A US stock market blow off top is consistent with both the NASDAQ weekly chart pattern and the current dismal macroeconomic environment, e.g. layoffs.
The coauthors Charlie Warzel and Matteo Wong are more cultural critics than finance or tech experts.
Would it crash if AI advances in a way which makes massive compute unnecessary? That’s an interesting possibility I wonder about.
tldr; If there is an AI failure, the rest of us lose when the economy crashes. If AGI is achieved, the rest of us lose when we all lose our jobs.
Pretty much how I feel as well. In other words, nothing good can come of this. It has me legitimately scared.... I wonder if I should get out of the stock market completely.
in the former you'd want to get out but in the latter capital is the only way to capture the gains from technological change so exiting could be the wrong course of action