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Nothing Burgers Abound while Elon warns AI Will "Do Everything Better than You", Make Employment Obsolete
Not much really to report.
No US mkt tonight as mkts closed for their Memorial Day public holiday.
But to make sure today's edition isn't a nothing burger, here's a few interesting charts I saw over the weekend.
US equity market capitalization remains drastically decoupled from bank reserves at The Fed - a relationship that had held and reverted for much of the last four years.
NVDA refuses to dance to CSCO's historical pattern and is headed to the moon and maybe beyond...
When one thinks of "magnificent" things these days, the first that pops into a trader's head is the "magnificent 7", which is up a magnificent 24% YTD and makes up now 31% of the SP500 mkt cap.
of course there are other "magnificent" things too, such as the 3Cs of Crypto, China, Commodities all of which are also outperforming in 2024: bitcoin +60%, China +16%, gold +13%
while the S&P is flat in gold terms in the past six years, which means that all of the equity upside since before the Covid crash has been due to dollar devaluation, i.e., money printing... which is hardly a surprise.
Lastly, Elon Musk recently doubled-down on his predictions that humans would need a “universal high income” in the wake of artificial intelligence-driven job displacement.
This time claiming that without our jobs our purpose in life may eventually be to “give AI meaning.”
“My biggest fear is AI,” the mogul said.
He also claimed that AI will be better than humans at everything, thus relegating our species to doing our best to support the machines:
“The question will really be one of meaning – if the computer and robots can do everything better than you, does your life have meaning? I do think there's perhaps still a role for humans in this – in that we may give AI meaning.”
Musk, the father of at least 10 children, said humans might be able to work “as a hobby,” if they chose, but ultimately painted a bleak picture of the future where, according to his previous predictions, AI will supplant us in all endeavors.
Anyway - back to living!
Happy Monday and because the US Mkts are closed tonight NO ANDIKA BULLETin tomorrow.
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