Both @DiMartinoBooth and @HenrikZeberg have been making this case with considerable persistence - and the evidence, for those willing to look, is not becoming less compelling. What we are watching is a slow-motion car crash with an unusually well-dressed audience. Europe is quietly deteriorating. China continues its grinding battle against disinflation. And we remain, whatever the mood boards suggest, a deeply interconnected global economy. AI is the rose-tinted lens through which all of this is currently being viewed. Remove it, and the picture sharpens rather uncomfortably - not least because the great AI capex boom, for all its magnificence, has yet to produce anything resembling a jobs recovery. The glasses are very flattering. They are also very pink.