The stock market isn't based on the present state of the world, it's based on future expectations of earnings. So no, the current state of the world hasn't changed much in the past 6-12 months but clearly perceptions of the future have.
Henry Ford first signed off the Model T and then got rich.
I could go on, we used to reward practical improvment in quality of life, not just expectations . The thing about rewarding people for creating expectations is that false dawns can be natural (and they do happen), but they can also be manufactured artificially to get rich.
And also quite frankly Chat-GPT is being developed in the wealthiest area in the world where everybody hangs out together in one giant Fed fueled party. If this was something as revolutionary as the wheel like many commentators said, surely the movement would have preceded the unveil not the other way around.
There is nothing wrong with that logic. NVDA are extremely well placed with their chips and cuda. Demand is high. It doesn't appear to be going anywhere but up. Their competitive position is good. Maybe the price is too high, but it's not anything even approaching a meme stock. There are real fundamentals behind that valuation.
AI may not lead to a promising future, but a blind insistence on viewing everything through the lenses of class and history definitely won't.
If this was something as revolutionary as the wheel like many commentators said, surely the movement would have preceded the unveil not the other way around.
What does that even mean?