Like Matt says, yesterday I got a bit of a smile on my face as I dreamed of the AI hype machine dying so quickly after it started as I watched stocks tumble. No I didn’t read the articles that were linked to, I just looked at “stock goes down” and thought “AI = failing”.
But Matt did the work and read past the headlines. Apple also lost $60 billion, though I might chalk that up to the lack lustre Vision Pro reviews coming out. Alphabet was up in revenue, but the stock market didn’t think it was up enough so they got punished.
That’s the story for most of the companies cited in the $190 billion fall. They made more money, but not as much more as the stock market thought they should.
The stock market is dumb.