The US economy is splitting in two. There’s a rip-roaring AI economy. And there’s a lackluster consumer economy. Last quarter, spending on AI outpaced the growth in consumer spending.
Yet, the whole ‘AI economy’ is itself a house of cards. Companies are losing hundreds of billions and all gains are in speculative valuation. The only winner here is Nvidia, and all it does is just flip Taiwan’s chips to cash-burning companies.
Look at my rate of profit, dog.