and when it pops, that could be the big one.

A preposterous proportion of the growth in the stock market in the last number of years have been driven by seven Big Tech companies, all with massive investments by any measure in AI, a technology yet unproven, dangerous, and staggeringly expensive that has yet to fuel a promised economic revolution. All the doomerism is probably going to turn out to be nothing and AI will just be… something. Not the Metaverse but the technological equivalent of Sharper Image.

But yeah, it could be bad. Ahead of its IPO, SpaceX (including xAI) lost four and a half billion last year, on a mere $13 billion in revenues, is valued at $1.75 trillion. That’s Trump Media territory. And if you’re in ahy kind of fund at work, your retirement is going to be invested in it.