An 8% intraday drop is nothing to sneeze at. Though, for what it’s worth, e mini S&P 500 futures traded flat today [1].
[1] https://www.cmegroup.com/markets/equities/sp/e-mini-sandp500...
But yeah, I'm sorry this whole circular financing bubble with AI should crash. As someone who's in community with people outside tech, things are pretty fucking dire and a correction in asset prices would probably be better long term.
Isn’t the jobs recession particular to tech [1]? (Well, and agriculture.)
[1] https://www.bls.gov/charts/state-employment-and-unemployment...
Out here in California, I see headlines like “inflation hits 3.8%”, which seems right until I realize they mean YoY and not monthly, seasonally adjusted.
I know the Trump administration fired a bunch of economists for putting out honest numbers in 2025, so I trust the anecdotes and consumer sentiment stories over official numbers anyway.
I’d love to see third party CPI and inflation numbers, preferably by zipcode or at least state.
Seasonally adjusted, month over month annualized, inflation was 7.2% in April [1]. (3.8% YoY.) Until December, the California economy was doing well, with average weekly wages up 4.6% YoY [2].
But in 2026, “real average hourly earnings for all employees [nationwide] decreased 0.5 percent from March to April, seasonally adjusted” [3]. And as of March, we know California’s electricity prices have risen faster than national average, 15 to 20% versus 7.2% nationally [4], causing it to be one of the few states where retail consumption decreased.
Put together, we’d expect real earnings in California to have fallen faster than the national average. What you’re seeing is real and clearly present in the data and representative of a bad trend being compounded by regional headwinds.
[1] https://www.bls.gov/cpi/latest-numbers.htm
[2] https://www.bls.gov/charts/county-employment-and-wages/perce...
[3] https://www.bls.gov/news.release/realer.nr0.htm
[4] https://www.eia.gov/electricity/monthly/update/end-use.php
Still early days but a lot of folks positioning to protect themselves from the blast radius which is what is driving market volatility.
Talk in many circles and back rooms with the ultra-wealthy has shifted rapidly from “how do I get in on this AI action” to “how do I protect myself from collateral damage when this thing blows up.”
There's plenty of steam left in the AI boom yet.