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Now that the earnings season has kicked in, we actually have information to anticipate that has nothing to do with the goddamned Federal government. Specifically, earnings reports (or loss reports, more typically). One of the biggies next week is going to be Tesla, which reports after Wednesday’s close.
First off, I am truly sorry that comment entry is down right now. It probably is related to our latest attempt to destroy the nettlesome disappearing comments bug, which is the bane of my existence (besides the FOMC, of course). Hang in there. We’ll get it back. It isn’t you. It’s me. It’ll probably be offline for a few hours until I get the engineering attention I need on it.
Here’s an interesting wipeout from this morning: Cirrus Logic (CRUS) which is down about 13%.
My view is that tech stocks are about to get fricasseed, based on this ratio chart of the NASDAQ 100 divided by the S&P 500:
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.
