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JPMorgan: “ChatGPT has Driven Half the Gains in the Stock Market this Year” – Mega Financial Bubble About to Explode

I have been reporting on the Big Tech Crash since it started last year (2022). This crash picked up speed in 2022 following the collapse of the mega Cryptocurrency company FTX, which revealed a huge criminal Ponzi scheme that raked in $billions while its founder and associates reveled in their wealth with drugs, wild parties and sexual orgies. Criminal prosecutions and other civil lawsuits are still ongoing, and we may never know just how far this scandal reached, and the extent of those involved, which includes many famous professional sports figures. The Miami Heat NBA Basketball team's arena was even named after FTX, and had to recently change its name just after FTX had purchased a multi-year sponsorship of the arena. Here in 2023, however, investors have continued to pour money into Big Tech stocks, in spite of the losses they suffered in 2022 and the hundreds of thousands who have now been laid off by these companies, and I have been warning for the past 3 months that this is a huge bubble because most of these investments are going into the newest fad in Big Tech: Artificial Intelligence Large Language Models (LLMs) like ChatGPT, in spite of the fact that these new software products are not producing any revenue yet. And in a report published today about an analysis from JPMorgan, the analysis stated that "The interest sparked in artificial intelligence driven by ChatGPT and other large language models has driven more than half the gains in the S&P 500 this year." WOW!!! That's worse than even I expected! Not only is Big Tech in trouble and about to crash, so is the entire United States financial system.

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Will America’s Addiction to Computer Technology be it’s Downfall?

America is the most technology-dependent society in the world, by far. As I reported last week, the United States has the ability to spy on its citizens at a greater percentage than even China, due to the fact that a higher percentage of U.S. citizens are connected through technology and their cell phones than citizens in China, where over one third of the people in China do not even own cell phones yet. There is another way to measure America's dependency on technology besides cell phone and Internet usage, and that is by looking at how many data centers are in the U.S. that host all the server hardware that is required to keep all this technology running. In this category, the U.S. has no serious competitors. In fact, the U.S. owns more data centers than almost all other countries of the world combined, according to Statista.com. These physical computers, which are housed in physical buildings in physical locations, require tremendous resources to operate, which include energy resources and human resources, to keep it all running. Almost everything connected to the Internet today is run by these data centers that provide Cloud Computing. And all of these computers are primarily owned by three companies: Amazon.com and "Amazon Web Services" (AWS), Microsoft and "Microsoft Azure," and Google with their Cloud Services. If an enemy of the United States wanted to totally cripple our country, including military and intelligence operations, all they would have to do is take down the data centers owned by these three companies. The physical locations of these data centers is a matter of public knowledge, and I was able to find lists of their physical locations by using their own search engines, in less than 5 minutes.

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Venture Capital Backed Substack Latest Big Tech Company to Report Huge Financial Losses

As we watch the collapse of Big Tech and their financial institutions, popular content platform provider Substack's recent financial statements show that they too may soon be a casualty of reckless spending by Silicon Valley venture capitalists. It was reported yesterday that recent financial filings with the SEC show that Substack is burning through cash too quickly, and they have been having a hard time raising new capital. Substack has been in the news this week for another reason: a public argument between journalist Matt Taibbi, famous for publishing "The Twitter Files," and the current owner of Twitter, Elon Musk. Taibbi has stated he is leaving Twitter over alleged censorship on Twitter regarding Substack writers, something Elon Musk denies. As much as Taibbi and others are trying to frame this conflict as censorship by Twitter over Substack because they are afraid Substack is going to compete with them, the evidence seems to point to the opposite, given the fact that Substack is reported to be bleeding huge financial losses, and that venture capital firms turned them down in 2022 to raise more money. That includes Andreessen Horowitz, who is heavily invested in BOTH Twitter and Substack, as well as Elon Musk himself, who reportedly had an opportunity to buy Substack last year, but declined. All the evidence points to the same kind of financial troubles that other Big Tech companies are currently suffering which is leading to massive layoffs: "cheap money" has now disappeared since the Fed began raising interest rates, and these bloated Big Tech companies have been caught with their pants down, showing that their business model of investing first, and hoping you can earn a profit later, just won't work anymore.

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Big Tech Fail: Not Enough Computers in the U.S. to Develop New AI Software

I recently reported how America's faith in Artificial Intelligence (AI) is about to destroy the U.S. economy, as investors are pouring $BILLIONS into developing new AI software, which is projected to be a $1.59 TRILLION industry by 2030. And news continues to be reported on just how much of a fantasy this faith in AI, and technology in general, is, as we are being setup for perhaps the largest economical bubble to burst in the history of the U.S. Today, The Information confirmed one of the reasons I gave for a possible imminent collapse of the Tech sector based on this rush into AI: there aren't enough computers in the U.S. to run all of this new, power hungry, desire for these new AI toys that do NOT produce any revenue yet. "AI Developers Stymied by Server Shortage at AWS, Microsoft, Google - Startups and other companies trying to capitalize on the artificial intelligence boom sparked by OpenAI are running into a problem: They can’t find enough specialized computers to make their own AI software. A spike in demand for server chips that can train and run machine-learning software has caused a shortage, prompting major cloud-server providers including Amazon Web Services, Microsoft, Google and Oracle to limit their availability for customers, according to interviews with the cloud companies and their customers. Some customers have reported monthslong wait times to rent the hardware. Cloud providers expanding their data centers also are running into problems getting enough energy sources to power them, according to a February report from commercial real estate firm CBRE." The Technology Community here in 2023 has obviously not learned the lessons from the Big Tech bubble burst and economic fallout in the early 2000s, and this bubble looks to be a lot worse, given how their largest bank, Silicon Valley Bank, has already failed, and many other banks in the U.S. are on the brink of collapse. These gigantic Tech companies, such as Apple, Google, Amazon, and Microsoft, are running most of the economy today, and if they crash, so does America. Here is more evidence that Big Tech is recklessly overspending what is left of America's wealth, and that our reliance on Technology could be close to collapsing what is remaining of the American Empire.

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America’s Faith In Technology is Leading the Financial Collapse of a Once Great Country

Today's meeting of the Federal Reserve and their announcement regarding interest rates was, by far, the most anticipated financial announcement so far in 2023. Since the start of the banking collapse of the past couple of weeks, there has been widespread speculation about what the Fed was going to do today. Would they announce rate cuts and the return of easy money, which would throw a life preserver out to America's smaller banks, or would they continue with rate hikes in an attempt to lower inflation, but potentially doom hundreds of America's smaller and mid-sized banks to collapse? It was a no-win situation for the Fed, and most were anticipating at least a halt in rising interest rates, if not the announcement of rate cuts. In the end, the Fed announced another rate increase, stating that rate cuts were not on the table for the rest of 2023. Trying to calm the nerves of investors on Wall Street, Federal Reserve Chairman Jerome Powell announced that "all depositor savings" were "safe," and that they were prepared to "use all tools" to keep the U.S. banking system "safe and sound." However, Treasury Secretary Janet Yellen, who was testifying before a Senate Appropriations subcommittee at the same time Powell was making his remarks, was asked if the FDIC was going to raise the limit on bank deposits that are insured above the current $250,000 limit, and she replied: “This is not something we have looked at, it’s not something that we’re considering.” Whoops! The stock markets then began a steep decline in the final hour of trading, as soon as she said that. Bank stocks tumbled once again, but they are not the only ones looking at disaster. The automobile industry and the housing market is also in big trouble now, as U.S. consumers' ability to borrow money and make major purchases will now get even worse. And just as a reminder, this current crisis of liquidity and downward spiral all began last year when FTX blew up, and the Big Tech sector began massive layoffs. Big Tech's main bank, Silicon Valley Bank, the 15th largest bank in the U.S., was the first to crash. And now, America's reliance on technology is crippling this nation, and it can only get worse, as all of this technology, such as AI which is eating up $billions of cash in Chat bot and other software right now, is all dependent upon hardware, and most of that is produced in China and Taiwan. China can now easily cripple the United States and bring us to brink of collapse, without firing a single shot or launching a single missile, by simply cutting off their exports to the U.S., and blocking exports from Taiwan.

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Banking Crisis Worsens: Swiss Bank is First “Too Big to Fail” Bank to be Bailed Out as Saudis Withdraw Support

Switzerland's second largest bank, Credit Suisse, which has been experiencing bank runs and plummeting stock valuations since the end of 2022, became the first SIFI (systemically important financial institution), or "too big to fail" bank, to crash today forcing regulators to step in and ensure a bailout. The Saudis almost single-handedly crashed the U.S. Stock Market (and stock markets around the world) this morning when they announced that they were not going to put any more money into the failed Swiss bank. While the U.S. Stock Market did end lower today, it most assuredly would have been a blood bath if Swiss Regulators had not stepped in to ensure the world that it was going to bail out their troubled bank. This was after European markets had closed, however, and European banks' stock values lost 7% at end of trading in Europe today. Since a simple statement made by Saudi National Bank Chairman Ammar Al Khudairy almost crashed the entire world's financial system today, what does that tell you about the frailty of the current banking system?

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Moody’s Downgrades Banking System from “Stable” to “Negative” – Crypto Takedown in Place with “Operation Choke Point”?

In spite of the fact that President Biden and U.S. Treasury Secretary Janet Yellen have told Americans that the U.S. Banking System is "safe and sound," Moody's Investors Service today announced that they had downgraded the U.S. banking system to "negative" from "stable" to reflect “the rapid deterioration in the operating environment.” They also announced today that they were studying First Republic’s debt rating for a potential downgrade, along with five other regional banks. Sifting through the plethora of news today regarding the banking industry's woes, there are some who are now questioning why the Feds closed down Signature Bank on Sunday, when other banks appeared to be worse off. This has led to speculation that cryptocurrency banks are being targeted, and the revival of the "Operation Choke Point" conspiracy theory.

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WARNING: Big Tech Banks Collapsing! Infection Spreading to Other Sectors

The collapse of the banking industry has started, with FDIC-insured Big Tech Silvergate Bank announcing yesterday they were liquidating their assets and closing down. Silicon Valley Bank also announced yesterday that they have lost $10 billion, while trying to reassure depositors to just "stay calm," suggesting that their collapse is also probably imminent. I don't think there has been a more significant news event in the financial sector since the financial crisis of 2008, and yet at the time of my publishing this article, none of the corporate media is treating this as a headline story, unless it is a publication that focuses only on financial news. This is the beginning of the storm that should have happened last year after FTX blew up, and probably did, but the infection that I have been calling The Big Tech Crash that started in 2022 has only just now begun to reveal how serious this crisis is, which can no longer be hidden from the public as the bank failures have now begun. Bank runs that began last year, are only going to significantly increase in the days and weeks ahead. And this infection is not confined to Big Tech and their banks, but is spreading fast to other sectors of the economy.

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Big Tech Crash Accelerating in 2023 – Billions Lost on AI, Bank Failures, CHAOS!

The Big Tech Crash of 2022-2023 is accelerating here in 2023, and yet almost nobody is sounding the alarm as to just how significant the crash is going to affect everyone's lives. Instead, we are pummeled every day with reports in both the corporate and alternative media about how the technology is advancing, and that AI is poised to take over the world and replace humans. Nothing could be further from the truth. While it is easy to collate the news and come to this very simple conclusion, that Big Tech is crashing, I have yet to see one other journalist refer to what we are now seeing as a "Big Tech Crash" which is very rapidly making the Dot.com technology crash of 2001 look like a walk in the park by comparison. According to Layoffs.fyi, there have now been 125,977 layoffs in Big Tech for the first two months of 2023. There were 161,411 layoffs in Big Tech in all of 2022. As we complete just the 1st week of March, 2023, things are only getting worse, much worse.

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Big Tech Crash 2022: Amazon Fires 10,000 Employees, Largest Layoff In Company History

Over the past month, technology companies have laid off tens of thousands of employees. And the momentum in layoffs only appears to be worsening. According to a new report via NYTimes this morning, Amazon could add to the count this week as approximately 10,000 people in corporate and technology jobs will be slashed, in what could be the most significant job cut in the company's history. Amazon would become the latest tech company to reduce headcount. Just in the last few months, Twitter, Facebook parent Meta, ride-hailing company Lyft, software service firm Salesforce, payment platform Stripe, and a growing list of tech companies have announced layoffs of engineers, salespeople, and support staff.

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