Somewhere out there is some Nimrod who paid $485.96 for META stock. It’s been slowly slipping since the insane earnings report.
A longer-term chart illustrates how the gap at $400 is absolutely beckoning to be filled. I strongly suspect we will see a full retracement in 2024.
Relatedly, let me say this: I have been in this Valley since 1984. I have never, ever, EVER seen the kind of paying-for-talent mania that is going on now. The “right” 20 year old is worth a million bucks a year. THIS. WILL. NOT. LAST. There is NO business model, except for the highest Hollywood superstars, that supports seven-figure salaries for rank-and-file members. NONE.
Again: this is NOT sustainable. At some point, probably soon, people are going to look at SMCI, NVDA, META, and all the rest, and wonder what in the holy fuck they were fucking thinking. And even pastors will be using those exact words.
