Nasdaq worst day in 19 months, investors bet on AI slowdown after Democrats win
theguardian.com
theguardian.com
A drop made sense, but I think it may have been the tipping point for most holders that had survived the months of onslaught.
They wanted a reason to get out, and their portfolio dropping by 10% in a day was just that.
As we see by the premarket's resurgance, eg AMD up 7% premarket (as of now), other people may have realized the overreaction aswell.
SanDisk $SNDK: -66%
Arm Holdings $ARM: -64%
Coinbase $COIN: -63%
Nebius $NBIS: -62%
Seagate $STX: -60%
Marvell Technology $MRVL: -59%
ServiceNow $NOW: -57%
Oracle $ORCL: -56%
AppLovin $APP: -54%
Circle $CRCL: -54%
Super Micro Computer $SMCI: -51%
Micron $MU: -48%
Dell $DELL: -47%
SpaceX $SPCX: -47%
Qualcomm $QCOM: -43%
Democrats don't want data centers in America. But they also don't want to allow Nvidia to export these powerful GPUs to China so China can build data centers too.
What?
If they think these GPUs are so important to allowing the US to stay ahead in tech, then why would they deliberately slow down the build out?
Have we built enough data centers to satisfy demand forever and stay ahead forever?
Opposing the accumulation of nuclear arms (analogy hint: building data centers in the US) is morally, intellectually, and logically consistent with opposing nuclear proliferation (analogy hint: export of GPUs, allowing imaginary or real opponents to widen the, again imaginary or real, stochastic parrot gap).
My point is that it’s perfectly logical to oppose data centers generally and also oppose exporting the tech required to build data centers elsewhere, rather by QED.
Do you think we've already finished building what is equivalent of a nuclear bomb in AI? Is that enough to deter all nations? Is it enough that China or other countries will never surpass the US in AI?
No one should build these things; at best they’re an extremely costly and dirty technology that can never be used to meaningful advantage, at worst they’re an extremely costly and dirty technology that has a tendency to metastasize and eat away the host from the inside. A reasonable reading of the externalities should put a brake on both building out and on exporting the means of building out.