The tech asset bubble is now so massive that its reality distortion field is affecting the major indices like the S&P 500, warping their ability to serve as useful signals and indicators about the economy, and causing passive investors that peg trillions of dollars to these indices to become mechanically over-exposed to a handful of tech companies. All our fates are increasingly and intricately tied to the volatile financials of a few corporations. Very cool!

Stuff we reference
••• Rise of the tech giants exposes the problem of index distortions https://www.ft.com/content/e0176208-fa3e-453c-8a9d-0bca61af9cdf
••• Nvidia races towards $1tn club as AI frenzy drives chip stocks higher https://www.ft.com/content/b074781a-683f-4b20-8c70-33bb71399d94
••• What is the real point of all these letters warning about AI? https://www.fastcompany.com/90902786/what-is-the-real-point-of-all-these-letters-warning-about-ai

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