Breaking: Mayhem in the market 🫧

I am old enough to remember when I posted this yesterday on X and got a huge amount of shit for it, from Sabine Hossenfelder and a slew of bots and tech bros:And, yesterday, after I posted it, the market was actually mixed, split hard between chipmakers and neocloud companies like CoreWeave that got hit hard (much as I anticipated), and big companies like Amazon, Apple, and Google that didn’t, and instead got a bounce. One theory was that people were rotating out of the smaller neocloud companies, and into the bigger tech companies that could better weather the cash crunch:Another similar theory was the hyperscalers were up because (in light of the public resistance to data centers which came clear on Tuesday) investors thought that...

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