alt Hacker NewsNasdaq plummets 4% into correction territory
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Happens every time Democrats win office, then it slowly trickles back up. The anti-datacenter vote screws up a lot of plans but the lack of power generation had already screwed up much of them anyway. He who shouldn't be named said that all these software people are in for a rude awakening when they try to scale real world infrastructure at the rate they're use to scaling virtual software infrastructure.
Alot going on today. a 4% drop in a day is pretty darn big.
3 different pods are being liquidated that i've heard of. And the data center trade has been unwound in just 2 days is a pretty violent shock.
Lots of rumors about situational awareness also in alot of trouble. I feel for this guy a bit. He did really well to get a good slug of Anthropic shares that made his investors alot of money.
But since about July when it was clear that Anthropic was done going up like a rocket ship his investors have probably been hounding him about how he's going to make money outside of Anthropic.
his first foray into the public markets was a disaster and might set a record for fastest wipe out from start to finish that forced him to have to sell his public book escape a wind up.
But due to Anthropic taking a possible IPO valuation cut he's had to go back to the public markets at the worst time and if rumours going around today are correct, he's looking at how to liquidate his public portfolio for the second time in the quarter.
Given the election result the AI bailout ain’t coming, combined with growing concern AI spending has gotten too forward on its skis. That’s freaking out the markets.
This always happens when Democrats come into power. More regulations means more hiring over seas, higher gas prices, and a worse economy. Clinton was the exception, because he had more fiscally conservative policies.
When we were coming out of Covid, Biden just needed to ease regulations temporarily and do anything to get businesses functioning again. Instead, he listened to his radical base and punished companies with more regulations and taxes. Immediately shutting down the Alaskan pipeline was another mistake.
The end result was the start of the shitty economy and job market we see today.
I wonder if Anthropic would pull its IPO plan. Considering the past few weeks, this seems like the worst period they could go public in. Not that it may get any better, but perhaps OpenAI deciding to wait next year was more reasonable.
Depending on how long the bloodbath goes on this could be a massive buy moment similar to: dot bomb, 9/11, 2008, covid panic.
AI is not going anywhere and will only grow more and more.
> Plummets
Still +4% YoY.
24/7 sensationalist news is just exhausting.
We’re back to the same level as 6 months ago. Super scary stuff
No new frontier (Astra / Fable) releases in a while. Actually none since the “pacing the frontier” post. Safety maxxers might cause an AI winter if this is what’s holding them back.
Tuesday - "Market falls because of election"
Wednesday - "Market soars because of election"
Thursday - "Market plummets because of election"
Can we at least agree that no one has any idea what is going on?
> investors accelerated their move away from technology stocks on fears of a data-center buildout slowdown.
So, approximately how many of those investors are going to lose their jobs and their money for betting on data center buildout while also going about the data center buildout in the most obnoxious, exploitative, electorate-alienating way possible?
Are we still in the golden age ?
Would paying for the interconnections and transmission infra have been cheaper than the sum of value lost to the market in one day?
According to the Googles, there have been approximately 14,000 trading days since the Nasdaq Composite was founded, and it has fallen four-percent or more 147 days, meaning that we get a decline like this roughly every 100 trading days, which means about twice a calendar year, very roughly.
That's newsworthy, but also not extremely unusual.
The more interesting detail than nasdaq overall is just what sectors are having bad days and how concentrated that is. Seems to be predominantly AI companies, which is very relevant to the HN crowd.