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The Hater’s Guide To The AI Bubble

The Magnificent 7 stocks — NVIDIA, Microsoft, Alphabet (Google), Apple, Meta, Tesla and Amazon — make up around 35% of the value of the US stock market, and of that, NVIDIA’s market value makes up about 19% of the Magnificent 7. This dominance is also why ordinary people ought to be deeply concerned about the AI bubble. The Magnificent 7 is almost certainly a big part of their retirement plans, even if they’re not directly invested …

… In simpler terms, 35% of the US stock market is held up by five or six companies buying GPUs. If NVIDIA’s growth story stumbles, it will reverberate through the rest of the Magnificent 7, making them rely on their own AI trade stories.

And, as you will shortly find out, there is no AI trade, because generative AI is not making anybody any money.

“via Science Direct — Ceiling fans changed the particle trajectory downwards and reduced aggregated concentrations of particles in the breathing zone were reduced by 87%. Ceiling fans strongly affected the indoor airflow pattern and also showed a potential to reduce the exposure risk to horizontally directed coughs.” —@AugieRay

Against Economics (2019) by David Graeber

Economic theory as it exists increasingly resembles a shed full of broken tools. This is not to say there are no useful insights here, but fundamentally the existing discipline is designed to solve another century’s problems. The problem of how to determine the optimal distribution of work and resources to create high levels of economic growth is simply not the same problem we are now facing: i.e., how to deal with increasing technological productivity, decreasing real demand for labor, and the effective management of care work, without also destroying the Earth. This demands a different science.

‘It’s everyone’s business.’ In Finland, national security is a shared responsibility.

National security in Finland is a society-wide effort that goes beyond a focus on military hardware. Under the shadow of Russian aggression, Europe is taking a look.

Image via @KristopherWells