The Powers That Be: Daily Wall Street’s A.I. Meltdown & Musk’s Washington Makeover
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Jan 31, 2025 Bill Cohan, a financial journalist and expert on Wall Street, joins to dissect the chaos caused by the AI startup DeepSeek, which resulted in a staggering $600 billion loss for Nvidia. He discusses the market's jittery reaction to emerging tech and compares Silicon Valley's innovative spirit with Washington's traditional approach. They also delve into Elon Musk’s ambitious but unlikely efforts to reshape politics through a startup mindset, highlighting the challenges of merging corporate aggression with government bureaucracy.
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Nvidia's Loss
- Nvidia lost $600 billion in value after DeepSeek's debut.
- This loss is equivalent to the peak value of GE, previously the world's most valuable company.
Market Confidence
- The stock market is a confidence game, relying on continuous belief in rising values.
- When confidence wavers, panic selling occurs, especially in high-growth stocks like Nvidia.
DeepSeek Concerns
- DeepSeek, a Chinese chatbot, avoids criticizing China and likely collects user data.
- This raises concerns about Chinese influence in American life and data security.