Tech Stocks Just Had A Trillion Dollar Slide, Is The AI Bubble Bursting?
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Like, no, it’s actually the opposite.
Over the past week over $1 trillion dollars have been wiped off software stocks across the board. But this isn’t the AI bubble bursting, no, weirdly it’s the opposite… an implosion?
Because the companies most badly hit have been those that haven’t embraced Al or are likely to be supplanted by its use. Yeah, this is a warning shot to anyone outside the bubble to hop inside it quick, or die.
Like all stock panics, this all began from the tiniest little thing, namely Anthropic’s new AI tool for reviewing legal contracts. …OK? Who cares? Well, EVERYONE apparently.
Because Anthropic’s coding Al launched last year revolutionised that sphere it’s looking like this latest development could hit legal, but maybe sales, or marketing, or maybe even (god forbid) financial satire.
So some stocks took a tumble and the whole thing just snowballed from there even hitting European and Asian markets.
What a clever system.
AI? More like A-Stupid!
We’ll see this bounce back tomorrow or next week probably because it really feels like that’s how this works. The moment I report on the stock market going down, it’s up again by the time I hit publish!! AHHH!!!
The main thing everyone’s waiting on is Alphabet’s stock results which could turn things around but currently, yeah, S&P 500, Nasdaq and my own personal bank account are all down.
Oh and Gold and Bitcoin are down. Not sure why I capitalized them there… We’re not really on first name terms.
Anyways, that’s the news. I’m the news. Hope you’ve enjoyed.
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