have the lowest cost, lowest price. So they have some kind of fundamental competitive advantage. And if agentic commerce accelerates commerce, that's going to be good for them.
Bill, can I ask you a broader markets question? Sure. It kind of plays into some of your investments. Elliott Investment Management had its October letter to investors. That was out this morning, or it was out for October. The Wall Street Journal has a story in this morning's paper looking at it. They're saying they're comparing this time to the Roaring Twenties that led to the Great Depression and worried about several things that they listed. One is debt finance, capital spending that's out there, circular AI and infrastructure deals. And then they laid out this growing pushback and backlash towards AI and how we're seeing that play out. Do you share those concerns, or do you think that there's a different way?
I don't see a Roaring Twenties in the stock market. You know, if anything, this year earnings expectations have gone up meaningfully, and the multiple is actually reasonably low relative to the growth inherent in the market. So I'm not seeing that sort of bubble-like activity in markets. I think in private markets, I would say you're seeing a little bit more bubble-like activity, particularly in the kind of FOMO, you know, private venture space. There is some, but a lot of it is justified. I met with the Ramp team, unbelievably impressive company. If I were American Express, I would be concerned. But they're building basically a financial operating system for every company in the world. Super impressive team, growing at this massive rate. You know, I think they justify the valuations that they're at. So I'm not seeing anything that looks like the 1920s where I worry. Again, your point on the short-term stuff, I think is a bad one. One-day options, people using a lot of leverage, a lot of money being, you know, betting on the outcome of sports. That's where I think there's definitely some fluff.
Let me ask you a different question. It relates maybe to the midterms and beyond. It's a political question, but it's an AI question, which is how much do you worry if you look at an Amazon, a Meta, some of the others where data centers are going to be the business and that becomes a political football? I don't know if you saw El-Sayed, if you think he's going to win in Michigan, is saying that he wants a pause on AI. It's a conversation you hear constantly. And what kind of headwind do you think that poses?
I think, you know, it's a global race for superintelligence. We don't want to get there second, right? That's existential to the United States. I think there are plenty of states that would be delighted to have the jobs, the job creation. And, you know, we've got a lot of land mass in the United States, I think.
So you're not worried about it. It's not something you think becomes a broader topic of conversation.
I just think we have no choice. It's like, you know, saying we want to slow down the pace of electricity penetration into America, right? It's going to give people... So I think it's a good... Maybe it helps win a few votes going into midterms, but practically speaking, we can't slow down. We have to be primary in AI.
But was that really your tweet? I'm looking to make sure that it was because I wanted to retweet it. And then I said, you know what? I don't need it.
About the current state of the midterms and some of the candidates running on the Dem side.
I don't know if it was me.
How about some of the candidates? I've tried to get everyone on here to say Democrats, and I'm not saying you're a Democrat, but I try to get everyone on here to say, yeah, I cannot support El-Sayed in Michigan.
To the credit of Haley Stevens, so actually.
Look at what happened to her after she did that, though. Have you seen?
I mean, it's a sad state of the country when someone... I'm sort of, I think, good principle.
