy longer-dated bonds, you expect bond prices to rise and yields to come down.

Instead, the 10-year yield actually climbed towards 4.85%, the highest level since late 2023.

I think part of the problem is really expectations.

The $6 billion buyback was already broadly anticipated and some investors had hoped for something larger or even more aggressive.

So rather than reassuring the bond market, the announcement arguably underwhelmed it.

So my ears are super open right now.

Yeah, I think in this situation, a lot of people are afraid because they've heard AI is going to come and take my job.

They think I'm going to be replaced.

And I think this is the thing about leadership is you have to have a real conversation about what you're trying to accomplish when you're bringing in AI.

For me, my saying is it's about augmentation and not automation.

What we can do with AI in terms of like research, of writing, of generating code is It is mind-bogglingly fast, but it's not necessarily creative and it doesn't have the intuition that's needed to do some of the work that we're doing.

And for some things like research...

hilarious.