648
‘Sputnik moment’: $1tn wiped off US stocks after Chinese firm unveils AI chatbot
(www.theguardian.com)
this post was submitted on 27 Jan 2025
648 points (97.9% liked)
Technology
35480 readers
440 users here now
This is the official technology community of Lemmy.ml for all news related to creation and use of technology, and to facilitate civil, meaningful discussion around it.
Ask in DM before posting product reviews or ads. All such posts otherwise are subject to removal.
Rules:
1: All Lemmy rules apply
2: Do not post low effort posts
3: NEVER post naziped*gore stuff
4: Always post article URLs or their archived version URLs as sources, NOT screenshots. Help the blind users.
5: personal rants of Big Tech CEOs like Elon Musk are unwelcome (does not include posts about their companies affecting wide range of people)
6: no advertisement posts unless verified as legitimate and non-exploitative/non-consumerist
7: crypto related posts, unless essential, are disallowed
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I am extremely ignorant of all this AI thing. So please can somebody "Explain Like I'm 5" why can this new thing can wipe off over a trillion dollars in US stock ? I would appreciate it a lot if you can help.
Let's say I make a thing. Let's say somebody offers to buy it from me for $10. I sell it to them, and then let's say somebody else makes a better thing, and now no one will pay more than $2 for my thing. If my thing is a publicly traded corporation, then that just "wiped off" $8 from the stock market. The person I sold it to "lost" $8. Corporations that make AI and the hardware to run it just "lost" a lot of value.
Makes sense thanks.