Because the market isn’t connected to reality. It is just connected to the oligarch circle jerk, and the oligarchs fucking love AI in every shape and form.
This is basically guaranteed under late stage capitalism. As the richest of the rich accumulate a greater proportion of wealth they just buy more and more assets (when they’re not buying politicians, lobbyists, media empires, etc), artificially inflating the value of those assets well beyond what was ever possible in a competitive market.
They command so much wealth that they can increase the value of their existing assets just by buying more, driving up the value of those assets via reduced liquidity and artificial scarcity (see housing). It grants them greater and greater opportunity and power to manipulate markets and extract greater and greater profit margins from everyone poorer than they are. It’s a cruel, psychopathic system structured to benefit the most immoral, unethical, and undeserving of criminals.
Yet they still are knocking on the door of a 1tn valuation. 😖
Because the market isn’t connected to reality. It is just connected to the oligarch circle jerk, and the oligarchs fucking love AI in every shape and form.
This is basically guaranteed under late stage capitalism. As the richest of the rich accumulate a greater proportion of wealth they just buy more and more assets (when they’re not buying politicians, lobbyists, media empires, etc), artificially inflating the value of those assets well beyond what was ever possible in a competitive market.
They command so much wealth that they can increase the value of their existing assets just by buying more, driving up the value of those assets via reduced liquidity and artificial scarcity (see housing). It grants them greater and greater opportunity and power to manipulate markets and extract greater and greater profit margins from everyone poorer than they are. It’s a cruel, psychopathic system structured to benefit the most immoral, unethical, and undeserving of criminals.