Trump's new billionaire bestie

Summary

Podcast Summary: Trump's New Billionaire Bestie

Today, Explained — Vox
Date: November 24, 2025
Hosts: Noel King, Sean Rameswaram
Guests: Robbie Whelan (Wall Street Journal), Kyla Scanlon (economy commentator)

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Episode Overview

This episode examines the rise of Nvidia as the world’s most valuable company, led by its CEO Jensen Huang, and his newly prominent friendship with President Donald Trump. The hosts and guests explore the impact of Nvidia and its chips on the global economy, AI, U.S.-China relations, and what the dominance of one company and its CEO means for everything from national security to economic inequality.

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Key Discussion Points & Insights

1. Nvidia’s Transformation and Global Dominance

• Nvidia, initially a niche graphics card company for gamers, has grown into the largest company on the planet, driven by the AI revolution.

  “Nvidia is the most valuable company on planet earth today.” (Robbie Whelan, 02:34)

• Its current market cap: $4.5 trillion.

  “There's never been a company as big as Nvidia.” (Robbie Whelan, 02:46)

• Nvidia’s chips are now pivotal for AI models (e.g., ChatGPT, Claude), and the entire stock market swings on the outcomes of its earnings reports.

2. Jensen Huang: The Man Behind Nvidia

• Jensen Huang, co-founder and CEO, was born in Taiwan, moved to the U.S. as a child, and endured a tough upbringing.

  “Jensen Huang is the co founder and chief executive of Nvidia. I work from the moment I wake up to the moment I go to bed. And I work seven days a week. When I'm not working, I'm thinking about working.” (Robbie Whelan quoting Huang, 02:54)

• Huang is now influential not just in technology but in international diplomacy and U.S. foreign policy.

3. Trump and Huang’s Bromance: The Backstory

• Jensen Huang was not part of Trump’s inner tech circle during his first term but became invaluable as AI exploded in strategic importance.
• Their relationship deepened over issues of U.S.-China tech policy, with Trump using Huang as a showcase of American innovation.

  “He’s become sort of this almost like a show pony that Trump brings around to world leaders and talk...he brags about how successful Huang is." (Robbie Whelan, 05:07)

• Trump frequently consults with Huang, similar to his relationship with Elon Musk in the past.

4. The U.S.-China Chip Dilemma and the Big Negotiation

[06:09 - 09:59]

• Under Biden, the U.S. restricted chip sales to China. On Trump’s return, Huang pushed for loosening restrictions, arguing economic benefits.
• The Trump administration compromised: Nvidia could sell an older, less capable chip model (not the latest technology) to China, in exchange for sharing profits with the government.

  “So I said, listen, I want 20%. He said, would you make it 15? So we negotiate a little deal. We don't sell them our best stuff… fourth best is where we've come out..." (Anonymous Trump source, 08:41)

• China was unimpressed and told domestic companies to avoid the new chip due to security concerns.
• Nvidia tried to adapt by making a custom chip, the B30A, for China; ultimately, U.S. national security hawks blocked the sale.
• As a result, Nvidia remains mostly locked out of the Chinese market despite Huang’s lobbying and relationship with Trump.

5. Nvidia's Role in the U.S. and Global Economy

[17:18 - 26:19]
Guest: Kyla Scanlon

• Nvidia sits at the center of the AI economic boom—its health determines much of the U.S. stock market and global tech sentiment.

  “…if they sneeze, you know, everybody else catches a cold… the entire AI story therefore the entire stock market therefore the entire economy depends on Nvidia maintaining pretty impossible growth metrics.” (Kyla Scanlon, 17:18)

• Nvidia alone is responsible for a fifth of total S&P 500 growth, making up 8% of the entire index—an unprecedented concentration.
• If Nvidia wobbles, ripple effects would hit investments, regional economies dependent on data centers, and retirement funds, but might not immediately cost a million jobs.

  “If Nvidia implodes… the stock market would collapse and the economic growth narrative would collapse and you could see secondary effects.” (Kyla Scanlon, 20:58)

• This centrality raises fears of an "AI bubble"—Nvidia’s performance may dictate when (or if) that bubble bursts.

6. The Joyless Tech Revolution & Inequality

[23:58 - 26:19]

• While Nvidia and a handful of AI firms may gain enormously, the risks of this boom (such as economic shocks and job loss) are socialized.

  “If all of a sudden the data centers don't work… you're going to have people's retirement accounts really suffer because the S&P 500 is what most people invest in… if the data centers don't work out, you're going to have a lot of local communities that have pinned hope on these things.” (Kyla Scanlon, 24:25)

• Most Americans (6 out of 10, per Greg Ip, WSJ) don’t want an AI-driven economy—a “joyless” revolution with vast risks and unclear rewards.
• The policy response is far behind. There are no major efforts to reskill workers or prepare for economic transition—raising parallels to the devastation seen in the Rust Belt.

  “The frustrating thing about the AI conversation is… there’s no policy solution yet… We don't have any idea of how we're going to reskill people.” (Kyla Scanlon, 26:32)

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Notable Quotes & Memorable Moments

• On the scale of Nvidia’s power:

  “There’s never been a company as big as Nvidia.” — Robbie Whelan (02:46)

• On Trump and Huang’s relationship:

  “He’s become sort of this almost like a show pony that Trump brings around to world leaders... but I don't think any of that existed when Trump took office in January. I think that was all to come.” — Robbie Whelan (05:07)

• On Nvidia’s role in the economy:

  “Nvidia is such a big part of the S&P 500, so it's almost 8% of the entire index... Without Nvidia, the story of 2024, 2025, would look like economic stagnation.” — Kyla Scanlon (19:54)

• On risk and inequality:

  “The AI trade, if it works, the benefits are going to be accrued to a select few people, right?... but the losses from AI are socialized.” — Kyla Scanlon (24:25)

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Timestamps for Important Segments

| Timestamp | Segment/Quote | |-----------|----------------------------------------------------------------------------------------------------------| | 02:34 | "Nvidia is the most valuable company on planet earth today."— Robbie Whelan | | 02:54 | Jensen Huang's background and work ethic | | 04:24 | Trump recognizes Huang's importance: "Jensen’s an amazing guy. Everybody knows Jensen." | | 05:07 | How Trump and Huang's relationship evolved after the 2024 inauguration | | 06:09 | U.S. chip restrictions on China: historical background | | 08:41 | Trump administration’s deal with Nvidia for China chip sales | | 09:59 | Despite relationship, Nvidia is still locked out of China | | 10:12 | Huang accompanies Trump on international diplomatic trips | | 17:18 | Kyla Scanlon explains Nvidia's effect on market and the "AI economy" | | 19:54 | The singular power of Nvidia compared to other corporations | | 23:58 | The idea of Nvidia and AI as a “joyless tech revolution” and who stands to benefit | | 26:32 | Concerns over inequality and lack of policy response |

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Concluding Thoughts

The episode paints a picture of a new era where a single company—Nvidia—and its leader, Jensen Huang, have become central not only to the future of technology, but geopolitics, financial markets, and public policy debates. Trump's partnership with Huang exemplifies the entanglement of tech power and political power. Meanwhile, as the benefits of this AI boom concentrate at the top, the risks are diffused throughout society, raising big questions about economic stability, inequality, and America’s readiness for the changes ahead.

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Transcript

[A]

The biggest company in the world has been making the same product since 1993. GPUs, graphics processing units or chips. It was niche at first.

[B]

If you were a really serious gamer back in like 1998, you'd be buying one of Nvidia's graphics cards, Nvidia and putting that into your high powered gaming computer in 2025.

[A]

Nvidia is still making chips, but now those chips are more advanced and they're being sold to people who training AI models, your clods and your chat GPT. AI has become such a big part of the American economy that the entire stock market can swing on whether in video releases, a good earnings report or a bad one. Meanwhile, President Trump has developed a work bromance with Nvidia's co founder and CEO Jensen Huang.

[C]

This is a smart cookie.

[A]

Coming up on Today Explain, what does Jensen Huang really want?

[B]

Support for today's show comes from March of Dimes. The United States is among the most.

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Dangerous developed nations in the world for childbirth.

[B]

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March of Dimes leads the fight for the health of all moms and babies through research, education, advocacy and programs like our NICU Family support, plus things like.

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You can donate [e-mail] fox that's marchofdimes.org Vox support for today explained comes from Aura Frames. What is Aura Frames? Family portraits, candid selfies, breathtaking vacation shots can be sent from your phone to an Aura frame so you can share it with the people who matter most and you update them anytime, anywhere. For a limited time you can visit auraframes.com and get 45 off Aura's best selling Carver mat frames named number one by Wirecutter by using promo code today explained at checkout. That's a U R A frames.com promo code today explained. They say this exclusive Black Friday Cyber Monday deal is their best of the year. So order now they say before it ends. And you can support the show by mentioning us at checkout. Everything today explained. I'm Noel King with Robbie Whelan of the Wall Street Journal. Robbie, we are we are here today to talk about Nvidia. Its importance is reflected in how much this company is worth. Tell me where it sits in the economic firmament. Is it bigger than Coke?

[B]

Nvidia is the most valuable company on planet earth today.

[A]

Oh, damn. How much is it worth?

[B]

Its market cap is currently $4.5 trillion.

[A]

Wow.

[B]

There's never been a company as big as Nvidia.

[A]

Tell me about Jensen Huang, the man behind the company.

[B]

Jensen Huang is the co founder and chief executive of Nvidia. I work from the moment I wake up to the moment I go to bed. And I work seven days a week. When I'm not working, I'm thinking about working. He was born in Taiwan. We're going to build the first giant AI supercomputer here for the AI infrastructure and the AI ecosystem of Taiwan, which has really become the mental, the intellectual epicenter of the AI boom. The technology industry depends very heavily on Taiwan and continues to. And he moved to the US when he was a young man, or he was a child, actually. We were in Thailand. I was just about. Almost 10 years old. And recently Thailand had a. Had a coup, Right. And my parents thought that it was unsafe for us to be there. He ended up going, hilariously, to a boarding school, and it actually ended up being a reform school. There were a lot of difficult and very tough kids. My roommate was 17 years old, and I still remember that when we were getting ready for bed that night, he took off his shirt and he had stab wounds all over his body. Today, he is not only just the CEO of the largest company on planet Earth, he's also an incredibly influential and powerful person in foreign relations, in international diplomacy. Technology is now so important in politics and geopolitics. It is the single most important industry in America. It is our national treasure. He's a very good friend of President Donald Trump.

[C]

Jensen's an amazing guy. Everybody knows Jensen.

[B]

You're taking over the world, Jensen.

[C]

I don't know what you're doing here.

[B]

And I think it's not a stretch to say he's one of the most important individual people on Earth right now, just given how much power and how much economic might he oversees.

[A]

If you go back to Trump's inauguration and you think about who was on the, like, the podium with him that day, it was a lot of the president's favorite billionaires. Many of them were tech CEOs, but Jensen Huang was not among them. Why wasn't he there?

[B]

My understanding is that Donald Trump maybe didn't even know who Jensen was in January.

[A]

Wow.

[B]

He knew. This was a guy who was a tech CEO who had a very successful company. But when it came to sort of his style of management, his style of deal making, and more importantly, what Jensen could do for President Trump in terms of helping him negotiate international accords, he's become sort of this almost like a show pony that Trump brings around to world leaders and talk. He brags about how successful Wang is. He says, this is a really example of American ingenuity and innovation. Where are you, Jensen? Stand up. You have done such a good job and you had a good two days, I understand. Right, a good two days. How's black, white? He sort of brings them around with him and they have a symbiotic relationship for sure. But I don't think any of that existed when Trump took office in January. I think that was all to come.

[A]

Tell me about how this relationship develops then and evolves.

[B]

So in order to explain that, I have to sort of go back to 2022. We're in the Biden administration, and basically what they did was they took certain products, certain classes of products, which generally meant very powerful microchips, and said, you can't sell these overseas to certain companies. We've got the US Commerce Department rolling out sweeping regulations on Friday that restrict the sale of semiconductors and chip making equipment to Chinese customers. And this is more evidence that, of course, this tension on the technological front.

[A]

Between China and the United States is ramping up.

[B]

At the time, the AI race was just really heating up. But the fact that Nvidia was not allowed to sell its chips in China in particular because there were serious national security concerns and serious concerns about competition and not letting China catch up with us was a big deal for Nvidia because it really limited how quickly it could expand around the world. Fast forward to this year, and Donald Trump is back in the White House for a second term. And Jensen Huang obviously needed to revisit this issue. Our president wants America to win, and he also recognizes that this is an important market. It's a very large market, and the revenues that it could generate for the United States is significant. This is also an excellent way to improve our trade deficit. There were a number of influential people in the Trump National Security Council who successfully made the argument that it's a bad idea for us to be selling our most advanced technology to the Chinese.

[C]

That's the latest of the greatest in the world.

[B]

Nobody has it.

[C]

They won't have it for five years.

[B]

And that's the context that Jensen Huang starts building a friendship with Donald Trump because it's going to be very important for him to be on friendly terms with the president, given, you know, how this war of ideas is shaking out. And in August of this year, he goes to Trump, he says, what do I have to do to get you to let me sell this chip in China again? And the deal they come to after a lot of negotiations between Nvidia and the Trump administration, Commerce Department, is that the White House asks Jensen to let the government, the federal government, in on their success.

[C]

The US Government just gave two AI.

[A]

Giants, Nvidia and amd, the green light.

[C]

To sell chips to China.

[B]

So I said, listen, I want 20%. He said, would you make it 15?

[C]

So we negotiate a little deal.

[B]

We don't sell them our best stuff, not our second best stuff, not even our third best. I think fourth best is where we've come out, that we're cool. So this is a huge win for Jensen Huang, but there's a problem, and that is that the Chinese say to all the customers in their country, don't buy this thing. It's not safe. It has security concerns.

[C]

The Cyberspace Administration of China, or CAC, has directed companies like ByteDance and Alibaba to halt testing and cancel orders of Nvidia's RTX Pro 6000D chip.

[B]

So he starts developing a new chip for China. It's called the B30A. And this is too much. This proves to be too much for people in Washington who are concerned about national security, concerned about competition with China. I am gravely concerned that President Trump.

[A]

Fails to appreciate what a permanent advantage he would be giving away if he.

[B]

Is to greenlight the sale of Nvidia's advanced Blackwell chips. And they've actually decided, unbeknownst to Jensen Huang, that they're not going to approve the sale for it in China. And that's where we are. Nvidia is still locked out of China.

[A]

Nvidia still locked out of China. And yet Jensen Huang and President Trump have developed this friendship relationship where you see Wang joining Trump on international trips.

[C]

All eyes are on the UK this week. It's a high stakes tech summit putting a spotlight on Britain's AI ambitions. Trump is set to bring a powerhouse delegation of tech and finance titans, including Jensen Huang, the head of Nvidia.

[B]

He's now in South Korea. He's meeting with President Trump and other leaders there. Are you happy with that, Jensen?

[C]

Thank you.

[B]

If Jensen's happy, I'm happy consulting with.

[A]

The President on high level issues. What has been going on with these two guys behind the scenes?

[B]

There's a lot of speculation about, is this another Elon Musk type situation? President Trump always likes to have a tech billionaire who he can consult with and bounce ideas off of. One thing to know about Donald Trump, and I know this because I've spoken to him about it directly, is that one thing he really likes about people is when they're successful, he likes that successful people are on his team. And so when it dawned on Trump that this guy Jensen Huang was just a really successful, brilliant executive and he was building something really special and big and powerful in Nvidia, he really seized on that. It caught his attention, and he decided that he really liked Jensen Huang. And they now speak often on the phone. Trump will call Jensen Wong late at night, pick his brain about things. Jensen's a frequent visitor to the White House, which. Which is something that he'd never done before this year, really. But in the last month, he has backed off of his seemingly unshakable commitment to let Nvidia sell its products in China. And I don't think it's reflective of any kind of personality clash. I think that Jensen's been very good at managing the relationship, and he's pledging his support to the most powerful president on planet Earth. Using the language that that president loves to hear.

[A]

The Musk analog or comparison is very interesting because Elon Musk, of course, came to Washington and was essentially making policy for a time. Right. Does Jensen Huang have those kind of ambitions or does the guy just want to sell his chips in China and do what's best for his business?

[B]

I don't have any reason to believe that he does have those kinds of ambitions. I think that Jensen Huang, he's been thrust into this sort of role as an international diplomat and as a lobbyist, and all these different roles that he's had to play, they're very new to him. And I think that his primary concern is doing what's best for his company, selling as much product as he can around the world. And even more than that, in sort of a philosophical sense, getting the whole world hooked on his technology and making the long term picture look more. Making Nvidia look more central to the long term picture of how tech develops and how AI develops.

[A]

That's the Wall Street Journal's Robbie Wheelen coming up. Serious question, guys. What does all this mean for you?

[B]

Foreign.

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[C]

Well, Nvidia is kind of emblematic of the entire AI build out. So every single tech firm from like Microsoft to Meta to Amazon have based all of their future plans around Nvidia. If you hear anything about circular financing, that's what that means. So Nvidia is just so wrapped into the broader market, is such a big part of AI that if they sneeze, you know, everybody else catches a cold, more or less. And so markets are a little bit nervous because the entire AI story, therefore the entire stock market, therefore the entire economy depends on Nvidia maintaining pretty impossible growth metrics.

[A]

It really sort of feels like this shouldn't happen, that there shouldn't be one company that's big enough, important enough to make world markets like Quiver. What exactly happened here?

[C]

I mean Nvidia just became so big so quickly and the US economy decided to design itself around AI. You know, 40% of GDP growth is coming from AI build out. And so Nvidia, because of that, because of that concentration, because of the bet that the US economy is making on AI, they have become somewhat a macro variable. So you can kind of think of their earnings reports like you would a jobs report that we get from the BLS or an inflation report that we get. I do feel like 24 hours from now, right, we're going to be all over Nvidia. That's a big one.

[A]

After the bell today, all eyes will be on chip maker giant Nvidia as.

[C]

It reports its third quarter results. So earnings day for Nvidia is a test of the AI narrative and is therefore a test of, of the US economy. And that just is because we've spent so much money on Data Center.

[B]

CapEx Texas is in the middle of a boom. Not in oil or cattle, but data.

[A]

Massive data centers are popping up, powering everything from cloud storage to streaming services or tech. More jobs are coming our way.

[C]

Google announced they're building a new data center near Columbus. Not one, but two powerhouse data centers broke ground on its new facility today.

[B]

Some would say it was a blast.

[C]

Rock beds were shot into the sky.

[B]

To officially kick off construction for a.

[C]

New 49 acre data center. So much money on you know, these chips and these companies just building out continuously. So that's what happened.

[A]

Are there any other companies that hold this kind of sway? Does Walmart have this kind of power? Does Chevron have this kind of power? No.

[C]

Nvidia is such a big part of the S&P 500, so it's almost 8% of the entire index.

[A]

Wow.

[C]

Yeah, it's huge. And it's contributed, I think, a fifth of the index's total gain this year. So Walmart is not that big of a percentage of the S&P 500, and it has not driven that much growth, that much earnings power, that much investment. And so Nvidia is really special in that way because they have driven all of that investment and investors are so interested in them. And like The S&P 500 has always been pretty top heavy. There's always been companies that are more important than other companies. But yeah, without Nvidia, the story of 2024, 2025, would look like economic stagnation.

[A]

You know the old saying, right? The stock market is not the economy. And I wonder, is Nvidia just playing this enormous role in the S and P in the markets, or does it represent an outsized portion of other parts of the economy? Like, if Nvidia stumbles, do a million Americans lose their jobs?

[C]

I don't think it would be something that extreme. Like, the stock market is definitely not the economy, but they are increasingly intertwined because the AI narrative is so important. So if Nvidia implodes, it wouldn't be that, like, people who are doctors and bus drivers and construction workers would suddenly be without work. It would just be that the stock market would collapse and kind of like the economic growth narrative would collapse and you could see secondary effects. Maybe the construction firm decides to start laying off people because Nvidia leads to some sort of recession if they do end up imploding. But it would not be like a direct correlation. No.

[A]

Everybody's been asking, are we in an AI bubble? Yes. And lately I've seen people suggesting that Nvidia will be one of the big signs if it's going to pop. Nvidia will tell us. So what do we know about the threat of an AI bubble and where Nvidia plays in?

[C]

Yeah, I mean, if I had a nickel for every. Every time somebody talked about the AI bubble, you know, I'd have a. I'd be able to invest in Nvidia. I think that the way that you can think about it is Nvidia is the entire AI thesis. And so if all of a sudden Nvidia stumbles and there's increasing worries that they're going to because their growth path is like pretty impressive and pretty unsustainable because it is so impressive. So companies might pull back on spending tens of billions of dollars on data centers. Cloud providers would delay expansion and startups built around AI as the future would face funding problems. Stock market would lose double digit percentages. The regional construction booms tied to data centers would slow. So places like in Iowa where they've helped to revive local economies to a certain extent, everything from steel plants to electrical workers to construction workers, land developers would, would feel the shock. And then of course, if the stock market goes down, ultimately the broad economy does suffer because then the Federal Reserve would have to come in with some sort of emergency funding plan. President Trump might have to come up with a fiscal policy plan to sort of prevent the bottom from going out and having a massive blow up. So that is kind of. Yeah. The worry is like if Nvidia does go, the entire AI supply chain becomes wobbly. And because you, the economy and the stock market are so tied up into that, it could really lead to some other repercussions.

[A]

One reason we love talking to you is that you are a critic of the economy in addition to being a commentator on the economy. And I wonder at the end of the day what you think a company like Nvidia means for the American economy. It is a beast. It takes up a huge share of the market. On the other hand, you spend a lot of time thinking about young people, Gen Z. Most of them I imagine are not really in the market in a lot of ways unless they have a little bit of retirement in. So what kind of position are we in here that we have a company that is this influential?

[C]

Well, Greg IP from the Wall Street Journal wrote a great piece calling Nvidia the joyless tech revolution.

[A]

I believe artificial intelligence might be the.

[B]

Most transformative technology in generations. It is also the most joyless. The very thing powering the stock market to records might be gnawing away at.

[A]

Americans sense of well being.

[C]

And I think that is like a really good way to think about it. Where the AI trade, if it works, the benefits are going to be accrued to a select few people, right? So companies like Nvidia, people invest in Nvidia a little bit. Companies like OpenAI, companies like Anthropic, they're going to really benefit if all of this ends up working out. But the losses from AI are socialized. So if all of a Sudden, the data centers don't work. If the AI trade totally blows up, you're going to have people's retirement accounts really suffer because The S&P 500 is what most people invest in for the retirement account. Nvidia is a lot of the S&P 500, as we discussed. And then if the data centers don't work out, you're going to have a lot of local communities that have pinned hope on these things and have dreamed that they'll work and add jobs, et cetera. And so that's kind of the issue with AI and Nvidia taking up such a big part of the economy. And that's why Greg is calling it the joyless tech revolution, because a lot of people don't like this. I think that's like a really important thing to consider. I believe his statistic was 6 out of 10Americans essentially don't want all of this. They don't like what the AI companies are promising, especially when the CEOs come on and say that they're going to take people's jobs. And then there's also a chart from the FT that I think encapsulates this broad conversation that we kind of keep having really well, too, where it's like, AI could either be the end of scarcity, meaning it solves everything, the end of humanity, meaning it kills everybody, or it could add 0.2 percentage points to GDP. And it's just like how the Internet was to a certain extent. So I think that's kind of how we can think about how it's impacting the economy is like, huge, massive risks. You know, all this money going towards data centers could be going towards something.

[A]

Else and then rippling out from that. It seems like there's the potential here that this problem of inequality that we've been dealing with now for about a generation could really be exacerbated.

[C]

The frustrating thing about the AI conversation is that, you know, everybody's talking about it, but there's no policy solution yet. So we don't have any idea of how we're going to reskill people. We don't know if we need some form of UBI Universal Basic Income to help people out during a time of transition. We have so many lessons that we could learn from things like what happened to the Rust Belt when manufacturing went overseas and how that devastated local communities. We could see something like that happening with AI over time. And so I think that's the other problem, is that we're talking about this and talking about it and talking about it. But there is no big policy moving through the government right now to help people.

[A]

Kyla Scanlon she's an educator, a commentator and author of in this Economy. Hadi Mwagdi produced today's show. Jolie Myers edited Patrick Boyden Adrian Lilly engineered and Laura Laura Bullard and Danielle Hewitt. Check the facts. I'm Noel King it's today Expl.

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