{
  "generatedAt": "2026-10-22T03:46:57Z",
  "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 is named in 3 Parts of The Buildout, most recently Part 14: The Cash Arrives Unevenly. Argued in Part 4 (The return is not there), Part 14 (The buyers have not paid yet).",
  "parts": [
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    }
  ],
  "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/"
    },
    {
      "part": 12,
      "section": "The filing sets the price",
      "excerpt": "First Pacific Advisors LP, on July 30, projected global AI spending of $2.59 trillion in 2026 and counted $207 billion a year of after-tax income for even a low return, which its managers call improbable.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "section": "The buyers have not paid yet",
      "excerpt": "First Pacific Advisors counted on July 30 that $2.59 trillion of AI spending in 2026 would need $207 billion a year of after-tax income from the start to earn even a low return.",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    }
  ],
  "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/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "They are uncertain about the sustainability of the current and projected level of AI capital spending and the prospect of it generating reasonable returns on the aggregate investment.",
      "date": "2026-08-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22"
}