The AI plan is to suck a trillion or two out of YOUR RETIREMENT ACCOUNTS before the crash comes.
In an effort to be more responsive and faster moving for these demanding times, the NASDAQ and NYSE stock exchanges — especially the former — are shortening the delay times before newly IPO’d stocks get added to official indexes. S&P is also looking at shortening its index entry time. This means that if a new IPO can avoid crashing for just its first three weeks (if it’s on NASDAQ), then millions and millions of mutual funds that people use for their retirement savings buy into these stocks automatically, with no explicit choice to do so on the part of the person the money belongs to! This means the losses from the coming crash of companies like Anthropic and OpenAI and SpaceX are taken out of people’s retirement accounts, but the cash from buying in is kept by Altman and Musk and Amodei, who get to hang onto it or use it as they see fit while riding out the downturn.
https://finance.yahoo.com/markets/stocks/articles/nasdaq-ai-fast-track-reshape-132454956.html
This is a direct transfer of wealth from people who never opted in to the transaction, into the hands of billionaire scam artists. This innocent-sounding policy change might actually be the most corrupt thing NASDAQ has ever done. They’re not counting on flimflamming suckers who think AI is the next industrial revolution; they’ll avoid all that difficult sales-pitch work by just going directly to automated index funds, which are now as big a part of the market as any other kind of investment, forcing them to buy in.
SpaceX, which is the most bogus of these IPOs because their AI tech is just Twatter’s “mecha-hitler” abomination that nobody is ever going to take seriously as an alternative to ChatGPT or Claude, has already been approved for this fast track. Anthropic and OpenAI are expected to get it soon.
And Google, which is already in all the indexes, is selling a new round of stock which will be bought automatically by every index fund. They also get a direct transfer of wealth. And they’ll probably hang onto it. The others, I suspect, are likely to squander it as they flail their way through the collapse of the bubble, so at least a fair amount of it might eventually get back into circulation. But Gloogle will probably come out just fine, and keep the money.