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I am old enough to remember when I posted this yesterday on X and got a huge amount of shit for it, from Sabine Hossenfelder and a slew of bots and tech bros:

And, yesterday, after I posted it, the market was actually mixed, split hard between chipmakers and neocloud companies like CoreWeave that got hit hard (much as I anticipated), and big companies like Amazon, Apple, and Google that didn’t, and instead got a bounce.

One theory was that people were rotating out of the smaller neocloud companies, and into the bigger tech companies that could better weather the cash crunch:

Another similar theory was the hyperscalers were up because (in light of the public resistance to data centers which came clear on Tuesday) investors thought that the hyperscalers might finally settle down on their wild CapEx expenditures:

Today looks pretty different. It’s a slaughter. Almost no company is exempt.

","2f7d60f2b3a2646a40c8d2122f494cb8fce374307cbb66fa5508fcb676b347be","sig","31805679c700cc9f71c8d8daa088c9d46a109612be7180add79ba431e9662b6ca754d325f829f9276b3cbe4c4909821513c8a22ceab8be2e336ee733c2abed2d","kind",1,[68,69,70,71,72],"pubkey","983dd797fe72ad62fc8e3ece7eed1f126550972885c8f835d9af5528dad655a3","content","Breaking: Mayhem in the Market 🫧\nThe Generative AI bubble may finally have popped.\n\n\nnostr:naddr1qvzqqqr4gupzpxpa67tluu4dvt7gu0kw0mk37yn92ztj3pwglq6ant649rddv4drqqjxvcfkvejrsvp395mnxdmr956rwery94snzdnz94nxyepnvvuxze34vguxyscnlju ","created_at",1793898827,[46,32],[78,38],[75,76,47,77],[74,47],[73,63,47],"p","client","a","30023:983dd797fe72ad62fc8e3ece7eed1f126550972885c8f835d9af5528dad655a3:fa6fd801-737c-47dd-a16b-fbd3c8af5b8b","mention","image","2a70191f-45d9-4338-a3e7-0ea623dbdb59","The markets dropped $2.5 trillion yesterday. What happens next?","Yesterday, financial markets experienced a significant decline of $2.5 trillion. Compounding this economic downturn, a recent Bank of England study indicated that artificial intelligence has not yet delivered the expected productivity improvements.","5 predictions","https://substack-post-media.s3.amazonaws.com/public/images/b1b6aa9d-8fab-4eb6-bccb-b1ab7de141ac_1599x703.jpeg","2026-11-06T13:55:04","https://garymarcus.substack.com/p/the-markets-dropped-25-trillion-yesterday",{"_29":88,"_57":89,"_59":60,"_48":90,"_62":63,"_64":91,"_66":92},"

Yesterday’s $2.5 trillion drop …

… was only part of the bad news.

There was also a Bank of England study showing that, once again, AI isn’t leading to the productivity gains people had expected.

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Global Markets Lose $2.5 Trillion in Broad Selloff

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