Robert Armstrong

And the point is, you know, as of a couple of days ago, this was a corporate shell with negative value, as far as I can tell.

In other words, it had some liabilities and basically no assets.

And basically, you know, if you read down in that announcement you just quoted the ridiculous part from, they're like, we have $50 million of financing to start being a GPU as a service AI dingbat machine.

Right.

So now it's like just a big box full of these liabilities and it's worth $100 million now.

So what's going on here, Katie?

Give me a hypothesis.

Yeah.

But Katie, Katie, Katie, Katie, I just don't think we live in that world anymore, right?

Despite what the S&P 500 has done, it's not been tech that has been leading the S&P 500 higher, really.

I mean, tech has been okay and it's had a recovery, but we're not in...

like bonkers, everything AI is magic time anymore.

It's artificial stupidity, Katie.

Here's the thesis, though.

I don't think anyone who is bidding up the stock of

all-bird AI blockchain wingnut, whatever it's called now.

Oat milk shake and espresso.

I don't think anyone involved is like, oh, hooray, they're going to make loads of money doing AI now.

In other words, I think this is a completely self-contained game among speculative traders, where it's like, they make this announcement, and people are like, oh, this is a funny thing to trade, or this will get a little bounce.

And then it's self-perpetuating momentum.