Holy shit. That’s almost one Elon Musk’s Salary dollars
That’s more or less how I deal with any economic numbers these days. Just one mans salary. No big deal.
It always amazes me just how stupid all these billionaires actually are. It just highlights the fact that they did not actually “earn” that wealth, in the first place. If it were truly a matter of talent and skill, they wouldn’t be crashing the economy every five to ten years…but here we are, for the fifth(?) time in the last few decades?
The crashes are deliberate. It allows them to scoop up infrastructure for pennies on the dollar. It’s not a coincidence that the largest ever upward transfer of wealth occurred during COVID. That was the elite consolidating their holdings. And evidently, they’re not exactly satisfied yet and want even more.
You may think it’s stupid but these people are still going to make ass loads of money out of this entire ordeal. Because the entire system is rigged in their favor.
Its like the movie Big Short where despite news of bankruptcies stocks kept going up for a long time. It was when the banks shored up their own shorts that they actually let the market crash.
You get a bail out! You get a bail out!
Crashing the economy is only stupid if you don’t have enough liquidity to capitalize on it. That or if you actually give a shit about people.
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We really need to find a way to make the billionaires fight each other again.
They aren’t stupid, they are gambling and they toss their weight to stack the bet in their favor long enough so that they can cash out and not be left with the bag when it crashes.
Every recession, richs get richer and we get poorer.
Are they really stupid if they make billions?
Yes. Exploitation apparently doesn’t require intelligence. Just a total lack of empathy.
In a way it requires you to be an apex predator of your own species. They are necessarily stupid but greedy and psychosocially fucked. Maybe smart in certain ways but blindingly stupid in others. And also cannibals, which occurs to me now, since they basically hunt and consume the essence of poorer humans. Can we make that cannon?
The most obvious global collapse of a stock
From the article:
Nvidia declined 7%, Oracle, and AMD dropped 8.8%, Meta and Microsoft dropped around 4%.
These are amounts that stocks often fluctuate. Percentages are what matter. Phrasing it as a big dollar value was lost is always manipulative framing.
The market is big. There are more than a few shares. A small change becomes a big number when multiplied by the size of the entire market. $800 billion is basically meaningless.
The numbers are fake anyway. Market cap is the value if all existing shares were sold at the current price. Nonsense. Selling all the shares would change the price in some way.
Honestly, I gotta hand it to Apple. They never jumped on the hype train for AI as bad as all these other companies because they were smart enough to realize it was temporary and they are just chillin’ right now. Sure they did a few things here and there, but they didn’t try and change their entire business model around AI. When this bubble does pop, I’m sure Apple will be the one on top again.
Apple has invested heavily in infrastructure that will make every iPhone and app on the store transparent to an AI running on bespoke silicone designed for the task. Much like Windows, Apple foresees a future where AI is a substitute for the GUI.
https://www.archyde.com/apples-ai-integration-a-deep-dive-into-iphones-future/
Yeah, just like voice assistants were supposed to.
Never have I seen greater evidence that the ultra-wealthy are fundamentally catastrophic for the economy.
Aside from the last like 100 billion pieces of evidence that came before this well predicted one.
Whew finally
Good
You mean the big short guy will earn money? Interesting. Hopefully that means I also happen to earn money as well.
Bubble bursting…
People who are somewhat liquid going to do some bargain shopping.
The good ol’ pump and dump.
(Btw, guys, A.I. threat is way overblown.)
A.I. threat is way overblown
This assumes AI will be all knowing and all powerful and will turn to evil.
But bad, incomplete, dreaming AI unleashed by CEOs, in search for more profit margins, are a real threat. Imagine air traffic control under AI that just screws up and cause planes to collide. Or AI robots who go awry.
“AI” has already driven more than one person to suicide… no it’s not overblown.
It’ll get worse.
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Believe me now?
