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- cross-posted to:
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Man, the hysterical, unhinged US market just has no chill.
Someone came up with a better chatbot-- “OMG, superintelligence is here and is inevitable, all hail our robot overlords and their broligarch creators!”
Somebody outside the US had an idea to train a chatbot for cheaper-- “OMG, US tech is doomed, they have no recourse against this and all the hardware is now worthless!”
Maybe if the markets weren’t constantly freaking the hell out about any semblance of technological innovation in search for the next Google or Apple they woldn’t have to deflate like a balloon each time reality sets in.
The market’s chronic convulsive disorder is, imo, an inefficient pricing problem. Price discovery doesn’t really exist, most of the trading volume is “off-exchange” and market makers have severe unchecked moral hazards in how they do business.
The underlying value of publicly traded companies simply does not change as fast as this. Regardless of what you might say about the speed at which the market reacts to new information. In a world where the media openly and solely serves the interests of billionaires and a small outfit like Wall Street On Parade is routinely censored on socials, there’s no reason to believe anything you’re ever told by the news about any moves in the market.
Stock investing isn’t about underlying value. The company itself is almost irrelevant. Stock investing is about predicting stock investor sentiment.
That’s not a traditional view of investing or the manner in which securities are built to be valued, but it is admittedly the modal paradigm to which we are subject.
Which is why NFTs work. They’re refreshingly honest: They represent nothing of any kind of value, yet are valued. Something something fetishism.
Capitalism can’t innovate.
*Late stage capitalism can’t innovate. The industrial revolution and internet revolution, among others, were fueled by Western capitalists. Adopting capitalism early on is about 75% of the reason the West is at the top of the modern world order.
