What if our AI bullishness continues to be right...and what if that’s actually bearish?What follows is a scenario, not a prediction. This isn’t bear porn or AI doomer fan-fiction. The sole intent of this piece is modeling a scenario that’s been relatively underexplored. Our friend Alap Shah posed the question, and together we brainstormed the answer. We wrote this part, and he’s written two others you can find here.Hopefully, reading this leaves you more prepared for potential left tail risks as AI makes the economy increasingly weird.This is the CitriniResearch Macro Memo from June 2028, detailing the progression and fallout of the Global Intelligence Crisis.CitriniResearch February 22nd, 2026 June 30th, 2028The unemployment rate printed 10.2% this morning, a 0.3% upside surprise. The market sold off 2% on the number, bringing the cumulative drawdown in the S&P to 38% from its October 2026 highs.Traders have grown numb. Six months ago, a print like this would have triggered a circuit breaker.Two years. That’s all it took to get from “contained” and “sector-specific” to an economy that no longer resembles the one any of us grew up in. This quarter’s macro memo is our attempt to reconstruct the sequence - a post-mortem on the pre-crisis economy.The euphoria was palpable. By October 2026, the S&P 500 flirted with 8000, the Nasdaq broke above 30k. The initial wave of layoffs due to human obsolescence began in early 2026, and they did exactly what layoffs are supposed to. Margins expanded, earnings beat, stocks rallied. Record-setting corporate profits were funneled right back into AI compute.The headline numbers were still great. Nominal GDP repeatedly printed mid-to-high single-digit annualized growth. Productivity was booming. Real output per hour rose at rates not seen since the 1950s, driven by AI agents that don’t sleep, take sick days or require health insurance.The owners of compute saw their wealth explode as labor costs vanished. Meanwhile, real wage growth co