{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "first-pacific-advisors",
  "name": "First Pacific Advisors",
  "role": null,
  "url": "https://deepstack.ltd/people/first-pacific-advisors/",
  "api": "https://deepstack.ltd/api/v1/entities/people/first-pacific-advisors.json",
  "summary": "First Pacific Advisors appears in Part 4 of The Buildout. Part 4: AI Spending Has Met Its First Real Bill. Argued in Part 4 (The return is not there).",
  "parts": [
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 4,
      "section": "Arithmetic sets the test",
      "excerpt": "First Pacific Advisors LP works the numbers from the bottom.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    }
  ],
  "sides": [
    {
      "part": 4,
      "question": null,
      "side": "return-not-there",
      "sideLabel": "The return is not there",
      "claim": "Global AI spending is projected to reach 2.59 trillion dollars in 2026, and to achieve even a relatively low unlevered return on investment would require 207 billion dollars in after-tax income per year starting immediately, which the portfolio…",
      "date": "2026-07-30",
      "url": "https://fiscal.ai/fund-letters/first-pacific-advisors-lp-q2-2026-fscl_document_9KDV3DNH810",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "question": null,
      "side": "return-not-there",
      "sideLabel": "The return is not there",
      "claim": "AI-related stocks have accounted for 50% to more than 75% of the S&P 500's total gains since late 2022, and AI companies now constitute approximately 50% of the S&P 500, exceeding even the Information Technology sector's 35% weight at the S&P 500's…",
      "date": "2026-07-30",
      "url": "https://fiscal.ai/fund-letters/first-pacific-advisors-lp-q2-2026-fscl_document_9KDV3DNH810",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/",
      "sidesUrl": "https://deepstack.ltd/sides/the-market-stops-paying-for-faith/"
    }
  ],
  "coverage": {
    "creators": 0,
    "claims": 185,
    "texts": 15,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08"
}