I’ll come right out and say it. ChatGPT is to 2023 what NFT is to 2021. It’s overhyped. Over-publicized. Over-valued. And I wouldn’t be surprised if in four months hardly anyone was talking about it anymore. It’s a ridiculous gimmick and a sign of the sickness of our times. Good God, man, Microsoft Excel crashes on me at LEAST once a day, and it’s a multi-decades old product. Do you honestly think this smoke and mirrors they’ve created is going to change the world?
But, my God, it has given Wall Street yet another fantasy to cram down the throats of a dim-witted public. In particular, it has goosed the value of NVDA up to risible levels. It’s heartening to see this start to burn off. The company has successfully pivoted from (1) high end cards for serious game players; to (2) crypto-mining wunderkind; to (3) Artificial Intelligence must-have.
To be clear, I have no position in NVDA, since it’s simply too robust for my tastes. I do, however, have large short positions in AMD and, recently, SMH, which are doing dandy. To be clear, SMH has not, I repeat, has not, broken its uptrend. If it does, however, I can offer with some confidence the assurance that the NASDAQ is going to get its ass kicked up and down the block.
