Yeah, tell me again.

[pat_k]

6. On America's all-in bet on AI: How Does the End Begin (Scott Galloway)

Add the fragility of that "all-in" bet to the following and our economy is truly a house of cards. (IMO, the obscene concentration of wealth makes our economy even more fragile than the all-in bet on AI.)

If Mag 10 valuations are cut in half, the S&P and global markets would decline by 20% and 10%, respectively. In the U.S., the immediate impact would be felt by the wealthiest 10%, who own 87% of the stocks. Those households won’t struggle to pay their bills, but they may be the tail of the whip on the economy, as wealthy households have the luxury of decreasing their spending dramatically, vs. middle-class households, who spend the majority of their income on basics. If the top 10%, who account for half the consumer spending in the U.S., hit the brakes, the nation gets whiplash.

https://www.profgalloway.com/how-does-the-end-begin/