Nish Kumar

this was not something I was aware of and I was not aware of the significance of what the Nixon government did.

Could you just briefly outline that?

Which, again, is such an important precedent.

Right.

Let's look at Elon Musk and use him as a sort of way into discussing one of the biggest financial risks taken by Wall Street in the last few years, which is the gamble on artificial intelligence.

It's technology that doesn't exist yet in real terms.

Now, I'm not an expert.

Yeah, that doesn't seem smart.

It doesn't seem particularly wise.

And it feels like a huge bubble that's about to burst.

So with Elon Musk, SpaceX announced a $1.25 trillion deal this week to acquire XAI, which is a company also founded by Musk, which was announced last month to be the recipient of a $2 billion investment from Tesla, which is another company owned by Elon Musk.

According to a Reuters source, XAI was valued at $250 billion.

We're talking about technology that doesn't exist, and we're talking about companies being bought by other companies owned by the person that owns all the companies.

Please help me make sense of what's happening here.

Like way over the odds.

What you're saying is we shouldn't look at the AI bubble as something distinct or in any way separate.

Yeah.

And we shouldn't look at tech companies as being distinct or separate.

If the entire stock exchange in the States is kind of based around AI companies and companies like NVIDIA that make the hardware, but all these companies are doing is essentially leveraging debts off different bits of themselves, then surely that is a bubble that's going to burst.

Is it 2005 again?